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Employer-sponsored retirement savings plans are a valuable recruiting and retention tool, but they’re more than just a benefit meant to attract and retain quality workers. Your 401(k) plan can help employees build a stronger sense of long-term financial security—and if a company can help its workers alleviate even some of their financial stress, it’s all the better for everyone involved.
A purpose. Community. Professional growth. A paycheck. What employees get out of work varies depending on their role, so you can’t approach everyone with one-size-fits-all encouragement. If a company wants to retain good leaders, which is crucial for any future business success, many different incentives should be considered — not the least of which is compensation.
On Tuesday March 14, 2023, Cuna Mutual Group hosted a Special market update: Bank crisis webinar discussing the current state of the market related to the banking crisis. Since Tuesday, the stream of headlines covering possible financial contagion has been fast and furious.
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America’s Baby Boomers have now been receiving Social Security benefits for nearly 15 years, and subsequent generations — Generation X, Millennials and Generation Z — continue the steady march toward retirement.
While no two individuals are alike and generalizations don’t always apply, one thing all three generations after the Baby Boomers share is a growing awareness of the increasing need to plan, save and invest for retirement.
With the economic turmoil and uncertainty of the last few years — which has affected people’s finances to a severe extent in many cases — and with some of the devastating events of 2022, there remains a huge need for charitable giving from those who are able.
It’s been said that knowledge is power. That often proves true when it comes to avoiding costly financial mistakes.
A 2022 survey by the National Financial Educators Council (NFEC) found the average person scored only 58 out of 100 on a financial literacy test and that a lack of financial literacy carries a high cost. The estimated average loss directly resulting from a lack of knowledge about personal finances was $1,819 in 2022, the highest in more than six years.1 That’s an expense of more than $150 each month.