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Where Do you Go for Financial Advice?
Kristi Mitchem, head of global defined contribution at SSgA, suggested that employers offer classes during convenient times such as breaks and lunch to increase attendance. Even offering promotional products with your company’s logo to participants can encourage employees to check out an event. Participants’ preferences for financial education may vary, and could extend beyond traditional classroom settings. For example, Madrian said,“[S]ome people who are antisocial, they might prefer the Internet.”Regardless of how employees gain financial knowledge, nobody is expecting participants to become the next George Soros or Warren Buffett. “We’re not all trained to be investment experts,” Mitchem acknowledged. Madrian agreed, saying that participants can turn to those who specialize in investments, just as they turn to other professionals to solve problems in other aspects of their lives. “I don’t have to know how to fix a car. I take it into the auto body shop,” she said.
Kristi Mitchem, head of global defined contribution at SSgA, suggested that employers offer classes during convenient times such as breaks and lunch to increase attendance. Even offering promotional products with your company’s logo to participants can encourage employees to check out an event.
Participants’ preferences for financial education may vary, and could extend beyond traditional classroom settings. For example, Madrian said,“[S]ome people who are antisocial, they might prefer the Internet.”Regardless of how employees gain financial knowledge, nobody is expecting participants to become the next George Soros or Warren Buffett. “We’re not all trained to be investment experts,” Mitchem acknowledged.
Madrian agreed, saying that participants can turn to those who specialize in investments, just as they turn to other professionals to solve problems in other aspects of their lives. “I don’t have to know how to fix a car. I take it into the auto body shop,” she said.
Jay Polanskyeditors@plansponsor.com