Are Your Employees Leaning Into Their Finances?

Take the first step today toward helping them plan for the future they deserve.

There are two parallel forces reshaping the consumer market: technology and women’s rising economic power.*  Yet, when it comes to talking about money, many of us would rather talk about death?  Say, what? Why the taboo? The sooner your employees lean into their finances the better. Here are 10 questions to help them get started.

1. DO THEY HAVE A SUPPORT NETWORK TO HELP THEM PLAN FOR THEIR FUTURE?

Having a network of family, friends, colleagues and professionals they can rely on and learn from can be valuable.

 2. DO THEY KNOW THEIR WORTH?

Encourage them to have financial information together in one place to get a holistic picture of where they stand when it comes to their:

• Retirement accounts
• Debt
• Spending
• Savings and investments
• Insurance

3. ARE THEIR FINANCIAL GOALS AND LIFESTYLE IN SYNC?

Once they know where they are financially, they can start to envision what they need for tomorrow.

• What do they want theirfuture to look like?
• Calculate net worth—figure out current cash flow to see if they can support their vision for the future. If not, start planning now to fill the gap.

4. ARE THEY HONEST ABOUT THEIR RELATIONSHIP WITH MONEY?

Are they a saver, or do they get a thrill from a new purchase? Do they seek predictability and plan for the future, or do they live for today? It is crucial to be honest about money habits when working toward goals.

5. DO THEY KNOW THEIR RISK TOLERANCE?

It’s important to know how much risk they are willing to take to meet their goals. Keep in mind, risk tolerance can change over time. Use this calculator to help them understand theirrisk tolerance.

6. HAVE THEY PLANNED FOR THE UNEXPECTED?

Life can change overnight, have they protected their assets and their families for the unexpected? Encourage them to review all options to learn what may be right for them.

7. WHAT FINANCIAL BEHAVIORS ARE THEY MODELING?

Do they have children or young people who look up to them? What are they teaching them about money and what do they want to teach them?

8. ARE THEY GETTING THE RESPECT THEY DESERVE?

Their time is valuable, if they decide to work with a financial professional, make sure they work with someone who listens to them, focuses on their goals and respects their time.

9. WHAT AND WHO ARE THEY PROTECTING?

When planning for financial needs, it is important to identify exactly what is being protected. Is it lifestyle? Income? Family or business? Knowing this can help them focus their financial plan.

10. WHAT ARE THEY AFRAID OF?

Ask this question. Having a realistic step-by-step plan can help them conquer their financial fears over time.

Everyone has their own definition of success. No matter how they define it, having a good handle on their finances can help them own their journey.

 

Materials are available on the Plan Sponsor Resource Center that you can share to help your employees build, grow and protect their retirement savings to be FIT… Financially Independent for Tomorrow.

Click on the image below to view materials.

Financial Fitness for Tomorrow

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Contact a National Life Group Relationship Manager and we’ll hook you up!

Plan Sponsor Resource Center

 

*How Women’s Economic Power Is Reshaping The Consumer Market https://www.forbes.com/sites/bridgetbrennan/2020/02/10/how-womens-economic-power-is-reshaping-the-consumer-market/?sh=1e3e7527eb4a

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