A majority of Canadian and U.S. firms provide retirement or financial planning education to their employees, according to a survey by the International Foundation of Employee Benefit Plans.
“In response to the growing need for personal financial planning, over two-thirds of organizations we surveyed offer retirement or financial planning initiatives,” says Pat Krajnak, director of reference/research services at the foundation. “While group meetings are the most popular delivery method for retirement or financial planning education, many organizations are also turning to web-based tools.”
Of those who offer some type of assistance, the most popular offering is retirement planning, which is provided by 77% of the respondents. Also, 60% offer investment education, 39% provide financial planning, and 28% offer investment advice.
Many of the respondents say they provide computer-based programs to aid their employees. Fifty-five percent offer internet access to informational sites, 30% provide web-based/online tools and 21% offer computer software. Of those who provide a computer-based program, 84% offer a retirement income calculator
Of those respondents who say they provide some type of planning initiative, 61% offer formal retirement planning programs/workshops specifically geared to help employees prepare for retirement. Among those who provide a formal program, 72% offer these programs/workshops during normal working hours. Fifty-two percent utilize a combination of in-house staff and outside providers for their formal retirement planning programs/workshops while 33% use outside providers only and 15% percent rely on in-house staff only.
The Retirement and Financial Planning Programs survey results reflect U.S. and Canadian responses from 351 members, including corporations, public employers, professional service providers and multiemployer benefit plans.
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