According to a recent survey, young employees are seeking more financial education and assistance from their employers, than what is actually being provided. It seems that a large percentage of younger employees, are not at all customary with the benefits of the plans that their employers are offering.
Over half of the adolescents surveyed would like to have more guidance regarding the benefits and workings of the retirement plan that their employer offers, however unfortunately only 30% of employers offer assistance.
According to this survey adolescent employees would also like to have more guidance in matters that relate to debt management and purchasing a home; advice regarding budgeting and advice on where it is best to save for retirement and also assistance as regards savings for a child’s future education.
This survey has also concluded that only half of adolescents are totally financially independent from their parents, and the others are either unemployed or else have decided to live with their parents in order to save money, since living on your own is quite expensive.
When it comes to financial education re budgeting etc, more than half of the adolescents surveyed accredit their parents for their knowledge and also for financial advice. Many also admit that they do not feel competent enough to deal with important financial decisions on their own.
The results of this survey also identify a worrying trend regarding the payment of credit card bills, since only 33% of surveyed individuals completely pay their credit card balance at end of month.
Most adolescents request to have a better background knowledge regarding finances, than what is offered by their parents. They demand more education; even through the scholastic system, that enables them to acquire enough knowledge in such a way, that they will feel confident in the financial decisions they take. The majority of adolescents would also like to see incentives, which will encourage their employers to provide employees with the financial education they need.
Reference: http://www.planadviser.com/research/article.php/4025
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