Over a third of HR professionals report that their organization offers financial education to its employees, but many aren't sure how effective their offerings have been, according to a recent poll on HR.BLR.com and Compensation.BLR.com.
When asked "Do you offer financial planning education to your employees?," 37 percent responded "Yes." Of that 37 percent, 17 percent responded that offering financial education "has been beneficial" while 20 percent responded "I'm not sure that it's made a difference.
Of the 63 percent who reported that they don't offer financial planning, 48 percent responded that they "have no plans to do so" while 16 percent indicated that they were "considering it."
A recent survey by CareerBuilder.com indicates that employees could benefit from better financial planning: it found that 47 percent of workers say they "always or usually live paycheck to paycheck just to make ends meet," up from 43 percent in 2007. Meanwhile, one-third of workers said that they did not participate in a 401(k) or other retirement plan.
"Nearly two-thirds of workers say they have a set budget each pay period, although 19 percent admit to typically going over it," Rosemary Haefner, vice president of human resources for CareerBuilder.com, said in a press release "Just like in business, going over a budget can have negative consequences on the bottom line. Workers who are facing challenges in this area may want to reevaluate where their funds are being allocated, so they can identify opportunities to reprioritize, recoup savings and lighten their financial burden."
The HR.BLR.com/Compensation.BLR.com poll included 242 respondents.