Are your young employees in a. Is it affecting your BOTTOM LINE?
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Transcript of Are your young employees in a. Is it affecting your BOTTOM LINE?
![Page 1: Are your young employees in a. Is it affecting your BOTTOM LINE?](https://reader035.fdocuments.in/reader035/viewer/2022062407/56649d025503460f949d5b6f/html5/thumbnails/1.jpg)
Are your young employees Are your young employees in a in a
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Is it affecting yourIs it affecting your
BOTTOM BOTTOM LINE?LINE?
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Young consumers Young consumers are using more are using more credit…credit…
• Consumer debt is rising fastest among 18-24 year olds.
• The average credit card indebted household in the 18-24 age group spends nearly 30% of its income on debt repayment—double the amount from 1992.
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And the And the results are:results are:
• Up to 70% of U.S. families live paycheck to paycheck
• One quarter of U.S. households have net assets under $10,000
• Thirty-one percent of wealth-poor households spend more than their income.
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Why should Why should you be you be concerned?concerned?
• 10% of employees bring financial issues to work to the extent that it affects their productivity. (Brown, 1999)
• Of employees with financial difficulties, 1/3 to 1/2 spend approximately 20 hours a month dealing with money matters at work. (McKinley 2003)
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When When employees employees bring their bring their financial financial problems to problems to the workplace, the workplace, the result is…the result is…
• Lower Productivity (Kim & Garman, 2003)
• Absenteeism (Grimsley, 1997)
• Tardiness (Grimsley, 1997)
• Customer loss (Grimsley, 1997)
• Loss of revenue (Grimsley, 1997)
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And more…And more…• Accidents and risk-taking
(Grimsley, 1997)
• Health care costs, disability and workmen’s comp claims and higher insurance premiums (Grimsley, 1997)
• Employee theft (Grimsley, 1997)
• Time on the job dealing with financial issues (Grimsley, 1997)
• Garnishments (Grimsley, 1997)
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What can you do?
There’s There’s help!help!
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Provide Money Crunch as a Provide Money Crunch as a free benefit to your young free benefit to your young employees…employees…
At little or no cost to you!
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Money Money Crunch Crunch can can help help youryourbusinessbusiness
• Avoid the costs associated with your employees’ poor money management
– Reduce Absenteeism • Fewer days off to ‘find money’ to
cover expenses• Fewer employees who can’t
afford quality childcare
– Lower Stress and reduce associated medical costs
– Increase concentration and focus while at work to improve productivity
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Money Money Crunch Crunch can also…can also…
• Teach young employees the principles of better money management
• Increase participation in employer-sponsored retirement and investment plans
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How might How might Money Money Crunch Crunch affect my affect my bottom bottom line?line?
• The potential first year return on investment in financial education is more than $400 per employee. (McKinley 2003)
• The potential long term return on investment is at least 300%. (McKinley 2003)
• When employees are satisfied with their compensation including benefits, they are more likely to stay with their employers. (Grimsley, 1997)
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What’s included?What’s included?• Getting motivated
• Finding money to save and invest
• Setting financial goals
• Understanding and selecting the best investment options
• Identifying appropriate help for financial management
• Avoiding investment fraud
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