Combating Workplace Stress through Education

NAPA reported that a new survey by Ramsey Solutions indicated that “Workers who listed their employers as their first or second source of retirement education have more money saved for retirement than those who listed parents or family members as their top source…” Additionally, these employees have less stress and more confidence than those without access to retirement education.

40% of the workers surveyed said their employers do not provide any type of financial or retirement education. Also, 70% of employees with no retirement savings indicated no access to retirement education from their employers which leaves them feeling stressed. This 70% also said that anxiety ranks as the primary emotion they associate with retirement. 47% of employees who have saved $250,000-$999,999 indicated their employers provide their retirement education, second only to financial advisors, with only 11% indicating they had no access to any retirement education. Generational retirement education sources differ significantly:

 Generation
Learned from Parents Learned from School No Education
Millennials  41%  22% 33%
Generation X  35%  13% 39%
Baby Boomers  23%  8% 50%

 

 

 

 

Employer retirement education interests and availability by income:

 

Income Level Open to Discuss Retirement Planning No Education Available
Lower - income  75% 64%
Middle - income  80% 43%
Upper - income  90% 29%

 

 

 

 

NAPA indicated that this research study was with over 1,000 American adults and was conducted by a third-party research company between February 26, 2016 and March 1, 2016.

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