MINNEAPOLIS — More than 80% of employees said they would take advantage of a financial planning option if their companies cover a portion of it as part of the employee benefits package, according to a new study.

The 2007 Ameriprise Workplace Financial Planning Benefit Decision Study from Ameriprise Financial Inc. showed that 67% of survey respondents said that they would be interested in one-on-one financial planning if their employer offers it and 87% said that the planning benefit would make them feel that their employer recognizes and values their efforts on the job.

Slightly less than one in five reports they have a written, professionally prepared and paid for financial plan, according to the study. Persons who lack a financial plan are more likely to cut back on their saving and investment in company sponsored plans when confronted with increases in out-of-pocket benefit expenses. Of those facing benefit cost increases, 54% without a financial plan said they would reduce their retirement savings compared with 46% of those who have a financial plan.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.