Employees are in Need of a Financial Boost – and Employers can Help

With threats of recession, heightening inflation and higher mortgage rates to boot, employees are facing a multitude of financial stressors. Employers are being called to alleviate these problems with more than providing a fair wage. These days, employees need help accomplishing their financial goals.

Providing employees with salary negotiation training is a great skill to offer workers, empowering staff members to take it upon themselves to negotiate what they are worth. Another important trend to take note of is homeowner assistance benefits. Employees are currently facing a competitive and challenging housing market, and for Gen Zers especially, being able to afford a home is of critical importance.

Offering benefits options such as automatic savings programs and student loan repayment allow for employees to put discretionary income in savings. Workplace savings plans like a 529, an option that allows workers to save for their child’s college fund, as well as ABLE plans, programs that offer support to people with disabilities, provide a multitude of benefits as well as incentives to save long-term, which can all ease employees’ minds when it comes to their financial futures.

These days, individuals and families alike are constantly having to choose between savings for short-term expenses and establishing financial security for the future. Tax-advantaged programs for investment like ABLE and 529 are great options to help financials. Prioritizing a child’s college fund vs. planning for retirement and emergency savings can be hard to manage, but offering financial savings options is the first step in giving employees’ peace of mind.

For more information contact Eric Allen Kauk, Esq., LL.M. at (813)-203-0208 for guidance.