Friday, May 25, 2018

Companies Response to Pay Hardships

The latest study, released by PwC on Tuesday, found that a quarter of U.S. workers said financial worries caused them health problems. Forty percent said finances distracted them at work and 15 percent said these problems made them miss work.

“They are starting to see that a 401(k) is not enough. Employees say: I have present-day needs I have to take care of before I can take care of retirement,” said Chris Whitlow, chief executive officer of Edukate, a workplace financial provider.

A study released in May by Fidelity Investments and the National Business Group on Health found that 90 percent of the 162 companies they follow now include financial advice programs, such as debt management and budgeting. About three-quarters offer some form of stress management training. Many companies are even providing discounted services for everything from car-buying to pet insurance or access to mortgage brokers or tax preparation services.

Walmart allows employees to get a pay advance, so they did not have to use expensive payday loans.

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