1. Retirement 101 Daniel Hanzelka Lifestyle Security By Design 300 John St. Suite 201 Thornhill, ON L3T 5W4 Office: 416-875-1505 Fax: 416-875-1504 Email: dhanzelka@email.com web: www.danielhanzelka.com
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12. Personal Financial Wellness Analysis Daniel Hanzelka Lifestyle Security By Design 300 John St. Suite 201 Thornhill, ON L3T 5W4 Office: 416-875-1505 Fax: 416-875-1504 Email: dhanzelka@email.com web:www.danielhanzelka.com
Editor's Notes
As an employer you have a great deal vested in your employees. The money you pay them is about more than just money that gets into their hands. It is about the quality of their life and lives of those that depend on them. How they direct and manage those resources greatly impacts their emotional and mental state of mind, their stress level, their attitude on and off the job, and their ability to focus on the work they do.
I would like to take a moment to talk to you about three things. First, the current financial condition of today’s worker and how it is impacting the loss of productivity in the workplace. Second, about the Benefits of Financial Education Programs for your company and your employees, and third, an overview of the Retirement 101 seminar we offer.
What are the current financial conditions of today’s employees and how it does impact your organization. Industry studies of the last 20 years conducted by Dr. E. T. Garman of the Personal Finance Employee Education Foundation, and others, document that both the company and employees increasingly suffer from a lack of personal financial wellness. The number one cause of stress in the workplace is personal finance. 1 in 4 workers report they are seriously distressed and dissatisfied with their personal finances. 30% report they are failing financially. Financially illiterate adults do not manage their personal finances well and they do not save and invest enough for a financially successful retirement. This contributes to lower productivity as well as higher health care costs.
Up to 80% of today’s workers are financially stressed and are spending time at their jobs and dealing with or worrying about money issues. How much time? 12 to 20 Hours per month. 84% say they have fewer savings and more debt this year compared to last year. 60% have trouble making ends meet. The estimated annual cost to companies that ignore the financial literacy is in excess of $2000 per year per employee.
Research has shown that health and personal finances are correlated. 40% - 50% of financially distressed employees report that financial problems cause their health issues.
Employees with money problems are like sharks swimming around the workplace taking bites out of the bottom line. Every time an employee brings their money worries to work, the productivity drops.
While salary increases, bonuses, group benefit workshops and employee assistance programs DO NOT increase financial wellness, Financial Education DOES! Education Programs such as Basic Financial Education, Retirement Education and Coaching that changes behaviors, all help to reduce employee financial distress and increase financial wellness. Financial education truly helps employees have better health, stronger retirement preparation, improved family relationships and gains in job performance.
The bottom line, workplace educational programs discussing financial and non-financial issues rescue employees and employers.
What does the Retirement 101 consist of and what makes us different from others. Retirement 101 is an educational program addressing concerns individuals face when preparing for retirement. It consists of 4, 2 hour sessions, conducted in a classroom setting to give opportunity to ask questions and engage in meaningful discussions. Employees are encouraged to bring a spouse or partner. At the conclusion of the sessions a complimentary comprehensive written Retirement income Model is offered.
What are the benefits of Retirement 101 for the HR team? Increased participation in HR initiatives such as the company saving plan or the group registered Retirement Savings Plan,It will Save valuable counseling time for the HR team, which may not have time, knowledge or resources to support appropriate solutions or recommendations. Foster a positive employee-employer relationship. Offers an educational opportunity for employees to understand retirement needs and the company benefits program.
What are the benefits for the employees? Retirement 101 encourages employees to think, plan and set retirement objectives. Identifies Retiremen income variables and indicates adjustments that will improve their personal situation. Addressees income tax implications and focuses on maximizing their after-tax income, clarify the company benefit package, demystifies personal investing, addresses the elements of estate planning, powers of attorney, wills, life insurance and taxation.
As part of the program employees will be able to take a pre and post personal financial wellness assessment developed by Dr. E. Thomas Garman and adapted to Canada by Daniel Hanzelka to actually measure and document your employee’s financial improvement in the financial wellness training provided. Your employees will see that you care and they will thank you for a life time. The best way to improve your employee’s financial future is to provide them with Financial Education through the Retirement 101 Program and to help them secure their financial future. For more information contact Daniel at 416-875-1505.
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