Financial education

So, where does the Secure Act 2.0 come up short? What the Act doesn’t achieve is making sure that Americans end up saving enough to allow them to enjoy a reasonable standard of living in retirement! The bill doesn’t tackle why folks don’t save enough.

In 2023, a recent survey showed that 78% of all employees are concerned that they will not be able to retire on time. Economic uncertainty has investors lost in the woods. OneAmerica’s recent survey found that consumers place the highest importance on saving enough money for retirement at 86%. Elimination of debt came in second at 74% followed by having liquidity for emergencies at 68%.

As an employer, that tells you volumes. But here’s the problem. More than likely your employees were never schooled concerning financial matters and savings. One quick enrollment meeting isn’t going to solve what they have missed their entire lives.

See, they were not taught in grammar school how to save money. Nor were they taught in high school about investing. They didn’t learn in college the importance of putting away money for the future or how compound interest works.