MINNEAPOLIS — If employers included a financial planning option in their benefit packages, more than 80% of employees said they would use it, according to a new study.
The 2007 Ameriprise Workplace Financial Planning Benefit Decision Study from Ameriprise Financial Inc. surveyed 1,409 persons and of these, 842 were enrolled in or eligible for their company's 401(k) plan and 653 received health coverage through their employer.
Sixty-seven percent of respondents said that they would be interested
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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.
"As employer-paid benefits such as pensions and retiree health care go by the wayside, employees increasingly confront a confusing nexus of financial decisions related to retirement plans, health insurance and other benefits on an annual basis," said Rusty Field, vice president, Ameriprise Workplace Financial Planning. "Many are increasingly recognizing how financial planning can be of assistance in making effective and balanced choices."
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.
The study also found that financial planning helps employees get an earlier start with saving and investing in their company-sponsored retirement plans, and that they are more likely to contribute substantially throughout their life cycle. The percentage of employees contributing 6% or more to their 401(k) retirement plan increased in all age groups, but most dramatically for those under 35 years old, which increased from 35%to 46%.
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