When a doctor writes a prescription, they advise patients what to do with it. If employers are doling out checks, should they be providing financial advice?
American workers seem to think so. A new study on behalf of Prudential Financial confirms 76 percent of U.S. employees say employers should “have a meaningful role” in providing opportunities for them to be successful, ranking access to financial products like 401k plans and other wealth-building tools as the most helpful potential offerings.
Oddly, more survey respondents (36 percent) look toward their employer to play a large role in influencing their success than respondents (34 percent) who look toward their parents or family above all else.
A vast majority of U.S. employees indicated a strong desire for education in the financial arena, as well. Workers specifically want help with retirement savings/retirement planning (86 percent), establishing emergency savings (83 percent), creating/managing a budget (78 percent) and identity protection (78 percent).
Workers also welcome help in the form of health and wellness programs (85 percent), access to job/technical training (85 percent), free financial education courses (82 percent), tuition reimbursement for continuing education (82 percent) and student loan repayment programs (77 percent).
When asked about retirement security, 78 percent of American workers think it will be more challenging for younger generations than it was for previous. To address this concern, 86 percent agree that increasing access to retirement plans should be prioritized by the government next year.
Furthermore, the survey shows employees are concerned about financial security in general for young adults entering the workforce. Seven in 10 think future progress on the money front may be more challenging for workers currently ages 18 to 22 due to the cost of higher education (59 percent), lack of job prospects (38 percent) and slow wage growth (34 percent).
Despite challenges, the American spirit thankfully appears to remain intact. “When looking at the state of the economy today, the majority of American workers (60 percent) are hopeful about their financial security,” reports Prudential.