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What's Your
"Personal Financial Wellness"
Score?
The Personal Financial Wellness Scale™
is an
8-item survey questionnaire scientifically validated as a measure of one's perceived financial well-being/distress.
For more information
go to
and click on
PFW Scale™
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Do you need help locating a financial education provider for your organization?
Go to PFEEF.org
and click on
Quality Providers
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Increase Your Company's Productivity through
Financial Education
Employers can now estimate the value of providing financial education to their employees through our
Return On Investment Calculator
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Mark your calendars:
Health Benefits Conference & Expo
January 29-30, 2013
Clearwater Beach, FL
WorldatWork
Total Rewards Conference
April 29 - May 1, 2013
Philadelphia, PA
Employee Benefit News Conference
September 2013
New Orleans, LA
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Personal Finance Employee Education Foundation
1940 Duke Street
suite #200
Alexandria, Virginia 22314
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Opt-in/Opt-out
PFEEF does not send
nor condone the sending
of unsolicited
commercial email.
Subscribers are added to our e-newsletter on an
opt-in permission basis & may unsubscribe through links in every mailing.
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H A P P Y H O L I D A Y S
from all of us at
Personal Finance Employee Education Foundation
We wish you peace, happiness, and financial wellness
this holiday season and in the coming new year!
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PFEEF to Update National Norms for PFW Scale™
PFEEF is commited to promoting and facilitating financial wellness in the workplace and has therefore undertaken new research to corroborate the scientific validity of the Personal Financial Wellness Scale™ and update the national norms used for the PFW Scale™ scores. This new research is an example of PFEEF's commitment to offering quality tools and resources for the advancement of financial wellness in the workplace. The PFW Scale™ is a tool promoted by PFEEF to measure perceived financial well-being/distress. It was developed by a team of national scholars over a period of several years culminating in its scientific validation in 2006. The PFW Scale™ is a simple yet reliable instrument that PFEEF offers to employers, financial education providers, and researchers to gauge financial wellness and its impact on worker productivity. Addressing employee financial wellness has shown results that include improvement in workplace productivity, employee morale, and company loyalty while reducing absenteeism, turnover, and workplace distractions. To contact PFEEF about using the PFW Scale™ and to learn about the other resources offered by PFEEF, including new Customized Services, please go to PFEEF.org. |
Workplace Benefits Integral to Performance
The 2012 Bank of America Merrill Lynch Workplace Benefits Report suggests that financial benefit plans are integral to company performance and vital to employees' financial wellness. Highlights of the findings: (1) "financial benefits key to employers' talent management strategies, (2) employer concern for employees' long-term financial security drives benefit decisions, (3) rising health care costs are on the radar for both employers and employees, (4) demand for personalized financial advice in the workplace is on the rise, and (5) lack of communication limits employee awareness and satisfaction."
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Retirement Saving Reforms Proposed
AARP's Public Policy Institute has issued a report that proposes retirement saving reforms designed to help boost savings among low-income and middle-income households. The reforms are grouped under the following five themes: "(1) making saving easier, (2) making saving more rewarding, (3) strengthening the market infrastructure for saving, (4) providing private information to savers, and (5) improving public education for saving."
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Make a Comfortable Retirement a Reality
An overwhelming percentage of investors aged 21 to 50 years old report that saving for retirement is their top financial goal according to a recent survey from T. Rowe Price. However, most of the investors surveyed were not saving enough to realistically insure a comfortable retirement. "Retirement savings must come first for younger investors" says Christine Fahlund, a senior financial planner at T. Rowe Price Investment Services. According to Fahlund, "younger investors in particular have an important ally on their side - time. However fresh the crisis might linger in their minds, they would be well served to remember that because they are investing for decades, they should actually be taking advantage of down markets by increasing their equity exposure while stock prices appear attractive." T. Rowe Price recommends investors save at least 15% of annual income.
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New Data on Retirement Plans 2007-2012
The Transamerica Center for Retirement Studies has published the findings from its 13th Annual Retirement Survey which evaluated "how American workers and company-sponsored retirement plans have fared during these past five difficult years." The findings include some good news and some bad news according to Catherine Collinson, president of Transamerica Center for Retirement Studies. "Although financial market performance cannot be controlled, by coming together to give more workers access to retirement plans, investment fund choices, education, and distribution options, employers, policymakers and the retirement services industry can mitigate adverse impacts of economic declines and help workers ultimately achieve retirement readiness" syas Collison. It is recommended that employers "(1) proactively encourage participation in existing retirement plans, (2) add, increase and/or reinstate matching contributions to 401(k) plans, and (3) promote the educational resources offered by the company's retirement plan provider."
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Expectations Lowered for Retirement Lifestyle
The latest BlackRock Investor Watch Survey suggests that "many investors are lowering their expectations for their retirement lifestyle - but even those somewhat diminished plans could be at risk because of key information gaps regarding retirement's realities combined with insufficient focus on planning." Frank Porcelli, head of BlackRock's U.S. Retail Business, says "it's understandable that investors are not paying as much attention to retirement as they ought to, given today's market uncertainty in addition to questions about how much they will need, how long they will live, or where to invest. But investors don't have to lower expectations for life after retirement. One of the most important steps they can take is to fully educate themselves about the facts of retirement and then ensure that their savings and investment strategies are fully aligned with those needs."
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