BROOKFIELD, Wis. -- Retirement and financial planning programs, a new survey published by the International Foundation of Employee Benefit Plans, finds that 70% of responding organizations offer retirement or financial planning education to employees.
"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 and 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."
The most popular offering is retirement planning, which is provided by 77% of the respondents. In addition, 60% offer investment education, 39% financial planning and 28% investment advice.
The most common type of initiative offered is a group meeting with a plan provider, such as a 401(k) vendor, indicated by 67% of respondents.
Many of the respondents report that they offer computer-based programs to aid their employees. A little more than half, 55%, offer Internet access to informational sites, 30% offer Web-based or online tools and 21% offer computer software. Of those who offer 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.
Of those who offer a formal program, nearly three out of four, 72%, offer these programs/workshops during normal working hours. And about half, 52%, utilize a combination of in-house staff and outside providers for their formal retirement planning programs or workshops. Thirty-three percent use outside providers only and 15% percent rely on in-house staff only.
Survey results reflect U.S. and Canadian responses from 351 members, including corporations, public employers, professional service providers and multiemployer benefit plans.