Are Your Employees Financially Fit? Zions Bank Employee Participation In Financial P Fi i l Peace U i University it Fall 2010 Survey
If Your Business Is Average . . .• 40% of team members admit that stress over money negatively affects their productivity productivity.• Personal finance is the number one personal issue causing stress in the workplace workplace.• Workers waste 20+ hours a month thinking about and dealing with personal money matters matters.• Regardless of income, 70% of Americans are living paycheck to paycheck paycheck.
A Proven Solution to AddressYour Employee Financial Struggles• Zions Bank recognizes that helping our business clients improve the financial behavior of their employees will improve the business, making them a better client client.• Zions Bank has teamed up with financial guru Dave Ramsey to promote his Financial Peace University (FPU) in Utah and Idaho.• The average household adds $2,700 to savings g , g and pays off $5,300 in debt in 91 days.
What is Financial Peace University?• Financial Peace University (FPU) is a 13 week class that meets in two hour sessions covering different financial topics.• Over one million families have attended the program nationwide.• Zions Bank has supported hundreds of classes in Utah and Idaho attended by over 25,000 p p people.
Survey Background• To determine the long term results of FPU, Zions Bank surveyed 102 employees who attended FPU between 2003 and 2010.• The average employee has added $15,600 to g p y , savings and paid off $16,300 of debt.• 33% have paid off all consumer debts.• 38% have increased their 401k contributions by a 6% average.
Survey Details• 79% reported their financial situation has improved after attending FPU.• 94% reported improved financial skills after attending the class (56% reported skills were much better).• The average employee has paid off $16,300 in consumer debt (They report still having an average of $ $16,600 in debt).• The average employee has added $15,600 to non-retirement savings.• 33% report having paid off all consumer debt in amounts ranging from $500 to $40,000.• 81% reported lower stress and greater productivity after attending FPU tt di FPU.
Survey Details (continued)• 73% anticipate they will be able to retire sooner and/or with more money due to what they learned.• 38% have increased the amount they contribute to their 401(k).• On average they have increased their 401(k) contributions by 6%. – If you assume that the 401(k) earns 8% a year, a 30 year old making $40,000 and getting a 3% raise each year would have an extra $700,000 for retirement from this new 6% contribution b age 67 ( d th t’ not even counting any t ib ti by (and that’s t ti resulting employer matching funds which could cause this total to exceed $1,000,000).
Employees Sound Off About FPU• I worked the program for 4 years and we paid off all our debt except the house.• Having a well defined plan of attack Very easy step 1, step 2. attack. easy, 1 2• Confirmed the values and principles I have espoused for years.• It was able to help my wife and I develop a plan that works each month for a monthly budget.• No more fights abo t mone with m wife. about money ith my ife• Gave me a lot of hope and a feeling of control.• My husband for the first time in our marriage sat down at the computer using Daves Gazelle program and realized we spent more than we made. We W were filling th gap using our credit cards. H sold hi t k th next filli the i dit d He ld his truck the t day. What a blessing!• It gave me the knowledge I was missing to manage my money better.• Inspired me to get my children enrolled. All adult children has taken it and they ll think th all thi k it was one of th b t thi f the best things th t we, as parents, did f th that t for them.• Having the discipline to not spend money that I dont have.• Using the snowball effect. I plan on having my home paid off in 5 more yrs.
Employees Sound Off About FPU (Continued)• I share the knowledge with others to help them. Debt will stress all parts of your life. Managing your debt is a key part to a happy life.• Learning to watch where my money goes, instead of just spending. I keep better track. track• The envelope system really work. Stopped bad habits of overspending .• Better understanding of retirement options and allocation of funds.• That I can feel safe and secure in my finances no matter where Im at y currently.• Shared knowledge and understanding on investments and insurance.• Gained strength from others trying to obtain debt freedom like myself.• Client interactions are better better.• I increased my 401k contributions from 5% to 15%. I have replaced the tax deduction of home interest expense with additional charitable contributions.• More savings in the bank because I am not constantly using my debit card.• It gave us a clear direction and helped show us solid financial goals that we both fully bought into. Its principles continue to be the foundation for every one of our financial decisions. I recommend it to everyone!
Is FPU for You?• There is no cost to the business or employees to participate in a one hour showing of the lesson 1 Super Saving that teaches about saving for retirement, major purchases, and emergencies.• There is no cost to the business if they decide to host the 13 week FPU course for the general public and their employees employees.• Cost per household to attend is $99. In 8 years and 25,000 participants, we have never had anyone ask for their money back.
Businesses and Churches Participatingin Financial Peace University - UtahA partial list of organizations that have hosted Super Saving Seminars and / or FPU classes as far back as 2003: p g p gA-Core Concrete Calvary Chapel of Salt Lake Ebenezer Church of God in Christ Holladay Baptist ChurchAbundant Life Assembly (North Salt Lake) Calvary Fellowship Church (Am Fork) Elevation Church (Layton) Huntington StakeAccess Development Canyon Road Assembly (Ogden) Emmanuel Baptist Church (Hyrum) Hurricane 15th WardADP Inc. Canyon Pointe Ward (Spanish Fork) Ephraim Church of the Bible Hyrum CityAdventure Foursquare Church (Draper) Castle Dale Stake Evangelical Free Church Industrial ContainersAdventure Foursquare Church (Am. Fork) Cate Equipment Farmington City Interior SolutionAero GraphicsAero-Graphics Children s Children’s Service Society Farmington 4th Ward Intermountain Baptist ChurchAldersgate United Methodist Church (Brigham City) Christ Evangelical Church (Orem) The Fellowship (Sandy) Intermountain PowerAlphagraphics Christ United Methodist Church Fillmore 1st Ward Interstate HydraulicsAlpine 4th Ward Christian Life Center (Layton) Fillmore 4th Ward JC PenneysAlpine Church (Layton) Christian Life Assembly of God (Payson) First Baptist Church (Brigham City) Jones and DeMilleAlpine Community Church (Riverdale) Centerville South Stake First Baptist Church (Roy) Jordan 3rd WardAlpine Stake Central Refrigerated Services First Baptist Church (West Valley) K2 The ChurchAMT Labs Clear Channel Radio First Church of the Nazarene (SLC) Kaysville StakeAmerican Fork 31st Ward Clearfield City First Southern Baptist Church (Bountiful) Kearns Improvement DistrictArrowstar Construction Clearfield South Stake First Southern Baptist Church (Monticello) Kearns Western Hills StakeAscension Lutheran Church (Ogden) Clyde Companies Inc. Fort Herriman Stake LDS Kids on the MoveAspen Meadows 1st Ward (Spanish Fork) Coalville City Freedom Second Ward Lakeridge 3rd Ward (Orem)Aspen Meadows 3rd Ward (Spanish Fork) Community United Methodist Church (Ogden) Gateway Community Church (Draper) Lakeside Church (Syracuse)Autoliv Cottonwood Partners Gerber Construction Lakeside Community Church (Sunset)Bailey Moving Country Park 2nd Ward Glenwood Ward Layton Hills StakeBarco Media Creekside Christian Fellowship (Park City) Gods Place (Ogden) Les Olsen CopiersBeacon Metals Crosspoint Church (SLC) Good Shepherd Lutheran Church (Lutheran) Lifeline Community (West Jordan)Big D Construction Crossroads Fellowship (Ogden) Grace Baptist Church (Bountiful) Living Waters Christian Fellowship (West Valley)Blanding Stake Crystal River Church Grace Lutheran Church (Sandy) Logan Church of ChristBlessed Sacrament Church (Sandy) Cultural Celebration Center Granger Christian Church Loomis Armored USBlomquist Hale Consulting Custom Covers Granger Hunter Improvement District Maranatha Baptist Church (Logan)Bob Barker Company Davis Applied Technology College Gravel Masters Marshall IndustriesBoondocks Fun Center Davis School District Great Harvest Church (Midvale) Midvalley Bible Church (Bluffdale)Boy Scouts of America Daw Tech Great Life Foundation Midvale CityBridgepoint Systems Deseret Power Griffin Memorial Church of God in Christ Moab Seventh Day Adventist ChurchBYU 137th Ward Desert Edge Christian Chapel (Huntington) Harris Dudley Construction Modern DisplayCache County School District Desert Springs Church (St George) Harris Research Morinda – Tahitian NoniCache County Sheriff’s Office Sheriff s e-Vin, e Vin The Emerging Vineyard (Taylorsville) Heber 12th Ward Mount Vineyard Christian Fellowship (Park City)Cache Employment and Training Center Eagle Mountain City Henefer City Hall Mountain Life Evangelical (Park City)Cache Valley Christian Center Eagle Mountain East Stake Heritage Baptist Church (Rose Park) Mountain of Faith Lutheran (Tooele)Calvary Baptist Church Eagle Pointe Title Hilltop United Methodist Church (Sandy) Mountain View Christian Assembly
Businesses and Churches Participatingin Financial Peace University – Utah (Continued)A partial list of organizations that have hosted Super Saving Seminars and / or FPU classes as far back as 2003: p g p gMountainland Design Ridgecrest 2nd Ward (Bennion) South Centeral Communications US SyntheticMurray Little Cottonwood Stake Riverton North Stake South Jordan 4th Ward USU 2nd StakeMurray North Stake The Rock Church (Sandy) South Mountain Community Church USU Continuing Education - MurrayNebo Learning Center Rock Structures Excavating South Valley Baptist Church (Riverton) Valley Assembly of GodNorth Ogden 19th Ward Rocky Mountain ATV Southeast Christian Church (SLC) Valley Emergency Communication CenterNew Promise Lutheran Church (St George) Rocky Mountain Waterproofing Southside Church of Christ (West Jordan) Valley View East StakeNew Song Presbyterian Church Rose Creek Crossing Ward (Riverton) Spanish F k 12th W d S i h Fork Ward Van Boerum & Frank Associates, Inc.North Hills Christian Fellowship (Tremonton) Rose Park North Stake Sperry Real Estate Squire & Company, PC Vermont 1st Ward (Orem)North Salt Lake City Roy Christian Church Staker Parsons Vernal Christian Church WorldOakley City Town Hall St James Catholic Church (Ogden) State of Utah Center (Ogden) Vernal StakeOasis Christian Church St Jude’s Episcopal Church (Cedar City) Steel Encounters Wasatch ElectricalOgden Christian Fellowship St Luke’s Episcopal Church Steton Wasatch Evangelical Free Church (Roy)Orem Sunset Heights 3rd Ward St. Matthews Lutheran Church STRATA Networks Wasatch Hills Seventh-Day Adventist ChurchOrem Sunset Heights 6th Ward Salt Lake Church of Religious Science Summit Adventure Church (West Jordan) Water’s Edge (Stansbury Park)Orem Sunset Heights 7th Ward Salt Lake Community College Summit Chapel (Ogden) Weber State UniversityOrem Windsor Stake Salt Lake Granger E t Stake S lt L k G East St k Summit School District WencorOur Saviors Lutheran Church (Roy) Salt Lake Grant Stake Sundance Resort West Bountiful StakeOverlake 2nd Ward Salt Lake Little Cottonwood Stake Sunny Ridge Ward (Spanish Fork) West Jordan River Oaks StakePacific States Cast Iron Pipe Company Salt Lake McKinley Ward Sunrise Valley Development West Jordan Mountain View 2nd WardPage Ward (Payson) Salt Lake Technical Center Syracuse Homestead Ward West Jordan Seventh-Day Adventist ChurchPayson Mountain View StakePleasant Grove Manila Stake Salt Lake Wilford Stake Sysco West Lake Community Church (Saratoga Springs)Pleasant Grove Timpanogas Stake Sanderson Community Center (for deaf) Taylorsville City Western Metals TransportPleasant View 3rd Ward Sandy Crescent North Stake Taylorsville Central Stake Westland 1st WardPonds Plumbing Sandy Crescent Park Stake Taylorsville Park Ward Westminster Presbyterian Church (Layton)Price 4th Ward Sandy Crescent View Ward This is the Place Heritage Park Willard 2nd WardPrince of Peace Lutheran Sandy Ridge Community Church Tooele First Assembly of God Wolf Hollow 2nd Ward (Spanish Fork)Provo City Santaquin 4th Ward Tooele 1st Ward Woods Cross North StakeProvo East Stake Santaquin North Stake Tooele North Stake Workforce ServicesProvo Lakeside 10th Ward Segway of Utah Transcript Bulletin Publishing World Vision Assembly of God (Vernal)Provo Peak 3rd Ward Seventh-Day Adventist Church (Ogden) TriTel NetworksProvo Peak 7th Ward Shadow Mountain Church (West Jordan) Union Pacific RailroadQSI Corp SLC Foursquare Church Uppercase LivingQuestar Corp Snow College Utah Department of Workforce ServicesRandolph StakeR d l h St k Sojourn Community Church Utah Housing CorporationRich County School District Sonrise Baptist Church (West Valley) Utah Retirement SystemsRichfield East Stake Sorensen Construction Utah State Bar AssociationRichard Manufacturing
For more information:• Don Milne, Financial Literacy Manager, 801-844-7977, firstname.lastname@example.org 801 844 7977 don milne@zionsbank com• Website: www.endprogram.com – W t h the FPU orientation video li k d Watch th i t ti id linked to this website• Vi it www.daveramsey.com/zionsbank t Visit d / i b k to watch the free lesson one Super Saving• I f Information on FPU classes: 1-800-376- ti l 1 800 376 7092 or email@example.com