Saving for retirement is one of the most important financial decisions you can make to ensure future comfort and security. But saving for retirement isn’t always easy. Around 70% of employees say that they are saving less for retirement than they think they should. This means not only are the vast majority of workers struggling to set aside money, but businesses are suffering from increased costs when employees delay retirement. According to an article on BenefitsPro, “a 2019 Fidelity Investments study found that 73 percent of employers reported increased costs when employees delay retirement; 31 percent said it inhibited strategic planning; and 21 percent reported lowered productivity.”
So how can employers help promote retirement savings and encourage employees to retire on time? One of the most effective ways to encourage smart money management is by implementing an employee financial wellness program.