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Employees Want More Education with Their Retirement Benefits

Your employees have worked hard to build a nest egg—and they could use your support as they approach and then transition into retirement.

Americans’ workplace retirement plans play a key role in their future retirement prospects.

Recent studies show that an increasing number of employees feel stressed about retirement planning, with many identifying retirement education as the part where they need the most help from their employers.

“Employees at every age and income level are very receptive to help from their employers with their retirement plans,” says Robert Cavanagh, Senior Vice President, Investments at David Lerner Associates.

Why Employees Want More Education with Their Retirement Benefits

Most American workers show a clear need for financial guidance.

It’s not surprising that many employees want more education with their retirement benefits. Retirement planning can be complex and overwhelming, and many workers may not feel equipped to make informed decisions about their retirement savings and investments.

Here are some reasons employees may want more education with their retirement benefits:

  • Many employees lack basic financial literacy, including knowledge of retirement planning and investment strategies. Education and training can help them better understand their retirement benefits and make informed decisions about their savings and investments.
  • The retirement landscape is constantly evolving, with new retirement products and investment options becoming available every day. Workers may want education and training to stay up-to-date with these changes and understand how they impact their retirement planning.
  • Retirement planning is not a one-size-fits-all process. Employees may want personalized advice and guidance on retirement planning, including information on retirement income, tax, and estate planning.
  • The desire for financial wellness. Employees may want access to employee financial wellness programs to help them achieve their financial goals and improve their overall financial well-being.

How Do American Workers Learn About Retirement Planning?

The most common sources American workers rely on for retirement education are:

  • Family and friends: Family and friends can provide personal experiences and advice on retirement planning and financial management. People often go to their family and friends because they’re a trusted source.
  • Online resources: There are many online resources available to help American workers learn about retirement planning, including websites, blogs, podcasts, and online courses.
  • Government resources: The Internal Revenue Service (IRS), the Department of Labor, and other government agencies provide information and resources on retirement planning, including information on retirement accounts, tax benefits, and regulations.
  • Social Security Administration: This organization provides information on Social Security benefits and retirement planning through its website, publications, and local offices.
  • Investment Counselors: Investment Counselors can provide guidance and advice on retirement planning, including investment strategies, tax planning, and estate planning.
  • School: Younger employees are more likely to have learned about retirement in school, but only a small number.
  • Workplace retirement plans: Most American workers learn about retirement through their workplace retirement plans, such as 401(k) plans or pension plans.

Benefits of Offering Your Employees Retirement Education

Employee retirement education programs are a crucial part of Corporate Social Responsibility (CSRR). These programs can include seminars, workshops, online resources, and one-on-one counseling sessions with retirement planning professionals. If an organization is socially conscious, it will enjoy enhanced visibility and loyal customers, suppliers, lenders, and investors.

By offering financial education and training, employees are not only happier, but they’re more loyal. In fact, 54 percent of employees admit their most desired employer benefits as financial wellness benefits of access to impartial training or counselors.

“Offering great retirement solutions to your employees leads to increased loyalty and employee satisfaction,” Robert Cavanagh states.  As this is all about hiring and retaining top talent, it’s vital to note that 73 percent of employees say that their financial worries impact their productivity at work.

Offering the right retirement benefits and financial education can help increase productivity long after you have hired your top talent and onboarded them to your business.

However, it’s important to ensure that you’re not only offering an easy-to-use retirement plan but also the financial education that goes along with it. Providing one without the other is like giving your worker a proper steak to eat but no grill to cook it on.


As the last three years have taught us, employed support as education is critical in helping employees navigate personal finances.

The influence of employer-provided financial education is reflected in workers’ retirement saving amounts, confidence levels, and overall emotional well-being.

Investing in training that helps your employees thrive financially is a decisive factor in attracting and retaining top talent in today’s tough hiring market.


Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc.

This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.  Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances.

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