Employees are increasingly looking to their employers for financial guidance, most realistically in the form of employer-provided programs that assist them with their financial decision-making skills.
Seventy-two percent of employees polled in a recent MetLife survey said that they are interested in their employers providing programs that help them to correctly facilitate the financial decision-making process.
MetLife offers employers The PlanSmart series (PlanSmart). The free service, launched in 2008, provides financial education to employees that wish to participate. PlanSmart offers workshops on managing credit, college funding, as well as estate and retirement funding. The program also offers decision-support assistance to employees who are facing life-altering changes that impact their finances, giving them education and guidance regarding their group life benefits.
Recently, MetLife announced that it was expanding the topics covered in its PlanSmart series. New additions to the program include the Investing 201 program. Employees that have already taken part in PlanSmart’s Investing 101 program are able to utilize more focused and advanced investing advice. The course provides detailed information about investing in stocks and bonds. The course also illustrates potential tax implications for the investor and delves into performance management, risk management, how to determine whether an investment is appropriate and explains common investment terminology.
PlanSmart also has expanded its series to cover tips on how to care for an ageing parent, spouse, relative or friend. We often hear about the “graying of America” and this information is becoming increasingly pertinent to many employees. The course strives to prepare employees for the financial planning that needs to happen when caring for an ageing person.
Another workshop that is being added to the PlanSmart series is Planning with Pride: A Closer Look at the Estate Planning for the LGBT Community. The workshop provides solutions for estate planning for the LGBT community and offers up solutions for a variety of situations.