| What's Your "Personal Financial Wellness" Score?
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Help your employees with their financial education.You can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers.
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Increase Your Company's Productivity through Financial Education
Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org
to use this valuable tool. If you use
one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity.
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| Opt-in/Opt-out PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. |
| Personal Finance Employee Education Foundation
1940 Duke Street, Suite 200
Alexandria, Virginia 22314
202-679-1384
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Welcome to the Personal Finance Employee Education Foundation Newsletter
Please join others in staying informed about the importance of Employee Personal Finance education through our monthly newsletter.
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PFEEF's Mission
To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive.
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Ten Percent of Big Biz Eye Cutting 401(k) Match
The tough luck drags on for workers at America's biggest corporations - when it comes to their 401(k) match.
A recent story in the Wall Street Journal reveals that companies are taking their sweet time to restore defined contribution plan matches, citing lack of clarity in the economy or the more important goal of increasing shareholder dividends.
Federal Express, for instance, will have waited a full two years before its scheduled 401(k) match resumes in January. FedEx spokesman Jess Burn tells the paper that the company decided to ask its employees to "share the pain and make sacrifices, becasue the global economy was so slow."
click here for the full story
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Employees' Productivity Decreasing Along with Their Cash Flow
While the U.S. economy is showing signs of recovery, nearly three-quarters of Americans are worried about their jobs and are trying to make ends meet, according to a recent national survey by The Hartford.
The discouraging survey results show Americans are working more, spending less, but still find themselves struggling financially.
"Thirty-seven percent of consumers said they feel they have experienced 'severe' financial impact due to the recession. Many have made cutbacks in their spending, dipped into savings and retirement accounts, or taken on new jobs," says Ron Gendreau, executive vice president, The Hartford Group Benefits.
click here for the full story |
FTC Issues Final Rule to Protect Consumers in Credit Card Debt
The FTC has just announced new amendments in the Telemarketing Sales Rule to protect consumers in credit card debt. Starting on October 27, 2010, for-profit companies that sell debt relief services over the telephone may no longer charge a fee before they settle or reduce a customer's credit card or other unsecured debt.
For more information,click below
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Poll Identifies Need for Employee Financial Education
In a recent survey conducted by the Personal Finance Employee Education Foundation with the support of the Employee Benefits News, 91% of respondents cited employee financial literacy as being extremely important or important in reducing the vulnerability of the American economy to major economic crises. Given the recession employers were asked whether they noticed an increase in garnishments - 51% said yes, emergency loans - 42% said yes, and 34% have seen an increase in requests for more time off to handle financial issues.
In addition to these results, 70% thought that the employer provision of basic workplace financial education is important or extremely important to the overall level of productivity in their organization and a majority (53%) thought employers who pass benefit costs on to their employees have a responsibility to provide ongoing financial education to help them make appropriate financial decisions.
While 88% of the respondents provide the required investment/retirement education associated with retirement plans, only 28% provide basic workplace financial education, defined as including budgeting, debt reduction and credit management. Several barriers were cited for providing basic workplace financial education. The cost is too high for 49%; 58% said employees would sacrifice work time to attend, and 71% noted that there were too many higher priority competing items. An even 50% weren't sure they could get upper management to buy into the provision of workplace financial education.
"The value of employee financial education is clear, "said Judith Cohart, President & CEO of the Personal Finance Employee Education Foundation. "The challenge is to overcome the barriers that prevent employers from providing this benefit to their employees."
In September 2011, there will be a pre-conference as part of the Employee Benefits News Conference to discuss employer/employee issues related to financial education.
The Personal Finance Employee Education Foundation is a non-profit organization that facilitates financial education in the workplace through showing employers that providing financial education can improve worker productivity and employer profits. For more information, go to www.pfeef.org
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We appreciate your interest in the Foundation.
Sincerely,
Judith Cohart, President
Personal Finance Employee Education Foundation Inc
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