Employee Financial Wellness Programs: The Missing Component

February 28 00:45 2020
Employee Financial Wellness Programs: The Missing Component

“Employees are bringing college-related challenges to the workplace, driving up the high cost of Presenteeism, stress-related healthcare costs, garnishments, and other bottom-
line expenses.”

On an annual basis, employers tend to lose half a billion dollars due to the growing employee financial stress. This problem often accelerates in the spring as millions struggle to meet college deadlines for themselves, their kids, and even their grandkids due to a missing component in Financial Wellness platforms today: College Planning.

Alice Whinnery, a former CPA with PwC and CEO of LFE Institute explains, “While the latest SHRM Employee Benefits Study found that as many as 56% of employers offer Tuition Assistance, unfortunately, most fail to provide education to ensure every dollar spent on college is invested wisely.”

Upon identifying this critical missing component, she collaborated with dozens of academic and financial advisors nationally to develop an innovative new online College Action Plan. This unique Plan is designed to help employees easily navigate the complex maze of critical financial decisions when planning for college. Following the step-by-step guidelines, families learn specific strategies to save thousands on college by avoiding costly mistakes that could negatively affect their financial lives for decades.

Failing to ask essential questions and access money-saving resources has led to increased drop-out rates and higher student loan debt. Nearly 50% of college freshmen fail to graduate. Yet of those who do, the Department of Education found that 60% of graduates take six or more years to complete a four-year degree, causing debt loads that are nearly impossible to repay.

In addition to these challenges, employees who are parents or grandparents of college-bound students are on the hook for nearly all new private student loans. With Forbes reporting that recent college grads have the highest unemployment rate in decades, those who co-signed student loans are often forced to repay that debt at a time when they should be focused on saving for retirement. In fact, an AARP study highlights soaring student loan debt for age groups that are 50 and older.

“Employees are bringing these college-related challenges to the workplace, driving up the high cost of Presenteeism, stress-related healthcare costs, garnishments, and other bottom-line expenses,” reports Whinnery. “Our new digital tools help employees quickly master the vital skills needed to cut college costs, borrow less, and avoid draining their retirement accounts.”

Whinnery urges employees to avoid spending a dime on college, or co-signing a loan, until they complete a College Action Plan. Their financial future, and their employer’s bottom line, depends on it!

About the LFE Institute:

LFE, an unbiased Financial Literacy firm specializing in developing online College Planning tools, works with employers, CPAs, Benefit Providers, banks, employers, and other Affiliate Partners to make its unique new tools available to college-bound families throughout the U.S.

Media Contact
Company Name: LFE Institute, LLC
Contact Person: Alice Whinnery
Email: Send Email
Phone: 850.781.9131 (direct)
Country: United States
Website: www.lfeinstitute.com