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Employees Seek Help with Financial Procrastination


Francis Investment Counsel releases results of 2016 plan participant survey


BROOKFIELD, Wis. – July 5, 2017 – Living in the moment can be fun, but it is not the best strategy when it comes to managing money. Whether it is missing out on investment returns or making late payments, financial procrastination can prove to be costly.


Francis Investment Counsel's 2016 retirement plan participant survey sought to explore why employees put off making decisions with their money. The survey polled approximately 3,000 employees from various industries across the country.


According to the findings, nearly 20% of employees put off making planning decisions for their financial futures all the time, reporting instead, 'I really only think about today.'


The reasons for financial procrastination range the gamete, with 28% of employees feeling like other things going on right now are more important. Another 18% explained they are afraid of making the wrong decisions with their money.


Understanding employees' financial procrastination is increasingly important for employers. With growing recognition of the costs associated with employee financial stress, many employers are finding ways to bring financial education into the workplace through their corporate retirement plans and financial wellness initiatives.


Such efforts may fall flat, however, if employers do not understand how to best reach employees and overcome their tendencies to procrastinate.


"Employees receive a lot of information," said Kelli Send, Senior Vice President of Participant Services at Francis Investment Counsel. "Smart financial education means keeping employees' options simple."


As with retirement plan design, the more automation the better. A third of employees surveyed cited 'Making my financial decisions/activities more automatic' would help them procrastinate less. Employees also desire human interaction in their financial planning, with another 32% explaining that meeting with their advisor would help them plan for their financial futures.


“Even with all the right tools, money is personal.  People need someone at their side to advise and coach them each step of the way,” Send explained.


Francis Investment Counsel meets with tens of thousands of American workers annually. Responses to the survey were gathered throughout 2016 from employers who are clients of the firm.

More About Francis Investment Counsel

Francis Investment Counsel LLC is a fee-only Registered Investment Advisor that focuses on providing independent investment consulting and employee education services to the qualified plan marketplace. As an ERISA fiduciary, the firm delivers conflict-free investment advisory services to plan sponsors and also offers extensive education and personal financial advice to plan participants. To learn more, visit www.francisinvco.com.