Empower employees with financial wellness education


(© Tryfonov –

Organizations are in search of new methods to draw and retain employees throughout what some economists and human useful resource consultants are calling “The Great Resignation.” People are leaving their present jobs in document numbers in the hunt for higher compensation and a extra versatile work/life stability.

One approach that corporations can stand out is by providing distinctive and significant advantages to employees. An avenue to think about is a financial wellness program, which helps scale back financial-related stress for employees whereas enhancing the group’s advantages bundle.

A well-rounded financial wellness program contains providing ideas and instruments associated to education financial savings. When it involves fixing the scholar debt disaster, the stress is on. Nearly 43 million Americans, or 1 in 8 individuals, have federal pupil mortgage debt, in keeping with the U.S. Department of Education. Student mortgage debt can postpone life milestones, corresponding to shopping for a house or beginning a household. The stress of being in debt might also get in the way in which of productiveness on the workplace. It’s a trillion-dollar downside however incorporating education financial savings right into a financial wellness program can provide a portion of the answer.

Select an education financial savings program

A 529 plan is a tax-advantaged education financial savings instrument that may assist households of varied means forestall or reduce future pupil debt. Many 529 plans provide free education – in individual or just about – to employers and their employees on the advantages of upper education financial savings.

The largest supplier of 529 plans, Virginia529, provides its free Virginia529@work service to assist organizations empower their employees in reaching and reaching their financial objectives. The service has been adopted by giant and small organizations alike, and the response has been overwhelmingly constructive.

“We believe in the importance of a well-rounded financial wellness program, which is one of the reasons we provide employees the opportunity to learn about savings for higher education,” mentioned Ana Agud, supervisor of labor/life applications at Virginia Tech. “Our employees know this is an important topic and truly appreciate that we schedule education sessions for them.”

For organizations concerned with including an education financial savings program to their worker advantages bundle, listed below are a couple of easy steps to think about:

Set your group’s objectives

Document the objectives you are attempting to attain alongside with the measurable methods you possibly can gauge effectiveness. Is the first purpose financial savings consciousness? Helping scale back worker stress?

“We want employers to understand why education savings is important. We want to make sure they are picturing the long-term results for their employees,” mentioned Jackie Ferrado, neighborhood relations supervisor at WA529.

“This is a benefit for the future, not in the moment – and it’s a continuous work in progress. We work closely with human resources organizations to connect with HR teams. We try to present the program as a package that will help families understand 529s – from new parents to grandparents – whatever season their family is in.”

Connect with the 529 program employer contact

Some 529 applications have devoted contacts who can function a useful resource for the employer. For Tami Foster, employer program director at FacultyInvest in Colorado, managing relationships with her HR contacts is vital.

“There is not enough talk about the importance of 529s. We have 900+ employers that we work with across the state. Everyone is stressed about saving for education, and we break down the information into bite-size pieces.”

In Colorado, for each greenback an employer contributes to an worker’s FacultyInvest529 account, the employer receives a 20 % tax credit score, as much as a most of $500 per worker per 12 months. An employer might give as much as $2,500 per worker and obtain a $500 tax credit score for every individual.

“We offer two options: providing education to employers to share with employees on where to start with education savings, or the next level, how employers can contribute to employee 529 accounts – either route can help improve employee well-being,” Foster mentioned.

Spread the phrase

Make it identified to present and potential employees that your group cares about particular person financial wellness by providing a 529 session, together with particulars in your inner communication, or updating your advantages bundle. For Shontelle Rivers, who manages work life/wellness applications at TSA, this has been crucial:

“Virginia529 college savings webinars and presentations have been exceptional. The information provided to us has inspired and empowered our workforce to save for continued education, no matter the paygrade. There’s a proposed savings plan for everyone on every level, no matter where you are in continuing your education and career planning.”

Plan for the longer term

How do you envision your group’s education financial savings efforts evolving sooner or later? Be artistic and repetitive and discover other ways to share the knowledge with employees at completely different levels of their lives.

“We use brochures for our new hires and all expectant mothers get a savings brochure. During the pandemic, we have adopted and hosted webinars for all employees,” mentioned Rita Jensen-Jaouhari, director of advantages & HRIS and assistant director of human assets at Virginia Hospital Center.

“Our contact at Virginia529 provides customized support for our program. We have promotional materials to post on our employee portal for all employees to access and we schedule a blend of communications, on-site education sessions, benefits fairs and webinars.”

When employers step as much as assist education financial savings, it helps the group, the worker, and the neighborhood by lessening the burden of debt and empowering people to attain their financial objectives.

Merrill Milani joined Virginia529 in 2019 as a Relationship Marketing Strategist. In this position, she is chargeable for constructing partnerships with employers, who wish to educate their employees about saving for increased education and provide Virginia529 as a financial wellness profit. Milani has her B.A. in Psychology from the University of California, Irvine, and her M.B.A. with a Marketing focus from San Francisco State University.

augusta free press news