How Technology is Changing How We Deliver Financial Education

Financial EducationWe’ve come a long way in addressing financial education.   Gone are the days where we read articles and take courses in basic money management.  Over the past several years, technology has been developed to assist consumers in learning about financial wellness and making more informed decisions.

However, the stigma associated with money management can be rather stressful by itself and let’s face it – not as much fun as we’d like to it to be.

However addressing the issue of financial wellness is a priority that many need to face in today’s economy and technology is now making the concept of money management more fun and engaging. Online tools are now regularly available to help employees understand the fundamentals of managing their finances, while at the same time encouraging improved fiscal behaviors.

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Employee Financial Stress May Be Costing Your Customers

41317619_l.jpgTo say that Employees are stressed about their finances is an understatement, and their stress could be seriously impacting your customers. According to, “Americans are more worried about their finances than ever, and it’s interfering with our ability to do our jobs.”[1]

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Improving Communications with Millennials Regarding Voluntary Benefits

56851222_l.jpgOur world is constantly changing and our future leaders will be from the millennial generation.  This demographic was generally born between 1982 and 2004 and, for the most part, does not know what life was like before the Internet.   It is expected by 2025, that over 75% of our workforce will be comprised of millennials.[1]

Attracting Millennials to the workplace is usually accomplished by offering up-to-date technology as well as a flexible work environment, as these tend to fulfill their personal and professional needs. Employers have been using a series of voluntary benefits to meet many of these needs, including financial education.  However, the challenge with voluntary benefits is that millennials aren’t really excited about them.[2]  The irony here is that they are more likely to admit they don’t know about their benefits than other workers, and are open to seeking benefits from entities other than their employers.[3]

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401(k) Loans: The Good, The Bad and The Ugly

October 05, 2016

loan, 401k

Joel Manzer

3182161_l.jpgAs a business owner, there may be times when an employee may turn to you to ask for help, such as an advance in pay, in order to address a particular hardship.  Of course you want to help, but lending money to an employee should only be considered after all other options are pursued.  There are risks and rewards associated with helping an employee in times of need, many can be associated with being legally compliant, which we share here:  “Employer Lending: Exposing Risks and Rewards[1]

There are other options that are available without becoming a lender – such as a 401(k) loan.  

According to,  If the employee has an account in your 401(k) and the plan allows loans, the business doesn’t have to become a lender. Instead, the employee can borrow up to 50% of his/her account balance (up to a maximum of $50,000). The plan must charge a reasonable rate of interest and repayment must be made in level payments over a period of no more than five years (there’s an exception to this repayment period for loans to buy homes). But caution the employee that if he or she leaves the job—voluntarily or otherwise—the loan must be repaid in full (usually within 30 or 60 days). The failure to do this results in having the outstanding balance treated as a taxable distribution; if the employee is under age 59-1/2, the distribution is taxable and subject to a 10% penalty. Find details about plan loans from the IRS[2]

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