Employer Retirement Education Plays Key Role in Long-Term Financial Success

Ramsey Solutions finds employee access to retirement education increases
savings and confidence

NASHVILLE, Tenn.–(BUSINESS WIRE)–#chrishogan–A new study by Ramsey Solutions, a leading company in financial
education, finds that employees with access to financial and retirement
education have less stress, more savings and more confidence than those
without access. Results show 40 percent of workers say their employers
do not provide any type of retirement or financial education and seven
out of 10 workers with zero retirement savings do not have access to
retirement education from their employers.

This report is the second in a four-part series evaluating the state of
retirement in America as revealed by a survey consisting of more than
1,000 U.S. adults. This installment focuses on where and how Americans
learn about retirement and how that impacts their retirement savings and
financial success.

The most common sources American workers rely on for retirement
education are their employers (35 percent) and their parents (35
percent), followed by family/friends (32 percent). Workers who listed
their employers as a first or second source have more money saved than
those who listed parents or family members as a top source. In addition,
those with access to retirement education through their employers are
more likely to experience positive emotions like excitement (49 percent)
and optimism (40 percent), while those with no educational resources at
work report higher levels of anxiety (47 percent) and fear (40 percent).

“Many employers don’t realize the benefit of offering financial wellness
and retirement education,” says Chris Hogan, financial expert, #1
national best-selling author, and spokesperson for Ramsey Solutions.
“Educating employees on how to take control of their money and increase
their retirement savings not only puts employees in a better financial
position, but it also helps them reduce money-related stress so they can
be more effective at work.”

Additional key survey findings include:

• Nearly half (47 percent) of those who have saved $250,000–999,999
  say their employers are a source of retirement education—second only
  to financial advisors. The same percentage of Americans with zero
  retirement savings list family/friends as their main source of
  retirement education.
• Nine in 10 Millennials and Gen Xers and eight in 10 Baby Boomers
  say they would be comfortable talking with their employers about
  retirement planning. Similar numbers of upper- and middle-income
  workers also say they would talk about retirement planning with their
  employers. More than 75 percent of lower-income workers are open to
  speaking with their employers about retirement.
• Half of Baby Boomers say their employers do not offer any
  educational resources on retirement, compared to 39 percent of
  Generation Xers and 33 percent of Millennials. Nearly two-thirds (64
  percent) of lower-income workers say the same of their employers,
  along with 43 percent of middle-income workers and 29 percent of
  upper-income workers.

Additional survey findings for this installment can be found at www.daveramsey.com/research/retirement-education.
Part three of the study will focus on stress and anxiety surrounding
retirement and will release August 2016.

About the Survey
Retirement in America is a research study
conducted with 1,016 U.S. adults to gain an understanding on attitudes,
behaviors and perceptions around the topic of retirement. The nationally
representative sample was polled between February 26, 2016, and March 1,
2016, using a third-party research panel.

About Ramsey Solutions
Ramsey Solutions is committed to
helping people take control of their money, build wealth, grow their
leadership skills, and enhance their lives through personal development.
Through a variety of mediums, including live events, corporate financial
wellness program, publishing, syndicated columns, and two nationally
syndicated radio shows, Ramsey Solutions uses commonsense education to
empower people to win at life and money. Millions of people across the
country have gone through Financial Peace University, and Ramsey
Solutions’ world-class speakers have brought vision, inspiration and
encouragement to over a million more.

About Chris Hogan
A popular and dynamic speaker on the
topics of personal finance, retirement and leadership, Chris Hogan helps
people across the country develop successful strategies to manage their
money in both their personal lives and businesses. His new book, Retire
Inspired: It’s Not an Age, It’s a Financial Number, released in
January 2016 and is a #1 national best seller. For more than a decade,
Chris has served at Ramsey Solutions as a trusted financial coach and
Ramsey Personality. You can follow Chris on Twitter at @ChrisHogan360
and online at chrishogan360.com.

Contacts

Ramsey Solutions
Meg Grunke, 615-663-8660
Meg.Grunke@daveramsey.com