We tackle the hidden cost of ignoring employees' financial health, from the shift away from pensions to the rising pressure on individuals to manage their 401(k)s. We break down the evolving employer-employee relationship, the role of financial literacy, and why employers should care about their team’s financial well-being.
In this episode we look at employees' financial health, pensions, 401(k) plans, financial literacy, employee engagement, employer-employee relationship, and the rising costs of healthcare, education, and housing. Together, these insights illuminate the future of work and the need for data-driven financial decision-making.
Key Takeaways:
- The shift from pensions to 401(k) plans has drastically reduced financial certainty for employees.
- Employers that care about employees' financial health boost engagement and retention.
- Financial literacy is essential for employees to manage rising costs in healthcare, education, and housing.
- Employee engagement strategies should include support for financial goal-setting and literacy.
- Upbringing and cultural influences shape how individuals approach financial habits and spending.
- The uncertain future of social security underscores the importance of personal financial planning.
Chapters
00:00 Introduction and Technical Difficulties
01:35 Introducing the Guest and Topic
03:05 The Impact of the Shift from Pensions to 401(k) Plans
07:33 The Changing Relationship Between Employers and Employees
10:23 The Importance of Employee Engagement and Financial Goals
13:43 Addressing Employees' Financial Health
15:24 Case Study: Southwest Airlines' Approach
19:38 Living Within Means and Financial Literacy
21:21 The Influence of Upbringing and Popular Culture on Financial Habits
21:28 The Desire for Instant Gratification
22:11 The Impact of Rising Costs
23:30 Data-Driven Decision-Making
24:05 Setting Financial Goals
29:06 The Belief in Windfalls
30:49 The Uncertainty of Social Security
36:40 Finding Reward Differently
39:25 The Addiction to Saving
41:15 The Need for Informed Decisions
Connect with Pete Dunn here: https://www.linkedin.com/in/petetheplanner
Visit YourMoneyLine.com
William Tincup LinkedIn: https://www.linkedin.com/in/tincup/
Ryan Leary LinkedIn: https://www.linkedin.com/in/ryanleary/
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