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A little practical guidance can go a long way, whether you’re trying to make a budget, pay down debt, save more, or simply feel less stressed about money. Through your employer‘s relationship with Everhart Advisors, you have access to financial education and guidance designed to help you build your knowledge and better understand the financial decisions you may face.
Taking advantage of those resources may be worthwhile. A recent study found that employees who participated in financial education provided by their employer were more likely to report several positive financial behaviors and attitudes.
Feeling confident they could achieve a financial goal. Confidence isn’t only about the size of your paycheck. In the study, 87% of workers who took part in workplace financial education said they felt confident they could reach a financial goal, compared with 73% of those who hadn’t. In fact, 82% of workers earning under $100,000 who participated were just as confident as higher income workers who didn’t participate.
Being satisfied with the state of their personal finances. More than half of participants (55%) said they were satisfied with their current financial situation, compared with 36% of nonparticipants. Among those earning less than $100,000, participants came close to matching the satisfaction reported by higher-earning nonparticipants: 45% versus 50%.
Spending less than they earned. This one key habit is foundational to building financial stability. Forty-five percent of workers who participated said they spent less than their household income during the prior year, versus 38% of those who didn’t. The gap was especially noticeable among workers earning less than $100,000: 40% of participants reported spending less than they earned, compared with 33% of those who didn’t participate.
Understanding everyday money concepts better. Questions about savings, inflation, investing, loans, and mortgages can feel complicated. But workers who participated scored higher on questions covering these topics — even after the researchers took differences in income, education, gender, and background into account.
Put Your Everhart Advisors Resources to Work
You do not have to navigate financial questions on your own. Through your employer, you have access to education and support from Everhart Advisors, including:
- Everhart Advisors University (EAU): Attend monthly educational webinars or watch past sessions when it works for you. Topics throughout the year cover areas such as saving and investing, Pre-Tax and Roth contributions, retirement income, estate planning, insurance, Medicare, Social Security, and preparing for retirement. Visit everhartadvisors.com/eauhub to explore upcoming sessions and recordings.
- One-on-one guidance: When Everhart Advisors is onsite at your workplace, you may have the opportunity to meet individually with an education professional to ask questions about your retirement savings, financial goals, or other financial topics.
- Workplace education: Take part in group education sessions during Everhart Advisors onsite visits, with topics focused on your retirement plan and other areas of your financial life.
Everhart Advisors continues to explore additional tools and resources designed to make financial education and guidance easier to access. While financial education cannot guarantee better outcomes or solve every financial challenge, the resources available to you through Everhart Advisors can provide practical information, support healthier financial habits, and give you a clearer starting point for making decisions about your money.
All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful. This material is provided for general and educational purposes only. It is not intended to provide legal, tax, fiduciary, or investment advice. If you are seeking legal, tax, or fiduciary advice, consult an appropriate professional. This information does not create a professional or fiduciary relationship with Great Gray Trust Company, RPAG, or any of its representatives. Advisors are solely responsible for the use, and substance, of this content, and this material may not be distributed to any party aside from the advisor’s client.
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