A growing number of companies are rolling out financial education programs to their employees. A recent Money.com article points to research by Bank of America Merrill Lynch that found that 83 percent of all employers feel responsible for the financial wellness of their employees. More firms are investing in financial education programs and using the workplace retirement plan re-enrollment periods to talk to employees about 401(k) deferral rates and asset allocation, writes Dan Kadlec. “Some argue it helps the economy as a whole, too, as it lessens the likelihood of another financial crisis linked to poor individual money decisions,” Kadlec writes.
They Aren't Alone
While plenty has been said about advisors needing to use technology to reach millennials and the boatloads of money they are supposed to inherit over the next decade, it's a mistake to assume they are only the only ones who want a modern advisor. According to Salesforce study, 83 percent of Gen X'ers and 71 percent of Baby Boomers consider the technology offerings when choosing a financial advisor – especially mobile portfolio management and automatic rebalancing. But no matter how old an investor is, fee structures and convenience still rank more important than having a good website or the latest robo-tools.
Insurance Woes
A number of Americans who purchased health insurance out of pocket last year couldn't afford medical care, according to a study released last week by Families USA. Just over 25 percent of study participants struggled to get care or pay for needed drugs. Participants in the study included a mix of individuals who entered Obamacare's health exchanges and those who sought out coverage in the off-exchange market. Lower and middle income people were hit the hardest by high deductibles and other expenses that come straight from their wallet.