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Employers Grade Employees' Financial Literacy Poorly
82% of senior finance executives' give their employees a poor grade ("C" [57%], "D" [13%] or "F" [1%]) on their understanding of financial literacy. 27% gave them a "B" and 2% gave their employees a grade of "A." What is their employees most significant challenge? 80% of finance executives report that the most significant challenge they face in getting employees to take action with the company 401(k) plan is "Varied levels of employee financial literacy" and 76% say it is "Competing demands for employees' dollars (e.g., paying off debt, buying a home, saving for college)."
Defined Contribution Insights, May/June, 2009, pp 4-7
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| Numbers - Employers Say Employees Not Ready for Retirement
82% of employers who sponsor 401(k) plans say that most of their employees will NOT be adequately prepared for retirement.
Deloitte/IFEBP as cited in Defined Contribution Insights, May/June, p. 8.
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| BEST QUOTE -
Create a definite plan for carrying out your desire and begin at once, whether you are ready or not, to put this plan into action. - Napoleon Hill
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 Featured Partner - Best Provider "The EDSA Group®, and independent financial education company, is nationally recognized for its proven, results-driven programs. EDSA specializes in teaching employees to make informed decisions about their personal finances and employer-sponsored benefit plans. Tools available include live workshops, one-on-one counseling, software, and an E-Learning tool (www.Goodmoneyhabits.com).
EDSA provides employees the information they need to make educated decisions (addressing ERISA) and managing possible risk/liability with ongoing and documented action (addressing SOX). Over a decade ago Virginia Tech's NIPFEE conducted research
proving the value of the EDSA program.
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