sQ1=new Array();sQ1[1]=new Array("http://www.personalfinancefoundation.org/","Personal Finance Employee Education Foundation","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Mission: To promote and facilitate financial education in the workplace. The Personal Financial Wellness Scale™, ROI Calculator™, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive. Companies providing financial education show results that include Improvement in workplace productivity, employee morale, and company loyalty while reducing absenteeism, turnover, workplace distractions, and operational risk across the company. Financial education programs have the effect of contributing hundreds of thousands of dollars each year to the company’s bottom line. The ROI generally has a return of 3:1. Click on ROI Model and use the ROI Calculator™ to estimate the benefits for your company. Featured Employer McLeod Health's Financial Wellness Programs Drive Bottom-line Results. More than 450 McLeod Health Employees have been through the financial education initiative at McLeod Health in Florence, South Carolina. The results have been absolutely phenomenal, with over $1,476,000 in debt paid off or new savings generated during the 13 week class! Further, the average financial wellness of class participants has increased over 43% as measured by the Personal Financial Wellness Scale™© assessment tool from the Personal Finance Employee Education Foundation. Before taking this course, participants’ average Financial Wellness score was 4.3 out of a possible 10. After the 13 week class, the scores improved over 2 points to 6.3. “These results are even more remarkable considering the current economic climate at a time when most people in the U.S. are very worried about their personal financial well-being," said Shannon Carr, Assistant Director of Employee Relations at McLeod Health. “It has been incredible seeing employees, family members, and accountability partners get excited about taking control of their money." Here is a quick look at McLeod Health's results since they began the financial education initiative in September, 2008: •      Over 450 participants •      94% "graduation" rate •      About $1.5 million in overall financial improvement •     More than 500 credit cards destroyed Media Says Financial Stress Hurts Productivity Read More... Smart Money: More Employers Provide Financial Education Read More... More Employers Offer Financial Education Read More... Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information PFEEF Newsletter E-mail: Archived Newsletters Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use Keywords: workplace financial education, financial education, basic financial education, financial literacy, financial well-being, financial wellness, financial distress, work time wasted, personal financial wellness, Personal Financial Wellness Scale™, Personal Financial, Well-Being scale, personal financial health, health and personal finances");sQ1[2]=new Array("http://www.personalfinancefoundation.org/media/media.html","Contact Confirmation","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us USA Today says to Employers... Workers' Financial Stress May Hurt Productivity Read more... Houston Chronicle says... Employees’ Money Woes Filter into Workplace Read more... Employee Benefit News says... Employers Raising the Bar on Financial Education Read more... Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[3]=new Array("http://www.personalfinancefoundation.org/More-Employers-Offer-Financial-Education.html","Services","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us More Employers Offer Financial Education The Society for Human Resource Management found that 30% of employers this year provided workers with personalized financial advice, while 24% offered financial advice through a class and 22% provided online expertise. The increase in financial education comes, in part, as employers curtail benefits to save money. "Companies are trying to manage insurance costs, and having a workforce that has a thorough knowledge of their benefits and options help them to do this," said Melora Heavey, a spokeswoman for the American Institute of Certified Public Accountants, click here for the full story: http://www.foxbusiness.com/personal-finance/2011/11/21/companies-encourage-financial-fitness-among-employees/ Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[4]=new Array("http://www.personalfinancefoundation.org/archives/newsletters.html","Archived Newsletters","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Archived Newsletters Content Description Date Exclusive: Labor Dept May Delay 401(k) Fee Disclosure 01/16/12 MetLife Finds Employee Financial Wellness a Growing Global Concern for Employers 12/26/11 DOL Issues Final Rules on 401(k) Investment Advice 11/14/11 Financial Wellness at Work- Dallas EBN Conference 10/14/11 Most Americans in the Dark about their Pensions 09/15/11 HSA Participants Invest More in 401(k) Plans 08/11/11 Survey: Companies Failing to Prepare Workers for Retirement 07/14/11 Workers Cite Meeting Daily Expenses as Bigger Concern than Planning for Retirement Needs 06/15/11 Strength in Numbers: Maximize Benefits ROI by Coordinating EAP, Work-Life Programs 05/16/11 2011 Retirement Confidence Survey (RCS) 04/18/11 One-third of Americans have No Retirement Savings 03/17/11 Financial Literacy Shares Spotlight with Health Wellness 02/15/11 More Education, More Retirement Confidence 01/17/11 AARP Launches New Retirement Calculator 12/15/10 Congratulations to Three of PFEEF's Quality Providers 11/15/10 President Obama Announces More Key Administration Posts 10/18/10 Ten Percent of Big Biz Eye Cutting 401(k) Match 09/16/10 Do Employers Share the Blame for Retirement Unreadiness? 08/16/10 Social Security Makes up 40% of the Nest Egg 07/15/10 Wellness Scope too Narrowly Focused on Health 06/14/10 Half of Americans Save, Half Don't 05/13/10 The 2010 Retirement Confidence Survey (RCS), now in its 20th year 04/20/10 New Overdraft Rules from the Federal Reserve Effective July 1, 2010 03/16/10 SSA Releases Information on the New Financial Literacy Research Consortium 02/16/10 Employers show Deep Anxiety and Conflict about Aging Workforce 01/18/10 PFEEF's ROI Calculator™ Available Online Now - FREE 12/18/09 Impact of Market Activity on 401(k) Account Balances 12/04/09 Nearly Half of Job Changers Cash Out 401(k)s 11/23/09 EAP's Fighting Recession Depression 11/12/09 "Recession Causing Permanent Spending Cuts" 11/02/09 SHRM RESEARCH - Employees' Financial Stresses 10/22/09 Rising Health Insurance Costs: 1999, 2009, and 2019 10/08/09 AFCPE Conference Early-Bird Reservation Deadline Soon 09/25/09 Major Home Markets Predicted to Fall More 09/21/09 Financial Stress Can Make Overweight People Gain Even More Weight 09/09/09 Expert Addresses The Need For Financial Wellness In The Workplace 08/27/09 Employee Financial Problems Cost Employers $4.5 Billion Annually 08/17/09 PFEEF Announces the Projected Return-on-Investment Calculator 08/03/09 USA Today Snapshot - If You Were Given $1,000, What Would You Do? [Surprise! People are Finally Saving] 07/23/09 The Most Important Article You Will Read in 2009 07/02/09 Employees' Money Woes Filter into Workplace 06/25/09 Research: Actions Taken by Employees to Improve Personal Financial Wellness 06/16/09 Well-Diversified Portfolio Earned 6% From 1999-2008 06/11/09 Employers Grade Employees' Financial Literacy Poorly 05/26/09 5 Tips for Avoiding Foreclosure Scams 05/19/09 Financial Education in the Workplace: Motivations, Methods, and Barriers 04/28/09 McLeod Health Cited as PFEEF Exemplary Employer 04/17/09 Senior Finance Executives Overwhelmingly Support Quality Workplace Financial Programs 04/09/09 RESEARCH - 401(k)s Aren't Covering America 03/31/09 RESEARCH - Finances Running Low, Stress Running High 03/19/09 Challenges and Solutions for Health & Productivity Incentives and Disincentives 03/10/09 United Kingdom Pension Act Will Require Employers to Offer Pension 02/02/09 Research Priorties for Financial Literacy and Education 02/19/09 DOL ISSUES FINAL REGS ON INVESTMENT ADVICE 01/27/09 PFEEF Approved as 501(c)3 Nonprofit Public Charity 01/21/09 NYTimes Handy Calculator to Track Your Portfolio's Comeback 01/14/09 SHRM RESEARCH - Employees' Financial Stresses 01/08/09 PFEEF White Paper on "How to Motivate Employees to Change Personal Financial Behaviors" 12/08/08 Workers Cannot Afford to Save for Retirement 11/20/08 Article in "Investment Advisor" Cites Two PFEEF Board Members 10/28/08 Survey: Workers' Family Health Care Deductibles Jump 29% 10/21/08 FINAL REMINDER: Sign up for Tom's Webcast on PFEEF and ROI 10/14/08 Sign up for Tom's Webcast on PFEEF and ROI 10/07/08 "State of the State of the Credit Counseling Industry" 10/06/08 What are the "Most Pressing Financial Issues" Facing Americans Today? 09/15/08 Tom's "Dave Ramsey" TV Interview Available on Website 09/04/08 "Met Life Study of the American Dream" 08/28/08 "The American Dream is Slipping Further from Reach."  08/21/08 "How EAPs Can Combat the Negative Side Effects of Financial Problems" 08/11/08 "Numbers" 08/05/08 Employee Benefits Trends Show Interest in "All-Needs" Financial Planners in the Workplace 07/31/08 HR Magazine Says to Employers: "Ease the Burden of Employees' Debt!" 07/24/08 A Nation in Debt 07/14/08 Stress Over Debt Overtaking Health 06/19/08 Frightening Indicator About Today's Economy 06/09/08 Suggested Marketing Messages to Employers 05/08/08 Name That Disease Contest 04/16/08 Court Says 401(k) Participants Can Sue 03/27/08     Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[5]=new Array("http://www.personalfinancefoundation.org/privacy.html","Privacy","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Privacy Statement 1. 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Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[8]=new Array("http://www.personalfinancefoundation.org/features/Workers-financial-stress-may-hurt-productivity.html","Workers'  financial stress may hurt productivity: By Stephanie Armou","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us USA Today Workers' financial stress may hurt productivity: By Stephanie Armour The financial stress piling up on employees due to an increase in home foreclosures and defaults on credit cards is having an impact on the workplace, potentially draining productivity and increasing emotional stress on the job. Major employee-assistance counselors serving Fortune 500 companies are reporting a surge in calls from employees worried about mortgages and finances. Ceridian, a Minneapolis-based provider of employee counseling services, typically gets several hundred calls a month from employees seeking financial counseling. From June to July, it saw a 50% increase in calls for financial advice. And ComPsych, a Chicago-based employee assistance provider, reports a similar surge in finance-related calls. "Our calls in general for mortgage-related issues are up over three times compared to last year," says Richard Chaifetz, CEO of ComPsych. "(Employees) become preoccupied with financial issues at work. You see absenteeism, lack of performance and turnover as people look for jobs that may pay more." Financial worries can manifest themselves in the workplace as employees moonlight to pick up extra money, or can cause anxiety, depression, absenteeism and productivity problems that affect the bottom line, says Jonathan Hefner, manager of legal and financial counseling services for Ceridian. FIND MORE STORIES IN: July | Compsych | ING Direct | Principal Financial Group "There is a connection between emotions and finances," Hefner says. "Employees are calling about the mortgage crisis and financial squeeze. They're very anxious. We're hearing a lot more concern about foreclosure. It can have a real significant (impact) at work." The number of foreclosure filings reported in July, according to an August report from RealtyTrac, jumped 93% from July of 2006 and rose 9% from June, the latest sign that homeowners are having trouble making payments and finding buyers during the national housing slump. There were 179,599 foreclosure filings reported during July, up from 92,845 during the same period a year earlier. Nearly three out of five employees say they're worse off financially this year, according to an August survey by ComPsych. Just 16% said they are better off, with more savings and less debt. Money woes can take a severe toll on employees. When asked what kept them awake at night, 38% of employees said they are concerned about being able to pay for basic necessities in retirement, according to a survey by The Principal Financial Group. Nearly half are anxious about enjoying the same quality of life they now have. "Financial stress is probably the No. 1 stress that gets people to fail," says Arkadi Kuhlmann, CEO of online bank ING Direct. "People are preoccupied and not being as productive." USA TODAY, September 5, 2007, B1 Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[9]=new Array("http://www.personalfinancefoundation.org/features/Employees-Money-Woes-Filter-into-Workplace.html","Employees’ Money Woes Filter into Workplace: By L.M. SIXEL","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Houston Chronicle Employees’ Money Woes Filter into Workplace: By L.M. SIXEL (lm.sixel@chron.com) As the recession grinds on, more people are finding themselves behind on their bills. Whether it’s credit cards, a mortgage or medical expenses, chances are it’s affecting on-the-job productivity. It’s not just the time it takes to talk to the bill collectors who call. It’s the stress and the worry and the fretting that take their toll. And that costs companies money, according to E. Thomas Garman, president of the Personal Finance Employee Education Foundation in Florida. That’s because financially stressed employees have higher absenteeism rates, require more medical services and tend to have more accidents at work, said Garman, who spoke recently at a conference sponsored by HR Houston. He figures that represents hundreds of dollars per employee per year. About one in four American workers reported serious financial distress in 2005, said Garman, who amalgamated a dozen academic and business studies to reach that number. And today? Garman estimated that closer to 35  percent to 40 percent are financially distressed. Conversely, the sign of a financially stable employee? That’s someone with a credit union membership, said Donald Atherton, president of Integrated Benefits Solutions in Houston. Typically that’s someone who is getting money withdrawn from a paycheck regularly and squirreling it away. “Most financial problems,” he said, “are caused by having no cash cushion.” For those of us who didn’t pick up the art and skill of budgeting from our parents or at school, companies can help fill the gap, Atherton said. And teaching financial management doesn’t have to cost much. Many 401(k) providers, for example, are willing to come out and give presentations on the basics of investing. Stress and expenses The company’s employee assistance program should be equipped to talk about the stress caused by financial problems, he said, while the health care provider should be able to teach better expense management. For example, only 15 percent to 20 percent of employees put aside money in flexible spending accounts because they’re worried about the “use it or lose it” provision. But with planning, some of that worry could be alleviated, he said. “You’re already paying for these resources,” he said, estimating that for every $1 spent in education, employers receive $3 back in benefits. One way is that employers don’t have to pay Social Security and other payroll taxes on the money employees set aside for flexible spending accounts. Reaching out Lori Taylor, supervisor of employee services at Enbridge Energy in Houston, said she has already had the company’s 401(k) provider give presentations on how to prepare for retirement and its employee assistance program has done sessions on budgeting and financial planning. To complement those services, Taylor asked a representative from the local Social Security office to come and talk about how the benefit program works, the advantages and disadvantages of applying for benefits at different ages, Medicare, survivor benefits and disability. “It was an eye-opening experience,” Taylor said, and well-received by employees. Have info, will travel Andrew Hardwick, a public affairs specialist with the Social Security Administration in Houston, said he and his colleagues will go pretty much anywhere — companies, schools, faith-based organizations and fairs — to put on free presentations. The agency is especially eager to talk about electronic filing options as the 78 million baby boomers begin to retire. (Employers can request speakers through the agency’s Web site. Some, like Hardwick, can make presentations in Spanish.) Since then Taylor has put together a four-hour financial planning program that 60 employees attended. Taylor plans to host another session and emphasize to managers who might be hesitant about losing their employees for a half-day how they are likely to benefit by higher productivity. “I have to tell them it’s an investment,” Taylor said. June 11, 2009, Copyright 2009 Houston Chronicle Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[10]=new Array("http://www.personalfinancefoundation.org/employee-benefit-news.html","Employee Benefit News","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Employee Benefit News says... Employers Raising the Bar on Financial Education By Leah Carlson Shepherd Worried that unenlightened employees are harming their financial lives and not making the most of their benefits, some employers are taking bold new strides to educate their workers about retirement planning and personal finance, introducing new programs that they hope will be enough to inform and motivate their workforce. Time will tell how well the new programs work. IBM's initiative Keeping a pledge to help employees transition from traditional pensions to self-directed 401(k)s, IBM recently unveiled a multimillion dollar personal finance education and counseling program for its 127,000 U.S. workers. IBM will invest up to $50 million over the next two years in the financial planning benefit, which is provided by Fidelity Investments and The Ayco Company, a Goldman Sachs firm and provider of financial counseling. Randy MacDonald, IBM's senior vice president of human resources, believes the scope and depth of the new program, called MoneySmart, is unmatched in this country. "This sets a new benchmark for defined contribution plans going forward," he says. MoneySmart kicked off in March with group educational seminars held during working hours and open to spouses and domestic partners. IBM employees now have unlimited access to confidential, one-on-one personal financial planning sessions by phone with specially trained Ayco financial planners and Fidelity financial representatives. Online planning tools and downloadable information also will be available through a firewalled, protected Web portal hosted by Ayco. Interested workers can read up on a broad range of personal finance issues, including investment choices, retirement income, college savings and debt management. Remarkably, employees who call for advice get to speak with the same person each time. "Including that [feature] was no small feat, but we managed to do it," notes MacDonald. "It's one of the differentiators." IBM will absorb the fees associated with MoneySmart for at least the first two years. At the end of the two years, costs will be evaluated again based on business affordability, employee satisfaction and program utilization, company officials state. "We believe this will be the new gold standard for employee retirement and financial planning," says IBM spokesman Clint Roswell. Employers are becoming more aware of the need for financial education and the negative impact financial stress has on the employee and the business, says Brad Barron, CEO at CLC, a legal and financial benefit provider based in Granite Bay, Calif. "There is an absolute shift," he observes. CLC offers financial education classes, paired with one-on-one coaching, through employee assistance programs (EAPs). "We've been doing more and more classes. The number of employers coming on board is exploding," Barron remarks. Revamping enrollment materials Seeking to nudge the one-third of employees who fail to enroll in its 401(k) plan, Wells Fargo Institutional Trust Services recently introduced some redesigned enrollment materials for the employer-sponsored retirement plans it manages. The new materials feature simple, action-oriented messages designed to educate employees and get more of them to save money in 401(k)s. The new enrollment materials incorporate findings from industry research and focus groups held with Wells Fargo clients and employees. The information includes streamlined messages and focuses on a simplified, three-step enrollment process: decide how much to contribute, choose an investment and enroll today. The emphasis on a three-step enrollment process is consistent with the adult learning principles that Wells Fargo often uses in its employee education meetings. One of these principles is that adults learn and remember best when information is grouped in threes. In Wells Fargo's new enrollment materials, the first set of investments is asset allocation options, where an employee can make one simple investment choice. The second set consists of individual mutual funds from which an employee can create their own portfolio. The third option is to have investments done for workers through an advice program. "Choosing investments for their 401(k) plan is often one of the most daunting decisions for employees," says Jennifer Plese, director of participant products and services for Wells Fargo Institutional Trust Services. "By presenting asset allocation options first, it provides a simple solution that many workers want." The redesign of Wells Fargo's enrollment materials is one component of the overall improvements and additions it is making to its enrollment strategies for clients. "We are simplifying all of our tools to be more action-oriented and developing new ways to get people into the plan," says Plese. "Research has shown that when employees are overwhelmed by choice, they will just avoid making a decision. Choosing not to save is not a good choice. We are trying to simplify the process." Best practices In their education programs, employers should emphasize basic personal finance issues, like budgeting and debt management. Don't talk just about retirement, advises Thomas Garman, a Virginia Tech personal finance professor and president of the Personal Finance Employee Education Foundation. In addition, employers should encourage workers to bring their spouses, or other people closely involved with the household finances, to all of the financial education meetings because that will improve their motivation to save, he asserts. "It's not rocket science, but it is hard decisionmaking," Garman says. "Employees are scared. They really need their hand held in a way, where the employer is saying We genuinely care about you.'" - L.C.S. Senior Editor Lynn Gresham contributed to this report. May 2, 2007 Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[11]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/011612.html","Newsletter Archive January16, 2012","","PFEEF Newsletter January 2012 Save the Date - Sept. 9, 2012 "Financial Wellness at Work" with the Employee Benefit News Conference in Phoenix, Arizona In This Issue Employee Financial Wellness a Growing Global Concern for Employers Labor Department May Delay 401(k) Fee Disclosure Younger Americans Focus on Retirement Savings Peer Pressure is Seen as a Possible Tool for Better Financial Habits PFEEF's Mission Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score? Have your employees answer these 8 questions We currently have 236 organizational PFW Scale Users Help your employees with their financial education. You can find an organization to provide these service by going to PFEEF.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity. Opt-in/Opt-out PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200 Alexandria, Virginia 22314 202-679-1384 Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of workplace financial education through our monthly newsletter. We appreciate your interest. Employee Financial Wellness a Growing Global Concern for Employers Dec. 7, 2011 - MetLife's9th Annual Study of Employee Benefits Trends found that 58% of employers state that financial "illness" plays a role in employee absenteeism and 78% said that concerns over financial problems while at work can have a negative impact on employee productivity. And it has been estimated that 15% of workers are experiencing stress from their poor financial behaviors to the extent that it reduces their job productivity. In recognizing that employees need assistance in managing their financial future and understanding the value of employee benefits aimed at building financial wellness, employers are, in increasing numbers, providing employees with the financial education they need, according to a new white paper by MetLife. In coordination with the Boston College Center for Work & Family, MetLife examined how two large multinational firms have taken strategic measures to address the financial wellness of their employees. click here for the full story Exclusive: Labor Dept May Delay 401(k) Fee Disclosure Companies with 401(k) plans and their employees may have to wait a little longer to find out what they are paying for their plans. The Labor Department may push back the April 1 deadline that 401(k) plan providers were given to comply with new rules about fee disclosures, according to several people who had spoken to officials at the department. One reason for the delay is that the release of the final rule, on how providers will be required to disclose their fees to employers, has been delayed for months, and isn't expected to be published until the end of January. The rule will apply to all service providers, including recordkeepers, financial advisers and fund companies that work with 401(k) plans. click here for the full story Survey: Younger Americans Focus on Retirement Savings Younger generations expect to work less when retired Dec 19 (Reuters) - More than a quarter of Baby Boomers are unsure if they will be able to meet their savings goals by the time they are ready to retire, while their children appear to be on sounder footing, according to a TD Ameritrade survey. This year the first of the 'Boomers' -- the post WWII generation born between 1946 and 1964 -- began heading into their golden years at a rate of around 10,000 a day. The survey of 1,509 adults, conducted by Maritz Inc on behalf of TD Ameritrade Holding Corp , found that 27 percent of Boomers were less than confident or not at all confident that they will have saved what they hoped by the time they hit 65. click here for the full story Peer Pressure is Seen as a Possible Tool for Better Financial Habits Lose weight. Run a marathon. (Okay, a half-marathon.) And -- oh, yeah -- sock away a little more in the 401(k) plan. Improving one's financial habits may not top everybody's list of New Year's resolutions, but recent studies suggest that some tactics people use to follow through on their intentions -- especially relying on different types of peer pressure -- can also help them with their money habits. The only problem: They can also backfire. Whether practiced in group-support settings like Alcoholics Anonymous or in a more public forum (thanks, reality TV), peer pressure has long proved effective in getting people to modify their behavior. Now researchers are applying it more often to money issues, and not just in the U.S. In a 2010 study by American and Chilean researchers, a group of entrepreneurs began meeting regularly to set weekly savings targets, discuss their goals and confess their missteps. Over the course of a year, the group averaged a monthly savings of 11 percent of their income -- putting away twice as much money as a control group that didn't have the meetings. "It's the concept of keeping up with the Joneses turned on its head," says Frank Murtha, a psychologist and founder of the behavioral-finance consultancy MarketPsych. click here for the full story PFEEF's Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive.");sQ1[12]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/122611.html","Newsletter Archive December 15, 2011","","PFEEF Newsletter  December 2011 In This Issue More Employers Offer Financial Education MetLife Finds Financial Wellness a Growing Global Concern for Employers Economic Security is out of Reach for Almost Half of Americans PSCA's 2011 401(k) Plan Response to Current Conditions Survey Report is Now Available PFEEF's Mission Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score?    Have your employees answer these 8 questions  We currently have 236 organizational PFW Scale Users Help your employees with their financial education. You can find an organization to provide these service by going to PFEEF.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity. Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200 Alexandria, Virginia 22314 202-679-1384 Save the Date - Sept. 9, 2012 "Financial Wellness at Work" with the Employee Benefit News Conference in Phoenix, Arizona Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of workplace financial education through our monthly newsletter. We appreciate your interest.        More Employers Offer Financial Education  The Society for Human Resource Management found that 30% of employers this year provided workers with personalized financial advice, while 24% offered financial advice through a class and 22% provided online expertise. The increase in financial education comes, in part, as employers curtail benefits to save money.  "Companies are trying to manage insurance costs, and having a workforce that has a thorough knowledge of their benefits and options help them to do this," said Melora Heavey, a spokeswoman for the American Institute of Certified Public Accountants. click here for the full story  MetLife Finds Employee Financial Wellness a Growing Global Concern for Employers  As the effects of the recent financial crisis continue to spread across the globe, financial stress is an issue for both women and men. MetLife's 9th Annual Study of Employee Benefits Trends found that 58% of employers state that financial "illness" plays a role in employee absenteeism and 78% said that concerns over financial problems while at work can have a negative impact on employee productivity. And it has been estimated that 15% of workers are experiencing stress from their poor financial behaviors to the extent that it reduces their job productivity. click here for the full story  Economic Security is out of Reach for Almost Half of Americans A report from Wider Opportunities for Women finds that 45% of Americans do not have basic economic security in their day-to-day lives. The measurement includes ability to pay for household items such as food, transportation and health care, as well as a small amount for emergencies and retirement. The problem is even more acute among single mothers and minorities, who typically have smaller wages than white males. click here for the full story PSCA's 2011 401(k) Plan Response to Current Conditions Survey Report is Now Available  401(k) and Profit Sharing Plan Response to Current Conditions reflects responses from 523 companies that currently sponsor a defined contribution plan. Data in this survey is often categorized by plan size. Plan size is determined by the number of active participants in the company's plan.  Please note that the figures in the survey do not always add up to 100.0 percent due to rounding.  Each section includes graphs that illustrate some of the data. These graphs do not necessarily correlate directly to a data table. A copy of the survey questions can be found on pages 17-18.  Please direct questions or comments to research@psca.org or call 312.419.1863 click here for the full story                           PFEEF's Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive.");sQ1[13]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/111411.html","Newsletter Archive January 8, 2009","","PFEEF Newsletter  November 2011 In This Issue DOL Issues Final Rules on 401(k) Investment Advice Wellness and Financial Success May be "The Money Pill" Retirement Income Study Financial Literacy Program Yields Encouraging Results for Retirement Plan Participants PFEEF's Mission Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score?    Have your employees answer these 8 questions  We currently have 236 organizational PFW Scale Users Help your employees with their financial education. You can find an organization to provide these service by going to PFEEF.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity. Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200 Alexandria, Virginia 22314 859-433-0557 Save the date of Sept. 9, 2012 "Financial Wellness at Work" with the Employee Benefit News Conference in Phoenix, Arizona Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of workplace financial education through our monthly newsletter. We appreciate your interest.        DOL Issues Final Rules on 401(k) Investment Advice The Department of Labor  on Monday issued final rules on investment advice in 401(k) plans, largely in line with its initial definition of advice.  Defined contribution plans may offer advice from a third-party as long as that entity receives level fees regardless of their recommendations, or through a certified computer model. In both cases, the advice must use generally accepted investment theories based on historical risks and performance of different asset classes over defined periods of time. click here for the full story Wellness and Financial Success May be the 'Money Pill' Investors, Plan Sponsors Seek  Call it the holy grail, silver bullet or magic pill, but the universal goal of benefits professionals is finding a way to lower costs while maintaining employee engagement. Ron Leopold, vice president medical director for MetLife, says the magic ingredients in the "money pill" may be investments in helping employees find physical and fiscal success.  "You invest in wellness and you lower morbidity, which translates to lower costs today and tomorrow and you increase productivity," Leopold said Monday at the 24th Annual Benefits Forum & Expo in Dallas. Citing MetLife's 9th annual Employee Benefits Trend Study - which found 50% of medical costs could be changed by employee behavior and lifestyle - Leopold acknowledged that 50% of those costs are hardwired and are the result of uncontrollable factors, but "there's a part that is driven by what people do and don't do."  That 50% in controllable costs is where wellness programs can make a difference, but, Leopold added that an aging workforce combined with delayed retirement create challenges. click here for the full story  Retirement Income Study Shows that as Awareness of Longevity Increases, Retirement Income Knowledge Does Not Recent findings from the 2011 MetLife Retirement Income IQ, a 15-question quiz on retirement issues conducted by the MetLife Mature Market Institute, shows Americans have quite a way to go to learn what they need for a financially secure retirement. Of the 1,213 pre-retirees aged 56 to 65 who took the quiz, the majority answered only five of the 15 questions correctly, leaving a persistent misperception and misunderstanding in a number of core areas, such as life expectancy, inflation, retirement income/savings, long-term care insurance and, to some extent, Social Security. click here for the full story Financial Literacy Program Yields Encouraging Results for Retirement Plan Participants  Employers may find new success in influencing employees to make smarter financial decisions. Last week, a program that reaches employees through an employer-based education program announced the results of Investor Education in Your Workplace, and they were hopeful.  The program, started in 2009 in Wisconsin with 3,476 participants and 2,935 graduates, is delivered by an online platform and provides educational information on retirement and financial literacy. In the spring of 2011, the program saw a 30% decrease in the number of participants who paid late fees on loans or bills in the last three months and 11% had actually taken action by putting aside expenses for three months.  "The field of promoting financial education has been evolving for 20 years and there are a good deal of studies that show you can improve their understanding of money, but there hasn't been results across the broad range that show that as they get smarter you can drive changes in behavior," says Joe Saari, CEO, Precision Information, the parent organization of the program. "There's a model that can reach thousands of employers and help people make positive changes in their behavior." click here for the full story                            PFEEF's Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive.");sQ1[14]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/101411.html","Newsletter Archive October 14, 2011","","PFEEF Newsletter  October 2011 In This Issue Financial Wellness at Work-Dallas Conference Mobile Retirement Savings App Teaches Employees Employers Adding Retirement Plan Features Financial Literacy Program Yields Encouraging Results PFEEF's Mission Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score? Have your employees answer these 8 questions Help your employees with their financial education.You can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity. Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200 Alexandria, Virginia 22314 202-679-1384 Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of workplace financial education through our monthly newsletter. We appreciate your interest.         Financial Wellness at Work- Dallas EBN Conference As reported in the AARP Bulletin, 75% of Americans live from paycheck to paycheck. The result is that 53% of families don't think they will have enough for a comfortable retirement. In addition, about 30% of people are in financial distress according to Personal Finance Employee Education Foundation research. Employees bring these concerns with them when they come to work and it affects their productivity. Therefore, it benefits both employee and the employer when financial education programs are provided through the workplace.  We are pleased to report that the Employee Benefit News co-sponsored a pre-conference on Financial Wellness at Work prior to their 24th Benefits Forum in Dallas in September. Janet Parker, Chief Global Membership Officer with SHRM presented statistics on financial literacy and Annette Grabow, Manager of Retirement Planning with M.A. Mortensen explained how to develop a successful financial education program.  In addition, panelists, Trisha Brambley, President, Retirement Playbook, Inc.; Skip Massengill, CEO, Retirement Education Institute; and Robert West, ERISA Attorney, Haynes Benefits, PC. discussed fiduciary issues related to pension benefits. The conference also had a panel on the relationship between health and finances with Carol Klusek, Head of Retirement and Benefits, Aetna; Gil Manzano, Chief Administrative Officer, ACI Specialty Benefits; and Jeff Rubleski, Director of Sales Strategy, Blue Cross Blue Shield .  Finally, there were panels on best practices for employee engagement (Annette Grabow, Manager of Retirement Planning, M.A. Mortensen Company; Becky MacDicken, Workplace Financial Education Specialist, Pennsylvania Office of Financial Education; and David Mancl, Director of the Office of Financial Literacy, Wisconsin Department of Financial Institutions) and one on how to measure the impact on productivity ( Nancy Lazgin, Director, Global Benefits, Staples, Inc.; Tim O'Neill, Manager, Employee Health & Financial Wellness, Meredith Corporation; and Aimee Prawitz, Ph.D., Director of Research, Personal Financial Employee Education Foundation.)  We especially thank David Albertson, Editorial Director, Employee Benefits Group; Liz Davidson, Founder & CEO, Financial Finesse; Joe Saari, President & CEO, Precision Information; Alice Whinnery, CEO, LFE Institute; and Susan Windham, CEO, The EDSA Group for their time and effort to make this event possible.  The one day conference was well received and we look forward to making this an annual event in conjunction with the Employee Benefit News. Please join us in Phoenix in 2012.  Mobile Retirement Savings App Teaches Employees    With employers increasingly embracing mobile app technology for delivering benefits information, more vendors are getting into the game to serve the growing market. Enter the latest, Left Coast Solutions, which has developed iJoin, an application for smartphones and other mobile devices that helps investors determine how much they need to save for retirement to replace their monthly income. click here for the full story  Employers Adding Retirement Plan Features to Drive Participation and Savings  According to new survey results from Charles Schwab, 401(k) plan sponsors are offering participants more counseling but less cash to help them prepare for retirement.  The retirement plan provider's latest study shows that a growing number of employers provide their employees with value-added 401(k) plan features to boost plan participation and savings - including 81% who offer 401(k) advice to participants, compared to just 42% in 2005. "Employers are realizing that employees need more help. Most folks don't have the time or discipline to prepare for retirement on their own," says Catherine Golladay, vice president of 401(k) participant services at Schwab. click here for the full story   Financial Literacy Program Yields Encouraging Results for Retirement Plan Participants  Employers may find new success in influencing employees to make smarter financial decisions. Last week, a program that reaches employees through an employer-based education program announced the results of Investor Education in Your Workplace, and they were hopeful.  The program, started in 2009 in Wisconsin with 3,476 participants and 2,935 graduates, is delivered by an online platform and provides educational information on retirement and financial literacy.  In the spring of 2011, the program saw a 30% decrease in the number of participants who paid late fees on loans or bills in the last three months and 11% had actually taken action by putting aside expenses for three months. click here for the full story                            PFEEF's Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive.");sQ1[15]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/091511.html","Newsletter Archive September 15, 2011","","PFEEF Newsletter  September 2011  Join us at the Hyatt Regency Reunion in Dallas September 25, 2011 (9 am - 4 pm) for a full day conference focusing on:  Financial Wellness at Work Identifying the bottom-line benefits of greater employee engagement (click here for the full agenda)  For discounted rate for both the pre-conference and the Employee Benefit News conference enter the code PFEEF695  In This Issue Most Americans in the Dark about their Pensions 42% of Workers Living Paycheck to Paycheck Middle-Income Boomers Vastley Underserved Current Conditions have Affluent Investors Worried about Retirement PFEEF's Mission Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score? Have your employees answer these 8 questions Help your employees with their financial education.You can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity. Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200 Alexandria, Virginia 22314 202-679-1384 Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of workplace financial education through our monthly newsletter. We appreciate your interest.        Most Americans in the Dark about their Pensions A Fidelity Investments survey released on July 28 found that a majority of Americans do not understand how their pensions work.  While more than 42 million Americans currently have pensions, 71% of the 500 surveyed by Fidelity did not have detailed knowledge of how their pension plans operate even though more than half reports they are depending on those pensions to help pay for living expenses in retirement. click here for the full story 42% of Workers Living Paycheck to Paycheck  Forty-two percent of workers are living paycheck to paycheck, down slightly from the 43% who were in this financial state in 2010, CareerBuilder found in a survey of 5,200 workers. This 42% level is at pre-recession levels, indicating that while incremental, household finances are improving. Among those earning six figures, only 14% are living paycheck to paycheck, down from 17% in 2010. Twenty percent of all workers have missed payments on bills in the past year, down from 22% in 2010. click here for the full story  Middle-Income Boomers Vastly Underserved  Middle-income Baby Boomers, those earning between $30,000 and $74,000 are vastly underserved in terms of preparing for retirement, according to a new report from the Insured Retirement Institute, "Middle-Income Boomers and Retirement: Tapping the Significant and Underserved Middle-Income Market."  Only 51% have determined how much they will need to save for a comfortable retirement, 48% are not comfortable making investment choices, and only 43% have contacted a financial adviser.  Of those who have not worked with an adviser, 63% think they are doing a good job of preparing for retirement-but that jumps to 90% for those who have worked with an adviser. click here for the full story Current Conditions have Affluent Investors Worried about Retirement  Even before the events surrounding the U.S. debt ceiling deal and downgrade, affluent investors' concerns about how long their retirement assets will last was rising, according to a new Bank of America Merrill Lynch survey conducted in June.  Of the 1,000 individuals with more than $250,000 in investable assets that participated in the semi-annual survey, 66% said they are more concerned about their retirement assets lasting through their life, an increase from 57% in January, while 54% now worry they cannot afford the retirement lifestyle they want, up from 46% in the beginning of the year.  In June, the survey participants cited concern about political and economic events, as 81% said the national debt contributed to fears tied to the longevity of their retirement assets. Ongoing budget battles on Capitol Hill worried 73% of respondents. click here for the full story                           PFEEF's Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive.");sQ1[16]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/081111.html","Newsletter Archive August 11, 2011","","PFEEF Newsletter  August 2011  Join us at the Hyatt Regency Reunion in Dallas September 25, 2011 (9 am - 4 pm) for a full day conference focusing on:  Financial Wellness at Work Identifying the bottom-line benefits of greater employee engagement (click here for the full agenda)  For discounted rate for both the pre-conference and the Employee Benefit News conference enter the code PFEEF695  In This Issue HSA Participants Invest More in 401(k) Plans Majority of Workers Would Not be Saving for Retirement Without a 401(k) Plan Study: Most Americans Expect to Work During Their Retirement American's Don't Feel Financially Prepared for Long-term Care PFEEF's Mission Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score? Have your employees answer these 8 questions Help your employees with their financial education.You can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity. Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200 Alexandria, Virginia 22314 202-679-1384 Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of workplace financial education through our monthly newsletter. We appreciate your interest.        HSA Participants Invest More in 401(k) Plans  For many employees faced with the prospect of having to save for rising healthcare costs and for retirement, it's important to understand that it doesn't necessarily have to be an either/or decision.  That's the finding of Fidelity Investments' latest study which shows that employees who invest in Health Savings Account programs offered by their employer also tend to be bigger savers when it comes to their 401(k) retirement savings programs.  On average, the study found that 401(k) participants who also had an HSA account saved more than twice as much as those 401(k) participants who were not contributing to an HSA account. At the end of 2010 the average 401(k) saver with an HSA plan had a balance of $170,500, compared to an average balance of only $71,500 for those without an HSA account. click here for the full story  Majority of Workers Would Not Be Saving for Retirement Without a 401(k) Plan  July 15, 2011 - Fidelity Investments announced survey results that reveal more than half (55%) of current workplace savings plan participants say they would not be saving for retirement if not for their 401(k) plan. The research, which highlights the savings behaviors of current and former 401(k) participants in a challenging economy, also found nearly one in five respondents (19%) currently enrolled in workplace plans report they have no retirement savings at all outside this key retirement benefit.  Fidelity surveyed 1,000 current and retired workplace plan participants on their attitudes and behaviors toward retirement savings. When asked about top reasons for participating in the plans, 92% of current workplace participants indicated it was important or very important not to lose out on company match dollars, and 90% felt the plans were a good tax-deferred way to save. However, economic conditions still present a challenge for many, with more than half (54%) of working respondents reporting they would contribute more to their 401(k)s if they could. click here for the full story   Study: Most Americans Expect to Work During Their Retirement  Americans are expecting to retire later and work throughout it, according to a study sponsored by SunAmerica Financial Group in collaboration with Age Wave.  In a Harris Interactive telephone survey of more than a 1,000 Americans 55 and older in April, three out of five respondents have remained hopeful about the future, said SunAmerica Financial Group President and Chief Executive Jay Wintrob.  "Americans have proven themselves to be both resilient and resourceful," he said. "They are course-correcting: intending to work longer, save more, spend less, be more disciplined and adjust their lifestyle expectations."  The study found a significant shift in attitudes and actions since 2001, the first Harris study sponsored by SunAmerica. click here for the full story  Americans Don't Feel Financially Prepared for Long-term Care  Many Americans age 50 and older worry about funding their long-term care, don't feel financially prepared, and would strongly prefer to receive long-term care at home rather than in a nursing home. These are the results of a May/June 2011 Sun Life Financial survey of more than 1,000 Americans.  The survey, conducted by Kelton Research, reveals that nearly 60% worry about long-term care costs and don't feel confident that they'll be able to meet those costs: Only 16% feel financially prepared to finance their long-term care. click here for the full story                           PFEEF's Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive.");sQ1[17]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/071411.html","Newsletter Archive July 14, 2011","","PFEEF Newsletter  July 2011  Join us at the Hyatt Regency Reunion in Dallas September 25, 2011 (9 am - 4 pm) for a full day conference focusing on:  Financial Wellness at Work Identifying the bottom-line benefits of greater employee engagement (click here for the full agenda)  For discounted rate for both the pre-conference and the Employee Benefit News conference enter the code PFEEF695  In This Issue Survey:Companies Failing to Prepare Workers for Retirement Retirement Plans Make Comeback with Limits Silver Lining to Recession Advisors Crucial to Retirement Confidence PFEEF's Mission Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score? Have your employees answer these 8 questions Help your employees with their financial education.You can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity. Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200 Alexandria, Virginia 22314 202-679-1384 Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of workplace financial education through our monthly newsletter. We appreciate your interest.        Survey: Companies Failing to Prepare Workers for Retirement  Benefit directors nationwide believe their organizations are not doing enough to help employees make critical decisions at the point of retirement, according to a recent survey.  In the survey of 401 benefit program decision makers by Minneapolis-based Transamerica Retirement Management, nearly half of the survey respondents don't think their company sufficiently prepares employees to successfully manage resources during retirement. And 81% of decision makers said they are concerned their employees don't have the resources to adequately provide for their retirement.   As a result, 47% of the benefit program decision makers believe the lack of resources could increase the number of employees who delay retiring, according to Transamerica. One division of the company focuses on solving the issues found in the survey. click here for the full story  Retirement Plans Make Comeback, With Limits  Many U.S. companies that during the recession cut 401(k) matching contributions-one of the most valuable employee benefits-are beginning to restore them.  But a number of firms are contributing less than before, are linking contributions to profits or are making workers save more on their own before kicking in, say benefits consultants. click here for the full story Silver Lining to Recession: Employers More Concerned about Employees' Financial Well-Being  Employers feel a greater sense of responsibility for the financial future of their employees following the recession, says new research from Bank of America Merrill Lynch.  According to its Workplace Benefits Report, following the recent economic downturn, 59% of employers feel a greater responsibility to help employees meet their financial goals. More than half (53%) feel this responsibility includes providing both financial benefit plans, as well as access to financial education and advice. click here for the full story   Advisors Crucial to Retirement Confidence  At a time when more Americans than ever are petrified they won't have enough set aside for retirement, a new LIMRA survey suggests that peace of mind could be just a phone call away.  The research and consulting firm for the insurance and financial services industry reports this week that while almost two-thirds of all pre-retiree households -- defined as those with members between 55 and 70 years of age -- are not currently working with a financial advisor, more than half (54%) of those who are say they feel they'll be able to afford the retirement lifestyle they desire when the time comes. click here for the full story                           PFEEF's Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive.");sQ1[18]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/061511.html","Newsletter Archive June 15, 2011","","PFEEF Newsletter  June 2011  Join us at the Hyatt Regency Reunion in Dallas September 25, 2011 (9 am - 4 pm) for a full day conference focusing on:  Financial Wellness at Work Identifying the bottom-line benefits of greater employee engagement (click here for the full agenda)  For discounted rate for both the pre-conference and the Employee Benefit News conference enter the code PFEEF695  In This Issue Workers Cite Meeting Daily Expenses as Bigger Concern than Planning for Retirement Needs 30% of Job Switchers Unaware of 401(k) Rollover Options Amercians Worried about Retirement Savings 'Troubling Gap' Emerging in DC PLans PFEEF's Mission Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score? Have your employees answer these 8 questions Help your employees with their financial education.You can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity. Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200 Alexandria, Virginia 22314 202-679-1384 Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of workplace financial education through our monthly newsletter. We appreciate your interest.        Workers Cite Meeting Daily Expenses as Bigger Concern than Planning for Retirement Needs  Retirement planning is an important issue, but according to a PricewaterhouseCoopers study, many workers remain more concerned about making ends meet.  Forty-nine percent of those surveyed said they find it difficult to meet their household expenses on time, up from 43% a year earlier. Also, 24% of employees surveyed report using credit cards to buy monthly necessities because they can't afford them otherwise, representing a nine percentage-point increase from 2010.  The "PwC Financial Wellness Survey" examined the views of 1,610 working adults making at least $30,000 annually. click here for the ful story 30% of Job Switchers Unaware of 401(k) Rollover Options  Many investors are unaware of the options available for their 401(k) account left with a previous employer, Fidelity Investments found. Nearly one-third (30%) who made a job transition are unsure of what to do with their workplace retirement savings.  Seventy-one percent who had left a former employer at least four months prior said they were consciously keeping their money with their former employer's plan, with the No. 1 reason for doing so for 59% of this group being satisfaction with plan features and access to specific investments. Another 27% said they were leaving the money there because they didn't have the time or the interest in taking action.  Further, 57% said they were planning to keep their investments in their old plan for the next 12 months. Only 18% said they were going to move the money to an IRA or their current employer's retirement plan, and 24% were not sure of what they were going to do. click here for the full story  Americans Worried about Retirement Savings  Worries about the future of Social Security and Medicare, as well as the experience of the last market crash in 2008-2009 and the housing slump, have left an increasing number of Americans worried about whether they will have adequate resources to provide for their retirement years, which makes them more open to financial advice.  That's one finding from the latest annual Survey of Worker Attitudes Towards Retirement Savings Needs conducted by the Employee Benefits Research Institute (EBRI). click here for the full story 'Troubling Gap' Emerging in DC Plans: Employees Heavily Dependent, But Plans Not Providing Help Post Retirement  May 20, 2011 - Employees enrolled in employer-sponsored defined contribution (DC) retirement plans consider themselves heavily reliant on their plans for their future financial security - but at the same time, employees are demanding much more help from the plans when it comes to understanding and managing the financial realities of life during retirement.  Those are among the key findings of two nationwide surveys of American workers participating in DC plans and American corporations sponsoring these plans, released by BlackRock Inc.  The surveys of 1,000 employees and 119 executives managing DC plans were conducted online between Feb. 25 and March 31 by Boston Research Group on behalf of BlackRock's U.S. DC business.  click here for the full story                            PFEEF's Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive.");sQ1[19]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/051611.html","Newsletter Archive May 16, 2011","","PFEEF Newsletter  May 2011  Join us at the Hyatt Regency Reunion in Dallas September 25, 2011 (9 am - 4 pm) for a full day conference focusing on:  Financial Wellness at Work Identifying the bottom-line benefits of greater employee engagement (click here for the full agenda)  For discounted rate for both the pre-conference and the Employee Benefit News conference enter the code PFEEF695  In This Issue Strength in Numbers Maximize Benefits ROI Most Baby Boomers Still Dependent on Social Security for Retirement 72% Do Not Think a Secure Retirement is Possible Employees Improving Their Financial Skills PFEEF's Mission Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score? Have your employees answer these 8 questions Help your employees with their financial education.You can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity. Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200 Alexandria, Virginia 22314 202-679-1384 Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of workplace financial education through our monthly newsletter. We appreciate your interest.        Strength in Numbers: Maximize Benefits ROI by Coordinating EAP, Work-Life Programs   Today, it's not uncommon for an employer to offer more than 10 independent employee benefit packages. The problem is that engagement in ancillary benefits tends to be low. Employees may not know how to access them or even that they exist, due to the complexity and inconvenience of having to access each benefit separately.  However, employers slowly are beginning to realize the great return on investment that can be achieved when all of their employee benefits are working together. click here for the full story Most Boomers Still Dependent on Social Security for Retirement  Despite the warnings from financial planners, relatives and the media, nearly two-thirds of baby boomers surveyed said Social Security will be either an "extremely" or "very" important source of income when they retire.  The poll, conducted by the Associated Press and the LifeGoesStrong.com lifestyle website for boomers, found that 44% of Americans between 45 and 65 years of age aren't confident they'll have the resources to live comfortably in retirement. click here for the full story 72% Do Not Think a Secure Retirement is Possible for the Middle Class  Despite the recent improvements in the economy, Americans continue to grow more pessimistic about long-term retirement prospects, according to a Country Financial survey of 3,000 adults.  Seventy-two percent do not think it is possible for a middle-income family to save for a secure retirement, up from 70% who thought this last year and 63% in 2007.  Further, 43% are not confident in their current retirement savings plans, and 43% have decreased the amount they are saving for their golden years. click here for the full story  Employees Improving Their Financial Skills  While retirement confidence levels are low, employees are showing that they're taking steps to financially recover from the 2008 recession and that they understand the importance of planning for the future, according to a new research report from Financial Finesse, a provider of workplace financial education.  Only 15% of employees were confident they were on track to meet their retirement goals in the first quarter of this year, down from 18% in fourth quarter 2010. The latest figure is among the lowest retirement confidence levels Financial Finesse has ever recorded.  Surprisingly, only 34% of employees were confident their investments were allocated appropriately for their time horizon and risk tolerance, even though 77% of employees indicated they understood the basics of stocks, bonds and mutual funds.  Employees are focusing on strategies to reduce debt and build savings. For example, in the first quarter of this year, 72% of employees said they had a handle on cash flow, so they spend less than they earn each month, up from 65% in the fourth quarter of 2010. click here for the full story  PFEEF's  Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive.");sQ1[20]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/041811.html","Newsletter Archive April 18, 2011","","PFEEF Newsletter  April 2011  Join us at the Hyatt Regency Reunion in Dallas September 25, 2011 (9 am - 4 pm) for a full day conference focusing on:  Financial Wellness at Work Identifying the bottom-line benefits of greater employee engagement (click here for the full agenda)  In This Issue 2011 Retirement Confidence Survey MetLife Annual Survey of Employee Benefit Trends SHRM Poll Workers Improve Their Finances in 2010 PFEEF's Mission Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score? Have your employees answer these 8 questions Help your employees with their financial education.You can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity. Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200Alexandria, Virginia 22314 202-679-1384 Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of workplace financial education through our monthly newsletter. We appreciate your interest.         2011 Retirement Confidence Survey (RCS)  Workers' Pessimism About Retirement Deepens, Reflecting "the New Normal"  WASHINGTON-In a sign that Americans are recognizing the realities they face about their chances for a comfortable retirement, the 2011 Retirement Confidence Survey (RCS) finds workers are more pessimistic than at any time in the two decades the RCS has been conducted: More than a quarter (27 percent) of workers now say they are "not at all confident" about retirement, up 5 percentage points from the level measured just one year ago.   click here for the full story MetLife 9th Annual Study of Employee Benefit Trends  A Blueprint for the New Benefits Economy   click on page 38 of the MetLife study SHRM Poll: Employers Continue to Reduce Benefits  Despite a nascent economic recovery, the momentum to reduce employee benefits isn't waning, according to a new poll by the Society for Human Resource Management.  In the last six months, 20% of employers reported that they reduced employee benefits, the highest level since the fall of 2008. The year SHRM started tracking the recession impact on employers. Employers continue to scale back on health care coverage for employees (91%) and spouses and dependents (89%), paid relocation programs (55%) and the amount of leave an employee can accrue (54%). click here for the full story   Workers Improved Their Finances in 2010  Employees as a whole made significant improvements to their finances in 2010, despite a tepid economic recovery and sluggish rebound of job and real estate markets, according to a new study.    The data, by financial education provider Financial Finesse, found that employees made improvements in all areas of finance.  Calls to Financial Finesse's financial helpline about proactive planning issues outnumbered short-term, crisis management calls, with retirement planning calls jumping from 15% in 2009 to 24% in 2010.  In a parallel trend, debt-related calls fell from 21% in 2009 to 16% in 2010, and calls about cash management declined from 17% to 14% over the same time period. click here for the full story    PFEEF's  Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive.");sQ1[21]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/031711.html","Newsletter Archive March 17, 2011","","PFEEF Newsletter  March 2011 Join us in Dallas on September 25, 2011 for a financial education one-day conference in conjunction with the Employee Benefit News Conference which will follow our event.  In This Issue PFEEF Pre-Conference at EBN Conference Financial Literacy shares spotlight Financial Planning Technology Consumers 'Comfortable' with Debt PFEEF's Mission Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score? Have your employees answer these 8 questions Help your employees with their financial education.You can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity. Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200 Alexandria, Virginia 22314 202-679-1384 Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of workplace financial education through our monthly newsletter. We appreciate your interest.        Join us at the Hyatt Regency Reunion in Dallas on September 25, 2011 (9 am - 4 pm) for a full day conference focusing on:  Financial Wellness at Work Identifying the bottom-line benefits of greater employee engagement  (click here for the full agenda) One-third of Americans have No Retirement Savings Just over one-third of Americans - 34% - have no retirement savings, and 27% have no personal savings, according to The Harris Poll.  These figures are slightly higher than 18 months ago, when 30% had no retirement savings and 22% had no personal savings.  Among Baby Boomers - ages 46 to 64 - 25% have no retirement savings; among seniors - age 65 and older - 22% have no retirement savings. click here for the full story  Financial Planning Technology: Counseling Complement or Consumer Crutch?  As companies act to attract and retain good employees, many are choosing to offer financial planning as one of the perks of employment. But in the words of Albert Einstein and Alexander Pope, a little knowledge can be a dangerous thing.  It can lead to adverse consequences for both well-intentioned employers and financial do-it-yourselfers that use financial planning software without a certain amount of knowledge or the inability to see the bigger financial picture. click here for the full story Consumers 'Comfortable' with Debt  M&T Bank recently released the results of a study that found that close to 80% of those who took part in a phone survey have little-to-no debt or are "comfortable" with their debt level.  Out of the 1,000 who were randomly selected for the survey, only 12% reported having "more debt than is comfortable" and only 8% "have too much debt and have trouble paying bills." click here for the full story  PFEEF's  Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive.");sQ1[22]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/021511.html","Newsletter Archive February 15, 2011","","PFEEF Newsletter  February 2011 Join us in Dallas on September 25, 2011 for a financial education one-day conference in conjunction with the Employee Benefit News Conference which will follow our event.  In This Issue PFEEF's Mission Financial Literacy shares spotlight Employees' retirement readiness Treasury Dept announces launch Americans wish they were smarter about money Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score? Have your employees answer these 8 questions Help your employees with their financial education.You can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity. Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200 Alexandria, Virginia 22314 202-679-1384 America Saves Week February 20-28 2011 Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of Employee Personal Finance education through our monthly newsletter.           PFEEF's  Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive. Financial Literacy Shares Spotlight with Health Wellness   Employers are taking action as the personal financial stress of employees spill over into the workplace. Putting financial literacy on a par with education on physical health, employers are using models they already have in place to adopt a more holistic approach to wellness.  The economy may be showing signs of improvement in certain areas, but Mercer's Annual Workplace Survey shows employees are still not confident about their own situations. click here for the full story Employees' Retirement Readiness a Top Priority for Employers   Jan. 7, 2011 - Corporate executives responsible for overseeing the retirement plans offered to their employees identified retirement readiness as one of their top priorities for this past year, according to the "10th Annual 401(k) Benchmarking Survey" conducted by Deloitte, the International Foundation of Employee Benefit Plans (IFEBP) and the International Society of Certified Employee Benefit Specialists (ISCEBS).  Plan sponsors further called out retirement readiness as the issue they needed the most help with from retirement plan service providers. click here for the full story  Treasury Department Announces Launch of 'Beta' Consumer Financial Protection Bureau  The U.S. Department of the Treasury on February 3rd announced the launch of a 'beta' Consumer Financial Protection Bureau (CFPB) website, ConsumerFinance.gov, a critical link to the American public for soliciting ideas on the bureau's creation and priorities and for answering questions on its work. click here for the full story Americans Wish They were Smarter about Money  Ninety-four percent of Americans wish they did a better job of managing their money, and 89% of respondents in other parts of the world shared that sentiment, according to the ING Retirement Institute Research Institute. click here for the full story We appreciate your interest in the Foundation.   Sincerely, Judith Cohart, President Personal Finance Employee Education Foundation Inc");sQ1[23]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/011711.html","Newsletter Archive January 17, 2009","","PFEEF Newsletter  January 2011 Join us in Dallas on September 25, 2011 for a financial education one-day conference in conjunction with the Employee Benefit News Conference which will follow our event.  In This Issue PFEEF's Mission More Education, more Confidence Worried about Future Debt America Saves Week 2011 IRS Issues Withholding Changes Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score? Have your employees answer these 8 questions Help your employees with their financial education.You can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org to use this valuable tool. If you use one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity. Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200Alexandria, Virginia 22314202-679-1384 Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of Employee Personal Finance education through our monthly newsletter.           PFEEF's  Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive. More Education, More Retirement Confidence  The more education a person has is strongly correlated with how confident they are about their retirement and their ability to save and plan for it, according to the 11th Annual Transamerica Retirement Survey. click here for the full story Worried About Future Debt than Current or Past Debt  Americans are significantly more concerned about future expenses than paying off existing debt or paying their current bills, according to a poll conducted in October by InCharge Debt Solutions.  In fact 37% said they worried most about paying for retirement and college, while 25% are concerned about meeting monthly living expenses and 15% are concerned about paying down debt.  click here for the full story America Saves Week 2011  ASEC encourages you to become a part of America Saves Week 2011 (February 20-28, 2011), the growing movement to help all Americans build wealth, not debt.  Millions of Americans were reached with savings advice, encouragement, and opportunities during last year's America Saves Week, the largest coalition and organizational participation to date.  Highlights from America Saves Week 2010 can be found on the 2010 section of the America Saves Week Web page. For example, 400,000 people attended events during the 2010 Week, an increase of 300,000 from the 2009 Week. Additionally, during the 2010 Week, 6.8 million people saw information on the Web (up from 3.4 million in 2009), 40 million people were reached through the media (up from 30 million in 2009), and $110 million was pledged or added to savings accounts (up from $47 million in 2009). click here for the full story  IRS Issues Witholding Details on Payroll Tax Cut  The Internal Revenue Service recently released instructions to help employers implement the 2011 cut in payroll taxes that were included as part of the tax cut legislation passed by Congress, along with new income-tax withholding tables that employers will use during 2011. click here for the full story We appreciate your interest in the Foundation.   Sincerely, Judith Cohart, President Personal Finance Employee Education Foundation Inc");sQ1[24]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/121510.html","Newsletter Archive December 15, 2010","","PFEEF Newsletter  December 2010 Join us in Dallas on September 25, 2011 for a financial education one-day conference in conjunction with the Employee Benefit News Conference which will follow our event.  In This Issue PFEEF's Mission Survey: Women Savier about Retirement Savings AARP Launches New Retirement Calculator Its Time to Focus on What Really Drives 401(k) Success Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score? Have your employees answer these 8 questions Help your employees with their financial education.You can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org to use this valuable tool. If you use one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity. Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200 Alexandria, Virginia 22314 202-679-1384 Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of Employee Personal Finance education through our monthly newsletter.           PFEEF's  Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive. The Principal Financial Well-Being Index  The Principal Financial Well-Being IndexSM is a quarterly study to identify trends in consumer financial well-being, retirement planning, employee benefits, and workplace trends. The study has been occurring since it began in November 2000.  Results of the fourth quarter 2010 Well-Being Index were unveiled by Larry Zimpleman, chairman, president and CEO of The Principal, to national media at a news conference by the Financial Services Roundtable Retirement Security Coalition on December 8 in Washington, D.C. He presented key information about the state of American workers and retirees today, as well as provided insights on what they can do now to further improve their retirement and financial well-being. click here for the full report AARP Launches New Retirement Calculator  For many, the first step to evaluating their financial future begins with a retirement calculation to determine when they can retire and what is needed to do so. Today, AARP launched a new Retirement Calculator that balances usability and accuracy to provide retirement planning resources to all Americans.  "Based on user feedback and a changing retirement landscape, AARP revamped its retirement calculator to enhance usability, but maintain accuracy in its results," said Jean Setzfand, Director of Financial Security at AARP.  The new AARP tool strikes the right balance between giving users the information they want while making it engaging and easy to use. The calculator features pre-populated answers that can be adjusted easily, the ability to develop a retirement plan for a dual-income home and simple navigation. It provides an easy to understand explanation of where an individual is currently at in their retirement planning and the ability to experiment with various retirement scenarios to create a plan that is right for them. Upon completion of the calculator, individuals will be provided links to a number of AARP resources to learn more about Social Security, financial planning and health care in retirement. The new AARP Retirement Calculator does not promote any product or service.  To try out the new AARP Retirement Calculator, visit www.aarp.org/retirementcalculator.  It's Time to Focus on What Really Drives 401(k) Success  The 401(k) industry has become too distracted by issues that do not directly impact what truly matters - driving successful retirement savings behavior and outcomes for American workers.   Today, a 401(k) account is the only or primary source of retirement savings for millions of Americans, and yet only about 60% of workers are currently saving for retirement, according to the Employee Benefit Research Institute's 2010 Retirement Confidence Survey.  According to The Personal Finance Employee Education Foundation in 2009, 30 million workers - one out of every four in the United States - report they are seriously financially distressed and dissatisfied with their personal finances. As a result, the foundation estimates that up to 80% of all financially distressed workers spend 12 to 20 hours per month at work on money issues. click here for full story We appreciate your interest in the Foundation.   Sincerely, Judith Cohart, President Personal Finance Employee Education Foundation Inc");sQ1[25]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/111510.html","Newsletter Archive November 15, 2010","","PFEEF Newsletter  November 2010 Join us in Dallas on September 26, 2011 for a financial education one-day conference in conjunction with the Employee Benefit News Conference which will follow our event.  In This Issue PFEEF's Mission Congratulations to Three of PFEEF's Quality Providers Healthcare, financial fears prompt delayed retirement Survey Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score? Have your employees answer these 8 questions Help your employees with their financial education.You can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org to use this valuable tool. If you use one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity. Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200 Alexandria, Virginia 22314 202-679-1384 Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of Employee Personal Finance education through our monthly newsletter.           PFEEF's  Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive. Congratulations to Three of PFEEF's Quality Providers Financial Wellness has won the National Distance Learning UCEA Distinguished Course Award for Financial Literacy: Money Matters. The course was created in partnership with Brigham Young University/Department of Independent Study. Two of Financial Soundings' clients, Washoe County, NV and Mutnomah County, OR have received Leadership Recognition Awards for 2010 from the National Association of Government Defined Contribution Administrators. Financial Finesse has won two awards for financial education, the Employee Benefit News Benny Award as the provider for M.A. Mortenson's retirement planning and education program and the Profit Sharing 401(k) Council of America Signature Award for overall financial education in the category of financial fitness. In addition, the Los Angeles Business Journal listed Financial Finesse as #5 among the best companies to work for in Los Angeles and Liz Davidson, CEO of the company was nominated for their Woman Making A Difference Award.  Health Care, Financial Fears Prompt Delayed Retirement  Four in 10 workers are planning to delay their retirement, according to a survey of nearly 9,100 employees by consulting firm Towers Watson.  click here for the full story Survey: Employee Benefits Protect the Purse Strings  A new survey offers a snapshot into workers' perception of employee benefits across income levels, finding that both high- and low-wage earners admit benefits are vital to their health and financial security.  click here for the full story We appreciate your interest in the Foundation.   Sincerely, Judith Cohart, President Personal Finance Employee Education Foundation Inc");sQ1[26]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/101810.html","Newsletter Archive October 10, 2010","","PFEEF Newsletter October 2010  Join us in Dallas on September 26, 2011 for a financial education one-day conference in conjunction with the Employee Benefit News Conference which will follow our event.  In This Issue PFEEF's Mission President Obama Announces More Key Administration Posts EBRI: IRA Rollovers Rise Public television stations reaching communities around the country began airing"Trick$ of the Trade: Outsmarting Investment Fraud" Featured Employer Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score?  Have your employees answer these 8 questions Help your employees with their financial education.You can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org to use this valuable tool. If you use one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity. Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200Alexandria, Virginia 22314202-679-1384 Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of Employee Personal Finance education through our monthly newsletter.           PFEEF's  Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive. President Obama Announces More Key Administration Posts WASHINGTON - President Barack Obama announced his intent to appoint the following individuals to key administration posts: . John W. Rogers, Jr., Chair, President's Advisory Council on Financial Capability · Lorraine Cole, Vice Chair, President's Advisory Council on Financial Capability · Roland A. Arteaga, Member, President's Advisory Council on Financial Capability · Theodore Beck, Member, President's Advisory Council on Financial Capability · John Hope Bryant, Member, President's Advisory Council on Financial Capability · Samuel T. Jackson, Member, President's Advisory Council on Financial Capability · Richard Ketchum, Member, President's Advisory Council on Financial Capability · Beth Kobliner, Member, President's Advisory Council on Financial Capability · Addison Barry Rand, Member, President's Advisory Council on Financial Capability · Amy Rosen, Member, President's Advisory Council on Financial Capability · Carrie Schwab-Pomerantz, Member, President's Advisory Council on Financial Capability · Kenneth Wade, Member, President's Advisory Council on Financial Capability click here for the full story EBRI: IRA Rollovers RiseTotal assets in IRAs are up 25% on average, according to a new Employee Benefit Research Institute report based on its own database. At $732.9 billion, IRAs account for the lion's share of all $13 trillion retirement assets in 14.1 million accounts in the United States. Traditional IRAs, including those with assets rolled over from old employer-based plans, account for 67% of all IRAs, whereas Roth IRAs, in which investors pay taxes up front and withdraw income later tax free, make up around a quarter of the market.  More than half or IRAs have at least $25,000 in them; the average IRA owner has $68,498 across one or more accounts. Men are slightly more likely to own an IRA than women, at 56.6% vs. 43.4%. Men also tend to have higher balances, averaging $91,063 to women's $51,314.  The average annual contribution to an IRA isn't much - $3,798 for traditional IRAs and $3,582 for Roth IRAs, which isn't too surprising given that the annual contribution limit is $5,000 ($6,000 for those 50 and older). click here for the full story  Trick$ of the Trade coming soon to your Television   Public television stations reaching communitiesaroundthe countrybegan airing"Trick$ of the Trade: Outsmarting Investment Fraud"earlier this week.  This hour-long documentary developed by the FINRA Investor Education Foundation explores who is at risk to become a target of investment fraud, how fraudsters' influence tactics can leave even the savviest person in a psychological haze and the simple steps investors can take to prevent costly mistakes. The documentary also features interviews with real-life victims, convicted con criminals, experts in the study of fraud and persuasion, investigators and securities regulators.  So far, stations and statewide networks in Kentucky, New Mexico, Oregon, South Carolina, Washington and Wisconsin have scheduled to air this important documentary. Visit SaveAndInvest.org for a list of the stations and times. The list will be updated as more stations add "Trick$ of the Trade" to their lineups, so check back often or consult local listings.  Don't see your local public television station on the list? Write them and ask that they share "Trick$ of the Trade" with their viewers.  You can also order a free DVDversion of "Trick$ of the Trade" by e-mailing us at investoreducation@finra.org (please include the number of copies, your full name and mailing address), by calling (866) 973-4672 or by downloading and sending back our order form (PDF 41 KB).  "Trick$ of the Trade" ispresented by WQED Pittsburgh and distributed nationally through American Public Television (APT).For more information on the program, you may also visit www.wqed.org/pressroom. FEATURED EMPLOYER  Industry Insights: M. A. Mortenson Company's Successful Retirement Education Program  Mortenson Construction achieved a retirement plan participation rate of 92% vs.the national average of 81%.  Created the most financially literate workforce Financial Finesse has ever tested. Employees scored higher than any other employee population ever has on Financial Finesse's financial wellness assessment. click here for the full story We appreciate your interest in the Foundation.  Sincerely, Judith Cohart, President Personal Finance Employee Education Foundation Inc");sQ1[27]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/091610.html","Newsletter Archive September 16, 2010","","PFEEF Newsletter September 2010 In This Issue PFEEF's Mission Ten Percent of Big Biz Eye Cutting 401(k) Match Employees' Productivity Decreasing Along with Their Cash Flow FTC Issues Final Rule to Protect Consumers in Credit Card Debt Poll Identifies Need for Employee Financial Education Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score?  Have your employees answer these 8 questions Help your employees with their financial education.You can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education  Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org to use this valuable tool. If you use one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity.  Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Personal Finance Employee Education Foundation  1940 Duke Street, Suite 200 Alexandria, Virginia 22314 202-679-1384 Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of Employee Personal Finance education through our monthly newsletter.           PFEEF's  Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive. Ten Percent of Big Biz Eye Cutting 401(k) Match  The tough luck drags on for workers at America's biggest corporations - when it comes to their 401(k) match. A recent story in the Wall Street Journal reveals that companies are taking their sweet time to restore defined contribution plan matches, citing lack of clarity in the economy or the more important goal of increasing shareholder dividends. Federal Express, for instance, will have waited a full two years before its scheduled 401(k) match resumes in January. FedEx spokesman Jess Burn tells the paper that the company decided to ask its employees to "share the pain and make sacrifices, becasue the global economy was so slow." click here for the full story Employees' Productivity Decreasing Along with Their Cash Flow While the U.S. economy is showing signs of recovery, nearly three-quarters of Americans are worried about their jobs and are trying to make ends meet, according to a recent national survey by The Hartford. The discouraging survey results show Americans are working more, spending less, but still find themselves struggling financially. "Thirty-seven percent of consumers said they feel they have experienced 'severe' financial impact due to the recession. Many have made cutbacks in their spending, dipped into savings and retirement accounts, or taken on new jobs," says Ron Gendreau, executive vice president, The Hartford Group Benefits. click here for the full story FTC Issues Final Rule to Protect Consumers in Credit Card Debt  The FTC has just announced new amendments in the Telemarketing Sales Rule to protect consumers in credit card debt. Starting on October 27, 2010, for-profit companies that sell debt relief services over the telephone may no longer charge a fee before they settle or reduce a customer's credit card or other unsecured debt.   For more information,click below  http://www.ftc.gov/opa/2010/07/tsr.shtm Poll Identifies Need for Employee Financial Education   In a recent survey conducted by the Personal Finance Employee Education Foundation with the support of the Employee Benefits News, 91% of respondents cited employee financial literacy as being extremely important or important in reducing the vulnerability of the American economy to major economic crises. Given the recession employers were asked whether they noticed an increase in garnishments - 51% said yes, emergency loans - 42% said yes, and 34% have seen an increase in requests for more time off to handle financial issues.  In addition to these results, 70% thought that the employer provision of basic workplace financial education is important or extremely important to the overall level of productivity in their organization and a majority (53%) thought employers who pass benefit costs on to their employees have a responsibility to provide ongoing financial education to help them make appropriate financial decisions.  While 88% of the respondents provide the required investment/retirement education associated with retirement plans, only 28% provide basic workplace financial education, defined as including budgeting, debt reduction and credit management. Several barriers were cited for providing basic workplace financial education. The cost is too high for 49%; 58% said employees would sacrifice work time to attend, and 71% noted that there were too many higher priority competing items. An even 50% weren't sure they could get upper management to buy into the provision of workplace financial education.  "The value of employee financial education is clear, "said Judith Cohart, President & CEO of the Personal Finance Employee Education Foundation. "The challenge is to overcome the barriers that prevent employers from providing this benefit to their employees."  In September 2011, there will be a pre-conference as part of the Employee Benefits News Conference to discuss employer/employee issues related to financial education.  The Personal Finance Employee Education Foundation is a non-profit organization that facilitates financial education in the workplace through showing employers that providing financial education can improve worker productivity and employer profits. For more information, go to www.pfeef.org                                           We appreciate your interest in the Foundation.  Sincerely, Judith Cohart, President Personal Finance Employee Education Foundation Inc");sQ1[28]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/081610.html","Newsletter Archive August 16, 2010","","PFEEF Newsletter August 2010 In This Issue PFEEF's Mission Do Employers Share The Blame for Retirement Unreadiness? Interview on Worker Retirement-Income Adequacy and Confidence Majority of Americans Believe Economy and their Financial Situation has Bottomed Out Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score?  Have your employees answer these 8 questions Help your employees with their financial education.You can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education  Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org to use this valuable tool. If you use one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity.  Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of Employee Personal Finance education through our monthly newsletter.           PFEEF's  Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive. Do Employers Share the Blame for Retirement Unreadiness?  Remember when employees blamed you in part for their financial troubles? Well, don't shoot the messenger, but maybe it is. Not entirely, of course, but perhaps just a sliver. After all, new research from Towers Watson shows U.S. workers saw the value of their employer-sponsored retirement benefits - measured by percentage of pay - decline by double-digit levels over a 10-year period ending in 2008. To be fair, the overall drop was driven by a decrease in the value of defined benefit plans and the rise of defined contribution plans helped stave off a much larger drop. But still, from 1998 to 2008, the value of total retirement benefits provided to new, salaried employees across eight industries studied declined by 19%, from 7.88% to 6.36% of pay. TW defined total retirement benefits to include DB and DC plans, retiree medical and retiree life insurance plans. click here for the full story Interview by Jack VanDerhei, research director for EBRI on Worker Retirement-income Adequacy and Confidence  In the article, "All Shook Up," VanDerhei shares that only a small percentage of workers enjoyed the "good-old days" of defined benefit (DB) pension plans, and that, going forward, he anticipates defined contribution (DC) plans likely will replace a higher percentage of final pay for more people than DB plans have to date. VanDerhei notes a significant decline in workers' confidence in their ability to retire successfully since the recent market crisis. click here for the full story Majority of Americans Believe the U.S. Economy and their Personal Financial Situations have "Bottomed Out" Still, MetLife 2010 Study of the American Dream Finds Many Americans Feeling the Stress of Living Close to the Financial Edge NEW YORK - July 26, 2010 - According to The 2010 MetLife Study of the American Dream, released today, a significant number of Americans believe the U.S. economy and their personal financial situations have "bottomed out." One in four (26%) of Americans believe it will be worse this year than last - a significant decline from 44% who said the same in 2009. Forty-one percent believe the U.S. economy will stay the same and one-third (33%) of Americans believe it will be better this year than last year. Press Release: The 2010 MetLife Study of the American Dream We appreciate your interest in the Foundation.  Sincerely, Judith Cohart, President Personal Finance Employee Education Foundation Inc");sQ1[29]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/071510.html","Newsletter Archive July 15, 2010","","PFEEF Newsletter July 2010 In This Issue PFEEF's Mission Social Security Makes up 40% of the Nest Egg 8th Annual Study of Employment Benefit Trends Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score?  have your employees answer these 8 questions If your employees need financial education you can find an organization to provide these services, by going to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education  Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org to use this valuable tool.  If you use one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity.  Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of Employee Personal Finance education through our monthly newsletter.           PFEEF's  Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive. FEATURED EMPLOYER  Teaching Workers How to Budget  EXECUTIVES AT PRUDENTIAL FIRST started to notice the change about a year and a half ago.  More workers at the financial services firm were turning to an employee assistance program. But in addition to seeking help with the typical legal- or family-related concerns, the staffers were asking questions about a spouse who had lost a job, about a depleted retirement account or about paying for a child's education. To get its employees' focus back on work, Prudential came up with a plan. Through its health and wellness department, the company would offer employees a budget coaching program and the services of a certified financial planner. "It seemed people would benefit from coaching very specifically targeted to helping them get their finances under the most basic control," says Kenneth Dolan-Delvecchio, vice president of Prudential's health and wellness department. click here for the full story Social Security Makes up 40% of the Nest Egg Social Security makes up the bulk of older people's income, representing nearly 40% of the retirement nest egg, according to a new report from the Employee Benefit Research Institute.  Pensions and annuities make up just 20% of income for people age 65 and older; earnings and wages make up 26%; and income from assets accounts for 13%. In terms of distribution of income, 89% of older people receive income from Social Security, 55% of people earn income on assets, 35% have pensions or annuities and 20% still work. Median income is just $18,001, although that paltry amount is actually the highest in the Census Bureau's time series. In today's dollars, median earnings stood at $13,264 in 1974 and $17,085 in 2004. The median income for workers under 65 is $50,233, according to the research, which is based on the latest U.S. Census Bureau data. Elderly women rely on Social Security more than elderly men - it accounts for 48% of women's income, compared to 34% for men. More of older men's income comes from pensions and annuities, 22% compared to 17% of women's income. click here for the full story 8th Annual Study of Employee Benefits Trends  For the eighth consecutive year, MetLife has surveyed employers and employees on pressing issues facing the U.S. benefits industry today and compiled the results in its annual Study of Employee Benefits Trends. This year's results point to the apparent resilience of workplace benefits in a challenging economy and reveal that as employers and employees continue to deal with the effects of the economic downturn, they are focused on the long term. Most employers have not reneged on their benefits commitments and employees continue to depend on their workplace benefits for protection and stability. The Study provides new insights that can help employers identify opportunities to realize the full potential of their benefits programs and to maximize the return on their benefits investments. click here for the full story We appreciate your interest in the Foundation.  Sincerely, Judith Cohart, President Personal Finance Employee Education Foundation Inc");sQ1[30]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/061410.html","Newsletter Archive June 14, 2010","","PFEEF Newsletter June 2010 In This Issue PFEEF's Mission Featured Employer Wellness scope too narrowly focused on health Survey shows that workers still struggle with retirement savings Americans flunk personal finance, need benefits Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score?  Answer these 8 questions For a provider of financial education in your workplace, go to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education  Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org to use this valuable tool.  If you use one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity.  Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of Employee Personal Finance education through our monthly newsletter.           PFEEF's  Mission To promote and facilitate financial education in the workplace. The PFW Scale, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive. Featured Employer Aetna, who is getting national recognition for the success of their Financial Wellness Program has completed a recent case study: Aetna's Award Winning Financial Wellness Program.  Aetna wanted to create a wellness program that would promote the total well-being of their employees on all levels. The company had already begun to implement a successful physical wellness program and felt the program needed a component to address and improve employees' financial wellness as well. Understanding that financial concerns are one of the top causes of stress and that stress can result in a number of different health issues, they needed to take their wellness program to a whole new level. But the next question was how to do it.  click here for the full story Wellness Scope too Narrowly Focused on Health  Wellness programs, health promotion programs, health assessments, health fairs, discounted fitness programs, chronic disease management programs, etc., are just some of the names for employer-sponsored programs designed to improve the health fitness of employees and at least slow the damage to (if not improve) the employer's health care bottom line.  These programs have all worked to varying degrees, and no one would deny that desperate times call for creative measures where stemming the rising cost of health care is concerned.  Compensation is not enough.  Many employers believe that because they offer competitive compensation programs, their work is done in the area of employee personal finance. Certainly, an employer can choose to drop off the map after those 2% salary increases are divvied up among the employee population.  But an astute employer, particularly one that is already investing significant dollars in health promotion, will see the benefit of assisting employees in becoming savvy savers, spenders and investors as well. These employers understand that by improving the financial wellness of employees, they are also creating an environment for better overall employee wellness.  "The Difference," by Jean Chatzky is testimony to the fact that people at different levels of financial wellness possess very different characteristics. She calls people with the lowest level of financial wellness Further-in-Debtors.   click here for the full story Survey: Workers Still Struggle with Retirement Savings Four of five Americans are expected to fall short of meeting all of their financial needs in retirement, unless they improve their savings habits or retire at a later age, according to a study by Hewitt Associates. To meet their financial needs in retirement, employees will need 15.7 times their final pay when factoring in inflation and postretirement medical costs, reports the HR consulting firm. Although this estimate is on target with Hewitt's prior projection in 2008, the research notes that many employees find themselves in a tougher financial situation because they've seen their retirement accounts decrease over the past two years. Of the 15.7 times final pay, Hewitt estimates that Social Security will provide 4.7 of it, leaving employees responsible for making up the remaining 11 times final pay. This will likely have to come from employer-provided retirement plans and personal savings. Yet of the more than 2 million employees at 84 large U.S. companies that Hewitt examined, only 18% of workers who are expected to work full time will meet this goal.  click here for the full story Americans Flunk Personal Finance, Need Benefits A new survey finds that many Americans are woefully unprepared for retirement, not to mention their poor management of everyday finances. This may provide an opportunity for employers to offer personal financial guidance and retirement education to their employees in conjunction with retirement savings vehicles, such as defined benefit and defined contribution plans. The National Foundation for Credit Counseling (NFCC) asked consumers to grade themselves on their knowledge of personal finance for their annual Consumer Financial Literacy Survey; they discovered that 34%, or more than 77 million people, gave themselves a grade of C, D, or F. "Although the survey did show some improvements in consumer behavior as it relates to personal finance, there are still serious deficiencies which impact consumers' ability to properly manage their money, particularly during an economic crisis," says Gail Cunningham, spokesperson for the NFCC.  click here for the full story We appreciate your interest in the Foundation.  Sincerely, Judith Cohart, President Personal Finance Employee Education Foundation Inc");sQ1[31]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/051310.html","Newsletter Archive May 13, 2010","","PFEEF Newsletter May 2010 In This Issue PFEEF's Mission Featured Employer Half of Americans Save - Half Don't Gallup Information on Well-Being Quick Links... PFEEF website What's Your "Personal Financial Wellness" Score?  Answer these 8 questions For a provider of financial education in your workplace, go to www.pfeef.org and click on Quality Providers. Increase Your Company's Productivity through Financial Education  Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org to use this valuable tool.  If you use one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity.  SULLIVAN AWARD RECIPIENT Dr. Aimee D. Prawitz, Professor of Family, Consumer, and Nutrition Sciences at Northern Illinois University (NIU) and Director of Research for the Personal Finance Employee Education Foundation, is the 2010 recipient of the Sullivan Award for Excellence in Research for NIU's College of Health and Human Sciences.  Prawitz has completed numerous research projects based on antecedents and consequences of financial wellness/financial distress. In addition to her work with PFEEF to promote financial education in the workplace and her regular responsibilities as an NIU professor, she also works with faculty in the College of Health and Human Sciences as Assistant to the Dean for Research. Her role in this capacity is to empower colleagues to expand their research and grant-seeking capacities. Prawitz also is devoted to guiding and mentoring students through their thesis research projects and the later publication of their work. A passionate researcher herself, Prawitz has conducted and published over 40 research studies and has made dozens of research presentations at national conferences. Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of Employee Personal Finance education through our monthly newsletter.           PFEEF's  Mission To promote and facilitate financial education in the workplace. The PFW Scale™, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive. Featured Employer  PFEEF recognizes the Wisconsin Credit Union League as its "Featured Employer" for its ground breaking work on the Investor Education in Your Workplace Program which recently won the Governor's Award for Financial Literacy. Over the past year the Wisconsin Credit Union League collaborated with the University of Wisconsin-Madison and partners to recruit over 80 credit unions and 3000 employees to complete 10 hours of online investor education materials with remarkable results. Employees participating in the program completed over 30,000 hours of online coursework in less than 22 weeks improving their pre-test scores from an average of roughly 60% by about 28% points with final passing grades of roughly 88%. Furthermore, preliminary research being conducted by the University of Wisconsin-Madison indicates that, in addition to demonstrating measurable changes in knowledge, participants are also demonstrating positive changes in behavior that improve the bottom line for themselves and their employers.  For more information on this program please contact John Hoffmire at UW-Madison at hoffmire@wisc.edu This project is being funded by a grant from the Investor Protection Trust (IPT), a nonprofit organization devoted to investor education. Since 1993 the IPT has worked with the states to provide the independent, objective investor education needed by all Americans to make informed investment decisions. Visit www.investorprotection.org.                Half of Americans Save, Half Don't The proportion of adult Americans who say they have been able to save money within the past 12 months splits practically down the middle, according to a new survey by the American Institute of CPAs and Harris Interactive. The survey found that 54% of the 1,009 adult Americans polled say they have not been able to save money over the past 12 months, but 46% said they have. Those who managed to save money said they did so by curtailing their spending. Most of their cutbacks were on discretionary items, such as dining out (50%), travel (46%) and clothing (35%), though 31% of the savers said they've curtailed home renovations. Much smaller proportions of the respondents said they reduced outlays for medical expenses (16%) and higher education (12%). The overwhelming majority of savers are optimistic about their future saving practices, saying they expect to save either as much (44%) or more than they are now (44%).  "Saving is an essential element of financial literacy," says Jordan Amin, chair of the AICPA National CPA Financial Literacy Commission. "But financial literacy, more than anything, is thinking strategically about your saving and spending. We never say 'don't spend,' but we do urge people to judge spending prudently," he adds. click here for the full story Gallup Information on Well Being  Gallup conducted a comprehensive global study of more than 150 countries, giving us a lens into the wellbeing of more than 98% of the world's population. From Afghanistan to Zimbabwe, we asked hundreds of questions about health, wealth, relationships, jobs, and communities. We then compared these results to how people experience their days and evaluate their lives overall. They found that financial security has much more influence on overall well-being than income alone.  click here for the full story. We appreciate your interest in the Foundation.  Sincerely, Judith Cohart, President Personal Finance Employee Education Foundation Inc");sQ1[32]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/042010.html","Newsletter Archive April 20, 2010","","PFEEF Newsletter April 2010 In This Issue PFEEF's Mission Featured Employer 2010 Retirement Confidence Survey National Financial Literacy Month Retirement Messages are Penetrating Employee Consciousness Quick Links... Our Website  Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. What's Your "Personal Financial Wellness" Score?  Answer these 8 questions  Increase Your Company's Productivity through Financial Education  Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org to use this valuable tool.  If you use one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity.  Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of Employee Personal Finance education through our monthly newsletter.           PFEEF's  Mission To promote and facilitate financial education in the workplace. The PFW Scale™, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive. Featured Employer Copic is a company that has decided to provide financial wellness education for all interested employees. The classes are offered at the end of the work day. Spouses and Significant Others are invited as well. The course topics include cash flow management and budgeting, risk management, investment planning, retirement planning, tax planning and estate planning. They also make sure that employees receive quarterly updates on the economy, along with suggestions and ideas regarding relevant topics. Each employee is also offered the opportunity to receive one-on-one financial educational guidance. We will be using the ROI system to determine the value of this education, but so far the employees seem to feel that they have gained a better understanding of their finances and are improving in their area of savings and planning for the future. To improve the financial well-being of your employee's you can provide financial education at your workplace. Click here to find a Quality Provider. The 2010 Retirement Confidence Survey (RCS), now in its 20th year,  was released on March 9, 2010 by the  Employee Benefit Research Institute (EBRI) and Mathew Greenwald and Associates (MGA), and revealed that American's retirement confidence is stabilizing, but that retirement preparations continue to erode.  One key finding: Many are clueless about savings goals: workers continue to be unaware of how much they need to save for retirement. Less than half of the workers (46%) report they and/or their spouse have tried to calculate how much money they will need to have saved by the time they retire so that they can live comfortably in retirement.  2010 RCS can be downloaded in its entirety from the EBRI Web site. Moreover, Fact Sheets on certain RCS topics such as Retirement Confidence, Age Comparisons Among Workers, Gender Comparisons Among Workers, and others, can be found alongside the 2010 RCS Press Release and a list of 2010 RCS Sponsors, on the 2010 RCS Homepage National Financial Literacy Month- 2010  The following comes from ASEC Partner,  U.S. Department of the Treasury. On April 2, 2010, President Barack Obama declared April 2010 to be National Financial Literacy Month, 2010.  Present Obama's Proclamation Retirement Messages are Penetrating Employee Consciousness I bring you good tidings today from Charles Schwab, whose new data show that all the time you've spent getting blue in the face about the importance of rolling over 401(k) savings is doing some good! According to Schwab, more people are rolling 401(k) savings into an IRA when leaving a job. Among 401(k) participants who left their job in the fourth quarter of 2008, 69% of assets had been distributed from former employers' plans one year later. Click here for the full story. We appreciate your interest in the Foundation.  Sincerely, Judith Cohart, President Personal Finance Employee Education Foundation Inc");sQ1[33]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/031610.html","Newsletter Archive March 16, 2009","","PFEEF Newsletter March 2010 In This Issue PFEEF's Mission Featured Employer New Overdraft Rules Realistic Retirement Picture Employee Training Quick Links... Our Website  Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. New PFEEF President  Judith N. Cohart became the new president of the Personal Finance Employee Education Foundation on January 1, 2010. She has excellent credentials and is extremely well prepared to offer leadership to PFEEF. You may know Judith through her roles at the AARP Foundation, the National Foundation for Credit Counseling or the Association for Financial Counseling and Planning Education. Please join us in welcoming Judith. What's Your "Personal Financial Wellness" Score?  Answer these 8 questions  Increase Your Company's Productivity through Financial Education  Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org to use this valuable tool.  If you use one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity.  Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of Employee Personal Finance education through our monthly newsletter. PFEEF's  Mission To promote and facilitate financial education in the workplace. The PFW Scale™, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive. Featured Employer  McLeod Health's Financial Wellness Programs Drive Bottom-line Results.  More than 450 McLeod Employees have been through the financial education initiative at McLeod Health in Florence, South Carolina. The results have been absolutely phenomenal, with over $1,476,000 in debt paid off or new savings generated during the 13 week class! Further, the average financial wellness of class participants has increased over 43% as measured by the Personal Financial Wellness Scale™© assessment tool from the Personal Finance Employee Education Foundation. Before taking this course, participants' average Financial Wellness score was 4.3 out of a possible 10. After the 13 week class, the scores improved over 2 points to 6.3.  "These results are even more remarkable considering the current economic climate at a time when most people in the U.S. are very worried about their personal financial well-being," said Shannon Carr, Assistant Director of Employee Relations. "It has been incredible seeing employees, family members, and accountability partners get excited about taking control of their money." New Overdraft Rules from the Federal Reserve Effective July 1, 2010  The Federal Reserve will implement new rules giving debit and ATM card usersadditional options regarding overdrafts. Although the rules become effective on July 1, 2010, in the coming months, banks, credit unions, and other financial institutions must offer consumers the ability to make decisions about overdraft services for transactions made with their debit or ATM cards. The Federal Reserve's online publication, "What You Need to Know: New Overdraft Rules for Debit and ATM Cards", provides an explanation of how the rules will affect existing and new account holders. Painting a Realistic Retirement Picture  It's safe to say that few 401(k) plan participants likely understand how their account balance will translate into a monthly income once they retire. Click here for the full story. Bending, not breaking When tough times require budget cuts, employee training usually is one of the first line items in CFOs' crosshairs. However, that may not be the case in this recession, at least for large companies that put a high priority on workforce learning, says the American Society for Training and Development. ASTD's " 2009 State of the Industry Report," released late last year, states that "despite the worst economic conditions in several decades, business leaders continued to allocate substantial resources to the learning functions in their organizations [in 2008]." While training and development suffered cuts along with all other operations, U.S. organizations "maintained a strong financial commitment to employee learning." We appreciate your interest in the Foundation.  Sincerely, Judith Cohart, President Personal Finance Employee Education Foundation Inc");sQ1[34]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/021610.html","Newsletter Archive February 16, 2009","","PFEEF Newsletter February 2010 In This Issue SSA Releases Information Federal Reserve Paper NEFE/Dartmouth Study EFERMA Conference Speaker Quick Links... Our Website  Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. New PFEEF President  Judith N. Cohart became the new president of the Personal Finance Employee Education Foundation on January 1, 2010. She has excellent credentials and is extremely well prepared to offer leadership to PFEEF. You may know Judith through her roles at the AARP Foundation, the National Foundation for Credit Counseling or the Association for Financial Counseling and Planning Education. Please join us in welcoming Judith. What's Your "Personal Financial Wellness" Score?  Answer these 8 questions Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of Employee Personal Finance education through our monthly newsletter. PFEEF's  Mission To promote and facilitate financial education in the workplace. The PFW Scale™, Return on Investment Calculator, the Financial Education Providers List, as well as other resources will enable employers to understand that employees who have their finances in order will be more productive. SSA Releases Information on the New Financial Literacy Research Consortium  As  part of its Special Initiative to Encourage Saving, SSA has established a new Financial Literacy Research Consortium (FLRC). The FLRC is made up of research centers at Boston College, the RAND Corporation, and the University of Wisconsin. Supported through five-year cooperative agreements, the centers will develop innovative, research-based communications and programs to help Americans plan and save for a secure retirement.  click here for the full story WEIGHING THE EFFECTS OF FINANCIAL EDUCATION IN THE WORKPLACE  Research working paper by the Federal Reserve Bank of Kansas City Community Affairs Department  The case is often made that financial education leads to improved financial decisions. In this study, we begin by assessing the need for financial education by reviewing national trends in savings, debt, and retirement funding as well as by reviewing the literature linking personal financial behaviour and participation in financial education programs. NEFE/Dartmouth Study: Increasing Participation in Employer-Sponsored Retirement Plans Urging employees to participate in retirement savings plans has always been a challenge. However, the findings of a study by researchers at Dartmouth College, through a grant provided by the National Endowment for Financial Education, show that specific low-cost strategies succeed in boosting employee participation rates. EFERMA Conference At the upcoming conference of the Eastern Family Economics/Resource Management Association, Aimee Prawitz, PFEEF Director of Research, will present research findings about the relationships among financial distress, emotional health, and absenteeism of employees. The study was based on data from the Mayo Clinic Health Risk Assessment implemented by TwoMedicine Health and Financial Fitness to determine the need for financial education in the workplace. America Saves Week - February 21st - February 28th.  click here for more information on "America Saves" week We appreciate your interest in the Foundation.  Sincerely, Judith Cohart, President Personal Finance Employee Education Foundation Inc");sQ1[35]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/011810.html","Newsletter Archive January 18, 2009","","PFEEF Newsletter January 2010 In This Issue PSCA Survey FINRA Survey PFEEF's Mission Metlife Survey Quick Links... Our Website Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing. Increase Your Company's Productivity through Financial Education  Employers can now estimate the value of providing financial education workshops to their employees through our ROI (Return on Investment) calculator. Go to www.personalfinancefoundation.org to use this valuable tool.  If you use one of our affiliated organizations to educate your employees through workshops, online courses, or money coaching, we will work with you to do pre-and post-testing to show how your company has increased its productivity.   Welcome to the Personal Finance Employee Education Foundation Newsletter Please join others in staying informed about the importance of Employee Personal Finance Education through our monthly newsletter. New PFEEF President  Judith N. Cohart became the new president of the Personal Finance Employee Education Foundation on January 1, 2010. She has excellent credentials and is extremely well prepared to offer leadership to PFEEF. You may know Judith through her roles at the AARP Foundation, the National Foundation for Credit Counseling or the Association for Financial Counseling and Planning Education. Please join us in welcoming Judith.   The Profit Sharing/401k Council of America (PSCA) has released its 2009 401(k) and Profit Sharing Plan Eligibility Survey. This snapshot survey investigates eligibility practices of 494 companies. Click here for the full report or visit our Web site at www.psca.org. FINRA Education Foundation  Releases Survey Results. The FINRA Investor Education Foundation released survey results that measure the financial capabilities of American adults and reveal in detail how Americans save, borrow and plan for their financial future. The National Financial Capability Survey , the first of its kind in the United States, was developed in consultation with the U.S. Department of the Treasury and the President's Advisory Council on Financial Literacy. In an event today at the U.S. Treasury , U.S. Secretary of the Treasury Tim Geithner, U.S. Secretary of Education Arne Duncan and FINRA CEO and FINRA Foundation Chairman Rick Ketchum all met with financial literacy and community leaders as well local high school students to announce the results.  PFEEF's  Mission "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being."  Please go to www.personalfinancefoundation.org to access the Personal Financial Wellness Scale™, the Return on Investment Calculator, a Financial Education Providers List, as well as other resources that will enable employers to understand that employees who have their finances in order will be more productive.   Metlife Survey MetLife is pleased to present its new original research entitled the MetLife Emerging Retirement Model Study: A Survey of Plan Sponsors , which examines employer attitudes and behaviors toward the aging workforce in the midst of a deep economic crisis and in the wake of recent legislation/regulation designed to address the changing needs of employers and their aging workforce. Employers are facing monumental challenges when it comes to managing their most experienced workers. MetLife designed this research to assess whether - and if so, how plan sponsors are recalibrating issues surrounding the aging workforce and to identify emerging models which may be used to manage very experienced workers going forward. Findings include:  ·Employers show Deep Anxiety and Conflict about Aging Workforce - Most Employers are Concerned about Knowledge Drain Now and in the Future, and Less Concerned about Delayed Retirement.  ·Disconnect Among Employers Between Worry and Action - Few Employers Have Taken Steps to Curtail, or even Assess, Cost of Knowledge Transfer on Their Organizations.  ·Phased Retirement Programs may offer a way to manage knowledge drain, more legislation/regulatory guidance welcome MetLife commissioned Asset International (which owns PlanSponsor magazine) to conduct online surveys with 240 employers from companies with at least 1,000 employees. Each respondent is from an organization that offers either a DB or DC plan or both, as well as other employer supported benefits. We appreciate your interest in our Foundation. For more information on the PFEEF Foundation go to info@pfeef.org Sincerely, Judith Cohart, President Personal Finance Employee Education Foundation Inc");sQ1[36]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/121809.html","Newsletter Archive December 18, 2009","","News from PFEEF www.PersonalFinanceFoundation.org December 18, 2009                               Home  About Us   ROI Model   Key Questions PFEEF's ROI Calculator™ Available Online Now - FREE  Employers are encouraged to go to PFEEF's website to click on "Launch the Employer's Projected ROI for a Quality Workplace Financial Program Calculator." The results of a dozen calculations are already there, so simply change the numbers to fit your situation and hit "Free Report" to watch YOUR printer print the results. Thus find out the bottom-line dollar value of implementing a program that genuinely changes employees' financial behaviors for the better. Take the results to your management team. FOUNDATION CHANGE OF LEADERSHIP  PFEEF President, Tom Garman will retire from the Foundation the end of 2009, and he will then be donating limited assistance to PFEEF's Director of Research.  Judith N. Cohart will assume the Presidency of the Personal Finance Employee Education Foundation on January 1, 2010.  Welcome, Judith!! Auto-Enrollment Features Now on Global Stage  A report card on the globalization of automatic features to defined contribution plans shows that such plans are gaining international acceptance, according to a 33-country survey of DC plan sponsors by Mercer. In June 2009, the HR consulting firm conducted a poll of DC plan sponsors from 33 countries. The results show that one-third of the employers offer auto-enrollment, one-third auto-escalation and over one-fifth auto-rebalancing features. In addition, for 80% of companies that offer a default investment option, lifecycle funds are the most common default choice (67%). (click here for the full story) Quote "Given the results of this surveyand others, employers should start looking at the basic financial education that they can provide through the workplace, whether it's budgeting or resolving bad credit." [ click here for full story]   Nancy B. Hammer, Manager of regulatory and judicial affairs at Society of Human Resource Professionals                  "Featured Partner - Best Provider " The Heartland Institute of Financial Education is a Colorado non-profit organization whose mission is to promote financial literacy across America. It is dedicated to empowering organizations and their people through financial education. This focused education is provided by experienced financial professionals who have earned their CFEd® designation - CFE Certified Financial Educator® the first registered credential of its kind. The CFEd® recognizes the financial professional who teaches others. Heartland is PFEEF's longest and strongest supporter!  What's Your "Personal Financial Wellness" (PFW) Score? Answer these eight questions to find out 5,000 professionals receive this newsletter and 155 approved PFW users PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[37]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/120409.html","Newsletter Archive December 4, 2009","","News from PFEEF www.PersonalFinanceFoundation.org December 4, 2009                               Home  About Us   ROI Model   Key Questions Impact of Market Activity on 401(k) Account Balances How much workers' 401(k) account balances have changed as a result of recent market activity according to The Employee Benefit Research Institute (EBRI) appears in the chart below:  The most recent results for Oct. 27, 2009 (Jan. 1, 2008-Oct. 27, 2009) Among 401(k) Participants w ith Account Balances as of Dec. 31, 2007  Job Tenure     Age 25-34    Age 35-44    Age 45-54    Age 55-64  1-4  Years      86.79%        61.08%        45.0%           38.0%  5-9  Years      44.50%         14.90%           8.7%            7.8% 10-19 Years                            4.70%         -2.3%           -2.7% 20-29 Years                                               -6.6%           -7.3% - Book For Sale: "Delivering Financial Literacy Instruction to Adults" Garman and Gappinger's 17 chapters discuss how employers profit with financial literacy, the value proposition for workplace financial programs, and how to communicate effectively. Call Heartland Institute of Financial Education, 303-597-0197, $70 (which includes shipping). ( see table of contents) Quote "Our society at its core does not appreciate that if life spans are going to be 90 or more years, managing money properly through a lifetime is critical. Someday they will."  David Wray, Profit Sharing/401(k) Council of America                   "Featured Partner - Best Provider "  The LFE Institute has specialized in unbiased Workplace Financial Literacy Education for the past 23 years. LFE Certifies unbiased financial professionals to teach its skill-based workshops and provide comprehensive Money Coaching solutions for employees. LFE also publishes a weekly educational e-learning series called the Money Minute! Every week, employees learn up-to-the minute strategies to save money and avoid making costly financial mistakes. With the growth in Workplace Money Coaching, LFE also provides the most in-depth Certification Program for Money Coaches: CWMC (Certified Workplace Money Coach). This extensive program teaches Money Coaches how to address confidential employee questions via e-mail on more than 200 financial topics. For more information, go to: The LFE Institute or call 1.877.LFE.5557  What's Your "Personal Financial Wellness" (PFW) Score? Answer these eight questions to find out 5,000 professionals receive this newsletter and 155 approved PFW users PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[38]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/112309.html","Newsletter Archive November 23, 2009","","News from PFEEF www.PersonalFinanceFoundation.org November 23, 2009                               Home  About Us   ROI Model   Key Questions Nearly Half of Job Changers Cash Out 401(k)s The consulting firm Hewitt finds that last year 46% of job changers/laid-off workers cashed out their 401(k)s, while 25% rolled over the funds into an IRA or new employer plan and 29% kept their savings in their prior employer's plan. This 46% statistic has remained about the same for the past four years.  Reported in Employee Benefit News (11-01-09) click here for the full story  Book For Sale: "Delivering Financial Literacy Instruction to Adults" Garman and Gappinger's 17 chapters discuss how employers profit with financial literacy, the value proposition for workplace financial programs, and how to communicate effectively. Call Heartland Institute of Financial Education, 303-597-0197, $70 (which includes shipping). ( see table of contents) Quote  "He is richest who is content with the least, for contentment is the wealth of nature."  Socrates, 469 B.C.          "Featured Partner - Best Provider "  Advantage Publications creates and publishes informative, motivating and user-friendly booklets and slide calculators for use in education, marketing/sales, and communication programs. All Advantage products are available personalized (name, logo, contact information, message) and in custom editions to meet special needs. PFEEF's Tom Garman says their Interactive Slide Calculators for Personal Finances are the absolute best "honey moment" slide calculators in the world because they show employees and spouse how to help themselves.  What's Your "Personal Financial Wellness" (PFW) Score? Answer these eight questions to find out 5,000 professionals receive this newsletter and 150 approved PFW users PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[39]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/111209.html","Newsletter Archive November 12, 2009","","News from PFEEF www.PersonalFinanceFoundation.org November 12, 2009                               Home  About Us   ROI Model   Key Questions EAP's Fighting Recession Depression Laid-off employees, layoff survivors, financially squeezed employees and families flock to Employers Assistance Programs seeking help with stress, depression, employment resources, says Employee Benefit News.  click here for the full story "What are Consumers Stressed About?"  Callers to a financial help line ask (in descending order) about Debt (39%), Budgeting/Savings (32%), Credit Management (7%), Real Estate (6%), Retirement Planning (5%).  USA Today, 09-28-09, p. 1. See original data from Financial Finesse: click here for the full story BEST QUOTE -  "The primary goal of Meredith's wellness initiative is to help our employees enjoy a long and healthy life, right now and during retirement," said Meredith President and Chief Executive Officer Steve Lacy. "This year, we expanded our wellness program beyond health-related initiatives to include financial wellness. By providing employees financial information, resources and tools, we hope they are financially fit, in addition to being physically fit, at retirement." Steve Lacy, Meredith President and Chief Executive Officer                                                             "Featured Partner - Best Provider "  The Financial Wellness Group is committed to helping employees strengthen their financial core. By helping employees apply focus in eliminating debt, creating a spending plan to help them live within their means, build an emergency reserve, and develop priority spending habits to invest, insure and save for their future they gain peace of mind and confidence in the financial area of their lives. By focusing on strengthening their "financial core", employees can more readily see how contributing to their employer sponsored savings and benefit programs like the 401(k) and section 125 plans, is both affordable and financially beneficial. The Financial Wellness Group offerings are delivered in a low cost model, using technology to provide video training, audio downloads, and an implementation system via the web. Work site training, book and DVD packages, and personal coaching are also available options.  What's Your "Personal Financial Wellness" (PFW) Score? Answer these eight questions to find out 5,000 professionals receive this newsletter and there are 150 approved PFW users PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[40]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/110209.html","Newsletter Archive November 2, 2009","","News from PFEEF www.PersonalFinanceFoundation.org November 2, 2009                               Home  About Us   ROI Model   Key Questions "Recession Causing Permanent Spending Cuts"  A nationwide Citi survery conducted by Hart Research Associates finds that people say they have made what they call permanent spending changes: 63% report their finances have been changed forever; 62% have cut down on credit card purchases; 61% plan to reduce credit card usage; 59% say they will keep cutting back spending; 42% said they were taking money out of their savings or other investments to help pay expenses.  (click here for the full story)  Employers Without 401(k) Consign Employees to Failure A study by the Employee Benefits Research Institute (EBRI) found that 78% of employees making between $30,000 and $50,000 save in an employer-sponsored defined contribution plan where one is offered. This compares to only 5% of workers saving in an IRA when the employer does not offer a 401(k) plan. Employees without a 401(k) plan are doomed to a less than finacially successful retirement.  Defined Contribution Insights, Sept/Oct 2009, p. 1 BEST QUOTE - "The credit card is the cigarette of the financial world." - Dave Ramsey, on the damage credit card debt can do to employees' financial health. Book For Sale: "Delivering Financial Literacy Instruction to Adults" Garman and Gappinger's 17 chapters discuss how employers profit with financial literacy, the value proposition for workplace financial programs, and how to communicate effectively. Call Heartland Institute of Financial Education, 303-597-0197, $70 (which includes shipping). see table of contents                                                         "Featured Partner - Best Provider "  The EDSA Group®, and independent financial education company, is nationally recognized for its proven, results-driven programs. EDSA specializes in teaching employees to make informed decisions about their personal finances and employer-sponsored benefit plans. Tools available include live workshops, one-on-one counseling, software, and an E-Learning tool (www.Goodmoneyhabits.com).  EDSA provides employees the information they need to make educated decisions (addressing ERISA) and managing possible risk/liability with ongoing and documented action (addressing SOX). Over a decade ago Virginia Tech's NIPFEE conducted research proving the value of the EDSA program.  What's Your "Personal Financial Wellness" (PFW) Score? Answer these eight questions to find out 5,000 professionals receive this newsletter and 146 approved PFW users PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[41]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/102209.html","Newsletter Archive October 22, 2009","","News from PFEEF www.PersonalFinanceFoundation.org October 22, 2009                               Home  About Us   ROI Model   Key Questions Major Research Finding: Better Financial Wellness Equals Higher Job Productivity  "Employees who reported having better than average financial well-being were 1.72 times more likely to cite increased productivity over the past year," reports The Institute for Employment Studies in the United Kingdom in a major study of private sector and public employees.  (See http://www.personalfinancefoundation.org/research/vte/UK-Report-Financial-WB-Workplace-2009.pdf) PFEEF's research shows that  employers who provide quality financial programs to employees that result in improved personal financial behaviors will quickly obtain a positive return on investment from more productive employees. Numbers - Americans Becoming Tightwads?  One-third (32%) of consumers say that thrift will be their new norm because they are spending less and don't expect that to change. Money, October 2009, p. 20 BEST QUOTE - Improve Financial Education   On September 14, 2009, President Obama gave a speech to the financial community in New York. In this speech he called upon the financial sector "to come up with creative approaches to improve financial education."          "Featured Partner - Best Provider "  Money Management International and its family of Consumer Credit Counseling Service (CCCS) agencies make up the largest non-profit, full-service credit counseling agency in the United States. MMI offers confidential budget, credit and housing counseling, interactive financial education, debt management services, bankruptcy counseling and bankruptcy education. We provide professional financial guidance, free credit counseling services, community-wide educational programs, debt management assistance, bankruptcy counseling and education services, and housing counseling assistance to consumers via phone, Internet and in-person sessions. For employers of all sizes, MMI provides quality financial education programs in workplaces designed to help employees move towards a debt-free future.  What's Your "Personal Financial Wellness" (PFW) Score? Answer these eight questions to find out 5,000 professionals receive this newsletter and 146 approved PFW users PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[42]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/100809.html","Newsletter Archive October 8, 2009","","News from PFEEF www.PersonalFinanceFoundation.org October 8, 2009                               Home  About Us   ROI Model   Key Questions Rising Health Insurance Costs: 1999, 2009, and 2019  Average annual premiums for health insurance offered by employers: Single coverage 1999 - $2,196; 2009 - $4,824; Family coverage 1999 - $5,791; 2009 - $13,375. "Since 1999, health insurance premiums for families rose 131%, the report found, foar more than the general rate of inflation, which increased 28% over the same period." Kaiser Family Foundation Foundation, Health Research & Educational Trust, USA Today, 09-19-09, p. 6A. Numerous credible sources state that In 10 more years, by 2019, health care costs are conservatively predicted by numerous credible source to double again to: Single $9,648; Family $26,750.  USA Today, 09-16-09, p 6a Numbers - 401(k) Average Balance is $53,900  "The average Fidelity 401(k) balance in the second quarter was $53,900 - still a way to go before a comfortable retirement." New York Times, 8-23-09, p. BUY-2 BEST QUOTE -  "He is richest who is content with the least, for contentment is the wealth of nature." Socrates, 469 B.C.       "Featured Partner - Best Provider "  CLC Incorporated provides legal and financial benefits to over 26 million households through more than 25,000 corporations. CLC's clients include employer groups ranging from Fortune 100 companies to small businesses. Their sole focus is helping people improve their financial lives through one-on-one confidential coaching relationships. CLC never sells books, tapes or any other products. Through a comprehensive financial coaching and identity theft protection program called My Secure Advantage (MSA), CLC also delivers direct-to-employer, on-site financial education classes at no cost to employers. This combines classroom learning with 30-days of one-on-one telephone coaching to help attendees improve their financial lives.  What's Your "Personal Financial Wellness" (PFW) Score? Answer these eight questions to find out 5,000 professionals receive this newsletter and 146 approved PFW users! PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[43]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/092509.html","Newsletter Archive September 25, 2009","","News from PFEEF www.PersonalFinanceFoundation.org September 25, 2009                               Home  About Us   ROI Model   Key Questions AFCPE Conference Early-Bird Reservation Deadline Soon  The annual conference of the Association for Financial Counseling and Planning Education will be held November 18-20, 2009  in Scottsdale, AZ. The early-bird registration deadline is October 1st. This year's conference promises to provide conference participants with comprehensive research, practical information, and opportunities for networking with other professionals in the field of personal finance.  To learn more see: http://www.afcpe.org/conference  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 144 approved scale users & over 4,850 professionals that receive this newsletter. PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[44]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/092109.html","Newsletter Archive September 21, 2009","","News from PFEEF www.PersonalFinanceFoundation.org September 21, 2009                               Home  About Us   ROI Model   Key Questions Major Home Markets Predicted to Fall More  IHS Global Insight predicts that housing prices in the nation's largest 25 home markets for single-family dwellings will decline another 5% to 10%. Larger declines are predicted for some markets. The worst predicted prices declines are: Los Anglelos (-25.7%), Phoenix (-25.4%), New York (-22.3%), Philadelphia (-15.6%), Denver (-15.0%),. Washington, DC (-14.8%),  Money, August 09, p. 87. Financial Education: The Federal Perspective The Government Accountability Office (GAO) released its report "Financial Literacy and Education Commission: Progress Made in Fostering Partnerships, but National Strategy Remains Largely Descriptive Rather Than Strategic."  The report can be found at www.gao.gov/new.items/d09638t.pdf AFCPE, 3rd Quarter, pg 9 Numbers - Mortgage Delinquencies Hits Historic High More than 13% of American homeowners with a mortgage are either behind on their payments or in foreclosure as the recession throws more people out of work, said the Mortgage Bankers Association.  USA Today, 8-21-09, B-1 BEST QUOTE - Direct Influence for 401(k) Participants in Making Their Decisions  "Another way to directly influence plan participants into making decisions about their benefits is to speak to their heart, not their heads. Speak to them in a way that will penetrate their actions by pointing out that "if you're going to work this stinkin' hard, you better have something to show for it through the employee's 401(k), for example."  Dave Ramsey, speaking at the 22nd annual Benefits Forum & Expo.               "Featured Partner - Best Provider "  Financial Soundings is a registered investment advisor focused on proactively delivering retirement plan investment direction to employees of all types of corporations. By incorporating their Retirement Planning Insights program as a feature of the plan, every employee of an organization, whether participating in the retirement plan or not, receives a personalized report outlining their current investment strategy, an analysis of whether the person is on track to meet their retirment goals, suggestions on how to improve their likelihood of success in reaching their goals, and specific fund level advice on how to allocate their assets to more effectively utilize the plan to meet their objectives.   What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 144 approved scale users & over 4,850 professionals that receive this newsletter. PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[45]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/090909.html","Newsletter Archive September 9, 2009","","News from PFEEF www.PersonalFinanceFoundation.org September 9, 2009                               Home  About Us   ROI Model   Key Questions Financial Stress Can Make Overweight People Gain Even More Weight  A Harvard Medical School study reported in the American Journal of Epidemiology shows that overweight individuals are more prone to gaining more weight during times of financial stress than people of average weight.  (click here for the USA Today story) The New Joblessness: Shrinking Workweek  "It's different than other recessions. Not only are firms laying off redundant workers, but they seen to be cutting into the bone. Keith Hall, commissioner of the Bureau of Labor Statistics says the absence of hoarding means that firms do not expect business to pick up soon. This is supported by other evidence, like a doubling in the number of involuntary part-time workers (there are nine million of them) and the shrinking workweek, now 33 hours - the shortest ever recorded. Presumably, before companies start to rehire laid-off workers, they will ask their current employees to work more."  New York Times, 07/26/09, pg 12 Numbers - How Have You Changed Your Retirement Savings?  No change - 58% More conservative (bonds, cash) - 29% Less conservative (stocks) - 13%  Kiplinger's Personal Finance, 09/2009, pg 60 BEST QUOTE -   "Here's to our town, a place that buys things we don't need with money we haven't earned to impress people we don't like." Lewis C. Henry                                                                                  "Featured Partner - Best Provider "   Financial Finesse was founded with a single mission: to provide people with the unbiased information and guidance they need to become financially independent and secure. Today, the company provides full service financial education programs to over 400 organizations, combining financial workshops with phone-based financial coaching, in person financial planning sessions and online content and tools to deliver personalized, ongoing financial planning programs.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 136 approved PFW Scale™ users & over 4,800 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[46]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/082709.html","Newsletter Archive August 27, 2009","","News from PFEEF www.PersonalFinanceFoundation.org August 27, 2009                               Home  About Us   ROI Model   Key Questions Expert Addresses The Need For Financial Wellness In The Workplace  "By addressing financial wellness, we can take important steps toward improving the overall health and well-being of the nation's workforce. 'In this economy, Financial Wellness has become a national imperative,' says expert Jeff Rubleski. 'People need help with this topic desperately-and the things that need to be done are relatively straightforward; it's a natural fit with today's workplace wellness programs.'" (See link of Wellness Councils of America) Numbers - Credit Card Debt Rises Faster for Seniors Credit card debt is growing most quickly for Americans 65 and older. Average credit card debt for consumers, by age:  Age group             Avg. debt                      Change from 2005 18-34                    $ 9,111                          up 1% 35-49                    $10,514                          up 7% 50-64                    $ 9,342                          down 7% 65 +                      $10,235                          up 26%  USA Today, 07/28/09, B-1 BEST QUOTE -   "Let's just say there was not an economic problem around the world. We should have been cutting back 30 years ago because we spend like idiots, don't we. We are all just dopes, you know." Dave Letterman                       "Featured Partner - Best Provider "  Financial Peace Workplace Edition is a personal money-management class that is held in corporate environments and small businesses across the country.The class-which is taught by Dave Ramsey on DVD-includes engaging workshop activities and thought-provoking group discussions that will entertain your team and inspire them well after the course experience is complete. Because we believe that personal finance is only 80% behavior and 20% head knowledge, our goal is to change the way your employees think about personal finance. Winning with money doesn't happen overnight. That's why Financial Peace Workplace Edition is designed to teach your team a step-by-step process to overcome debt and develop a long-term plan with their money.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 136 approved PFW Scale™ users & over 4,850 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[47]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/081709.html","Newsletter Archive August 17, 2009","","News from PFEEF www.PersonalFinanceFoundation.org August 17, 2009                               Home  About Us   ROI Model   Key Questions Employee Financial Problems Cost Employers $4.5 Billion Annually Considering only absenseeism and work time wasted by employees dealing with financial matters at work, the Personal Finance Employee Education Foundation conservatively estimates that the total cost to U.S. employers for ignoring employees' personal financial problems is in excess of $4.5 billion annually. (See article in Business Week)  Keep in mind this number ignores over a dozen poor job outcomes that result from employees who are seriously distressed about personal financial concerns. (See PFEEF's ROI Model)  Numbers - THE STATE OF THE 401(k)  Many workers are saving far less in their 401(k) plan than before:  14.9% of participants decreased contributions in 2008 by an average of 6.3%; another 5% stopped contributing altogether.       15.4% of participants increased contributions in 2008 by an average of 3.2%. Money, August 2009, pg 23 BEST QUOTE -  "If anything can help us out of this economic slump, it is happy employees. Workers who take advantage of their employer's financial education program offered through the workplace are happy employees."  Dr. Tom Garman, Augusta, Georgia                       "Featured Partner - Best Provider "  Integrated Benefits Solutions (IBS) mission is to help clients define and reach their financial goals and to leave a legacy which represents their values. The IBS team successfully provides value to shareholders and employees by structuring integrated business continuation plans, personal financial plans and legacy planning solutions for executives, business owners or employees in a format and depth needed to meet their unique personal financial planning needs.   What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 136 approved PFW Scale™ users & over 4,800 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[48]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/080309.html","Newsletter Archive August 3, 2009","","News from PFEEF www.PersonalFinanceFoundation.org August 3, 2009                               Home  About Us   ROI Model   Key Questions PFEEF Announces the Projected Return-on-Investment Calculator Later in the month of August we will publicize the availability of the "PFEEF Projected Return-on-Investment Calculator" for employers who provide employees access to quality workplace financial education programs. This 2-minute, easy-to-use online calculator shows the value to employers whose employees improve their personal financial behaviors. It utilizes 12 work outcomes factors and describes the assumptions. It will be on the PFEEF website as well as placed on the websites of some of PFEEF's favorite Quality Providers. Workers Stress (Australia) About Personal Finances  Workers stress over financial concerns is as serious in Australia as in the USA according to a national stress poll. Two-thirds (68%) of full-time workers say that they are stressed about their personal finances. Other stressors were about the future (62%), health (50%), and relationships (42%). Half of workers (49%) reports "a lot of stress." Higher income workers were more stressed than others. click here for the full story Numbers - Banks Eye Balance for Credit Card Status "In general, consumers who are 'reckless' with their checking accounts by spending more than they have tend to repeat this pattern with their credit cards, so banks are smart to look at the consumer's overall habits, according to Robert Hammer, CEO of R.K. Hammer. Chase spokeswoman, Tanya Madison says that the bank has found that customers with Chase checking accounts generally have 'good credit' overall. Delinquencies in credit card balances have risen from 5.7% in the fourth quarter of 2008 to 6.5% in the first quarter of 2009."  USA Today, July 21, 2009, A-1 BEST QUOTE -  "One of the hardest things to do in life is to make 12 easy payments."  Cleo Belisle                       "Featured Partner - Best Provider "  InCharge Education Foundation is a national nonprofit organization dedicated to providing educational products, services and research supporting the personal financial literacy of consumers across America. This includes innovative personal finance tools, e-learning, bankrupty education, and Military Money magazine.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 130 approved PFW Scale™ users & over 4,800 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[49]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/072309.html","Newsletter Archive July 23, 2009","","News from PFEEF www.PersonalFinanceFoundation.org July 23, 2009                               Home  About Us   ROI Model   Key Questions USA Today Snapshot - If You Were Given $1,000, What Would You Do? [Surprise! People are Finally Saving]  Put in general savings - 48% Pay off credit card debt - 27% Put in children's education fund - 12% Use it for health care expenses - 10% Put it toward vacation - 10%  USA Today Snapshots, page A-1 Numbers- Increase in Number of Employees Asking HR for Help with Financial Issues In a 2008 survey of 329 human resources and employee benefit managers found growing interest from employers in offering financial education to their employees. Specifically 39% of the business managers surveyed reported an increase in the past year in the number of employees asking HR for help with personal financial issues. 26% reported an increase in the number of employees who had their wages garnished by debt collection agencies and 20% reported an increase in employee advances on pay. Research Works, February 2009, pg 2 BEST QUOTE - Most Employers are NOT Offering Financial Education Resources "Most employers are not offering financial education to workers despite evidence that such resources are effective, yield a positive return on investment, and are valued by employees." HR Magazine, 52(3),64                       "Featured Partner - Best Provider "  For nearly a decade Two Medicine has assisted organizations in reducing costs related to poor health through the implementation of employee-driven strategies. TwoMedicine's team of experienced health strategists provide oversight and system development. Long-term planning and outcome measurement are used to objectively guide the client organization's efforts as it progresses through improved health and economic changes.   What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 129 approved PFW Scale™ users & over 4,800 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[50]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/070209.html","Newsletter Archive July 7, 2009","","News from PFEEF www.PersonalFinanceFoundation.org July 2, 2009                               Home  About Us   ROI Model   Key Questions The Most Important Article You Will Read in 2009  The article "Employee Personal Financial Distress and How Employers Can Help" overviews reseach literature, and answers from research, suggested employer action steps, and provides employer case studies. PFEEF's research is amply cited. Read, learn, enjoy, and share with employers.  www.workplacementalhealth.org/Money_RW_0210.pdf Numbers - Fun & Easy Approaches May Not Lead to Successful Retirement  "After 20 years of fun and easy retirement education, studies show that the great majority of employees now in their 60's have less than $100,000 in their 401(k)s - that's $333 a month at a 4 percent annual withdrawl."  Defined Contribution Insights, Dennis Ackley, May/June 2009, pg 8 BEST QUOTE - So Long to The "So Long as..." Economy  The managing editor of Money Magazine writes "A friend of mine describes the way Americans thought about their finances in the bubbly days before the recession like this: 'We can keep spending up to and beyond our means so long as ...the stock and housing markets don't both crash, borrowing remains easy, and my company and career keep going well.'" Money, July 2009, pg 10                         "Featured Partner - Best Provider "  The Heartland Institute of Financial Education is a Colorado non-profit organization whose mission is to promote financial literacy across America. It is dedicated to empowering organizations and their people through financial education. This focused education is provided by experienced financial professionals who have earned their CFEd® designation - CFE Certified Financial Educator® the first registered credential of its kind. The CFEd® recognizes the financial professional who teaches others. Heartland is PFEEF's longest and strongest supporter!  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 120 approved PFW Scale™ users & over 4,800 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[51]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/062509.html","Newsletter Archive June 25, 2009","","News from PFEEF www.PersonalFinanceFoundation.org June 25, 2009                               Home  About Us   ROI Model   Key Questions Employees' Money Woes Filter into Workplace  As the recession grinds on, more people are finding themselves behind on their bills. Whether it's credit cards, a mortgage or medical expenses, chances are it's affecting on-the-job productivity.  Click here for the full story. 2009 Houston Chronicle, June 11, 2009 McDonald's Cited as PFEEF Exemplary Employer  McDonald's USA, LLC, the leading foodservice provider in the United States has launched several new programs to promote financial literacy and retirement planning among their employees. In 2008, McDonald's partnered with Visa, Inc., the world's largest retail electronic payments network, to launch the country's largest employer-based financial literacy program. The "McDonald's Practical Money Skills" program is being made available to more than 500,000 restaurant-level employees throughout the majority of McDonald's 14,000 U.S. restaurants. This program is designed to empower employees with free, comprehensive money management tools and is part of the company's ongoing commitment to provide a wide-range of benefits to its employees. This program is especially beneficial to its employees during these turbulent financial times. Numbers - Americans Having Serious Financial Problems  "Almost two-thirds (61%) of Americans report having serious financial problems," reports an April 2008 survey by Kaiser Family Foundation. BEST QUOTE  "401(k)s are 'INDIVIDUAL retirement plans.'"  Defined Contribution Insights, Dennis Ackley, page 9         "Featured Partner - Best Provider "  LFE Institute has specialized in unbiased Workplace Financial Literacy Education for the past 23 years. LFE certifies unbiased financial professionals to teach its skill-based workshops and provide comprehensive Money Coaching solutions for employees.LFE also publishes a weekly educational e-learning series called the "Money Minute!" Every week, employees learn up-to-the minute strategies to save money and avoid making costly financial mistakes. With the growth in Workplace Money Coaching, LFE also provides the most in-depth Certification Program for Money Coaches: CWMC (Certified Workplace Money Coach). This extensive program teaches Money Coaches how to address confidential employee questions via e-mail on more than 200 financial topics. For more information, go to: www.lfeinstitute.com or call 1.877.LFE.5557.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 120 approved PFW Scale™ users & over 4,800 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[52]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/061609.html","Newsletter Archive June 16, 2009","","News from PFEEF www.PersonalFinanceFoundation.org June 16, 2009                               Home  About Us   ROI Model   Key Questions Research: Actions Taken by Employees to Improve Personal Financial Wellness  A report from Financial Finesse , a PFEEF Partner, summarizes 15 months of research on behavioral change of 1492 workshops conducted between January 1, 2007 and April 15, 2009. Some of the actions taken by employees to improve personal financial wellness included in order of prevalence include: reducing monthly expenses, reducing credit card debt, using Financial Finesse calculators and/or worksheets, reviewing asset allocation in my retirement plan, and increasing contributions to retirement plan. Numbers - May Housing Construction Jumps by 17.2%  WASHINGTON - Construction of new homes jumped in May by the largest amount in three months, an encouraging sign that the nation's deep housing recession was beginning to bottom out.  The Commerce Department said Tuesday that construction of new homes and apartments jumped 17.2 % last month to a seasonally adjusted annual rate of 532,000 units. That was better than the 500,000-unit pace that economists had expected and came after construction fell in April to a record low of 454,000 units. Associated Press, June 16, 2009 BEST QUOTE "Having spent my career helping individuals and corporations increase productivity, I've become convinced that one of the greatest, unnoticed drains on individual productivity is the distraction that financial stress puts on people."   Dr. Stephen R. Covey, Author of the 7 Habits of Highly Effective People         "Featured Partner - Best Provider "  Advantage Publications creates and publishes informative, motivating and user-friendly booklets and slide calculators for use in education, marketing/sales, and communication programs. All Advantage products are available personalized (name, logo, contact information, message) and in custom editions to meet special needs. PFEEF's Tom Garman says their Interactive Slide Calculators for Personal Finances are the absolute best "honey moment" slide calculators in the world because they show employees and spouse how to help themselves.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 117 approved PFW Scale™ users & over 4,800 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[53]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/061109.html","Newsletter Archive June 06, 2009","","News from PFEEF www.PersonalFinanceFoundation.org June 11, 2009                               Home  About Us   ROI Model   Key Questions Well-Diversified Portfolio Earned 6% From 1999-2008 "Rob Arnott, founder of Research Affiliates, has found that a well-diversified portfolio returned a healthy annualized 6% from 1999 through the end of 2008." His portfolio "includes real estate, investment trusts, emerging markets, and foreign and junk bonds." Money, April 2009, pg 56 Research From a PFEEF "Best Provider" Precision Information's "Educated Investor" team has put over 5,000 financial service employees through 15,000+ hours of online personal finance, investing basics and retirement training. This helped credit union employees improve their financial knowledge by over 20%! Important also is the education helped these organizations encourage over $1 billion in additional savings from employees and members over the past 2 years. Numbers - Would You Believe? 2008 Investment Performance Up Not Down   A common employee choice in 401(k) plans is a stable value mutual fund. The 2008 performance for Hueler Stable Value fund so far is 4.58% compared to a minus 37% for the S & P 500.  Defined Contributions Insights, May 2009, pg 10  BEST QUOTE - Obama Administration Forecasts Housing Prices  Officials in the Obama administration say the best-case scenario for housing is a "17% decline in housing prices in 2009 and a 4% decline in 2010."  Kiplinger's Personal Finance, June 2009, pg 42         "Featured Partner - Best Provider "   Financial Wellness Group Online program takes an integrated learning approach using sound principles of financial management and making them simple and memorable, motivating employees to take positive action in their lives. Training is delivered in "bite sized" segments that can be delivered in a highly scalable cost effective way.   Their new book is "The 4 Laws of Financial Prosperity: Get Control of Your Money Now!   What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 115 approved PFW Scale™ users & over 4,800 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[54]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/052609.html","Newsletter Archive May 26, 2009","","News from PFEEF www.PersonalFinanceFoundation.org May 26, 2009                               Home  About Us   ROI Model   Key Questions Employers Grade Employees' Financial Literacy Poorly  82% of senior finance executives' give their employees a poor grade ("C" [57%], "D" [13%] or "F" [1%]) on their understanding of financial literacy. 27% gave them a "B" and 2% gave their employees a grade of "A." What is their employees most significant challenge? 80% of finance executives report that the most significant challenge they face in getting employees to take action with the company 401(k) plan is "Varied levels of employee financial literacy" and 76% say it is "Competing demands for employees' dollars (e.g., paying off debt, buying a home, saving for college)." Defined Contribution Insights, May/June, 2009, pp 4-7 Numbers - Employers Say Employees Not Ready for Retirement  82% of employers who sponsor 401(k) plans say that most of their employees will NOT be adequately prepared for retirement.  Deloitte/IFEBP as cited in Defined Contribution Insights, May/June, p. 8. BEST QUOTE - Create a definite plan for carrying out your desire and begin at once, whether you are ready or not, to put this plan into action. - Napoleon Hill   Featured Partner - Best Provider "   The EDSA Group®, and independent financial education company, is nationally recognized for its proven, results-driven programs. EDSA specializes in teaching employees to make informed decisions about their personal finances and employer-sponsored benefit plans. Tools available include live workshops, one-on-one counseling, software, and an E-Learning tool (www.Goodmoneyhabits.com).  EDSA provides employees the information they need to make educated decisions (addressing ERISA) and managing possible risk/liability with ongoing and documented action (addressing SOX). Over a decade ago Virginia Tech's NIPFEE conducted research proving the value of the EDSA program.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 115+ approved PFW Scale™ users & over 4,700 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[55]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/042809.html","Newsletter Archive April 28, 2009","","News from PFEEF www.PersonalFinanceFoundation.org April 28, 2009                               Home  About Us   ROI Model   Key Questions Financial Education in the Workplace: Motivations, Methods, and Barriers  "One of the most important lessons of the subprime mortgage crisis holds for us is just how poorly informed many Americans are when it comes to making important financial decisions. Clearly, there is a need for basic financial education. But when, where, and how should such education be delivered? Financial literacy programs aimed at high school students do not appear to be effective, and few adults are willing to expend the time, money, and effort to acquire the sort of general education that would help them make good lifelong financial decisions." click here for the full report.  Lewis Mandell, Senior Fellow, Aspen Institute New America Foundation BEST QUOTE - Spending Excess Money Author of the book, "The Empathy Gap," J.D. Trout says "I think its important to recognize that we don't have the influence on our kids that often times we think we do. When you're spending lots of excess money - money that wouldn't make any difference to your subjective well-being - you're spending the money on a hedonic vomitorium of sorts. The vomitorium image is just the idea that you're consuming something that can't be used by other people, and it gets wasted on you."  The New York Times, Feb 1, 2009, pg 11  NUMBERS - Homeowners Upside Down: The Worst States  In some states and in the auto region, huge numbers of people with mortgages owe more than the value of their homes. The share of mortgages with negative equity has a national average of 19.8% with Nevada leading the average at 55.1%, next is Michigan with 40% and Arizona with 31.8%.  Money Magazine, May 2009, pg 103                    "Featured Partner - Best Provider "    CLC Incorporated provides legal and financial benefits to over 26 million households through more than 25,000 corporations. CLC's clients include employer groups ranging from Fortune 100 companies to small businesses. Their sole focus is helping people improve their financial lives through one-on-one confidential coaching relationships. CLC never sells books, tapes or any other products. Through a comprehensive financial coaching and identity theft protection program called My Secure Advantage (MSA), CLC also delivers direct-to-employer, on-site financial education classes at no cost to employers. This combines classroom learning with 30-days of one-on-one telephone coaching to help attendees improve their financial lives. Webcast on Tuesday, May 5th at 1 pm (EST) Sign up for Tom's Webcast on "All New Presentation"  Dr. E. Thomas Garman, President, Personal Finance Employee Education Foundtation, will present a webcast on Tuesday , May 5th, at 1 PM, EST. Presentation will be 25 minutes in length plus Q & A.  Please sign up by e-mailing Mary Moldenhauer, PFEEF Administrative Manager, E-mail.  The title is: "Workplace Financial Programs are profitable when done right."  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 100+ approved PFW Scale™ users & over 4,700 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[56]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/041709.html","Newsletter Archive April 17, 2009","","News from PFEEF www.PersonalFinanceFoundation.org April 17, 2009                               Home  About Us   ROI Model   Key Questions McLeod Health Cited as PFEEF Exemplary Employer The mission of the Personal Financial Employee Education Foundation (PFEEF) is to share research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal financial distress and improve financial well-being. An important part of that effort is to recognize exemplary employer programs.  McLeod Health, a not-for-profit health care system in South Carolina, is committed to helping their 4,700 employees live well. They provide a leading financial education program for their employees. McLeod Health uses a work-life program branded as "Living Well." One of the key goals is to "Help Employees Create Balance in Life." To do so they do not just focus on offering programs and benefits, but rather helping employees take ownership and have access to the tools necessary. The construct of Living Well is based on the premise that they have to meet employees at their point of need and capacity. One of their financial providers is the Dave Ramsey Financial Peace University Workplace Edition. BEST QUOTE - Debt is Dangerous Crushed by debt and dwindling savings, families face a tough road ahead. "One of the lessons of this crisis is that debt is very dangerous for individual families," says Elizabeth Warren, who has been appointed to head up congressional oversight of Uncle Sam's $700 billion bank.  U.S.News & World Report, March 2009, pg 52 NUMBERS - Retirement Confidence Drops to Record Low EBRI's annual barometer of Americans' retirement confidence shows the recession has worn away workers' assuredness that their golden years will be happy, healthy and financially secure.  Released on Tuesday, the19th annual Retirement Confidence Survey posts a record-low 13% of respondents who say they are very confident of having enough money to live comfortably in retirement, down from 18% in 2008 and 27% in 2007.  Employee Benefit News, April 16, 2009                                      "Featured Partner - Best Provider "     Cygnet Institute of Personal Financial Literacy is an educational company based in principles researched, developed and field tested by Cygnet Financial Planning, Inc., a pioneer in the development of financial planning systems and services since 1982. Cygnet's Institute's goal is to provide the highest quality, lowest cost financial wellness programs available...with no hidden agenda.  Cygnet provides tools and hands-on interactive exercises so employees can develop an actual written financial plan in class while maintaining absolute confidentiality. Objectivity is assured by Cygnet Institute's standard policy that prohibits instructors from soliciting or accepting participants as clients.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 100+ approved PFW Scale™ users & over 4,600 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[57]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/040909.html","Newsletter Archive April 9, 2009","","News from PFEEF www.PersonalFinanceFoundation.org April 9, 2009                               Home  About Us   ROI Model   Key Questions Senior Finance Executives Overwhelmingly Support Quality Workplace Financial Programs A survey of 87% of senior finance executives surveyed by CFO Research Services and Charles Schwab agree that "understanding individual debt management" is properly a primary responsibility of the EMPLOYER! 9% think it is a shared responsibility between employee and the company and only 2% think is is solely the employee's role. Defined Contribution Insights, March/April 2009, pp 4-7. BEST QUOTE "Too many Americans following the bad example of their government - spending more money than they make and charging even more" says David Walker, former comptroller general." Employment Benefit News , February 2009, pg 40 NUMBERS -Consumers Fall Behind on Loans at Record Rate A record 4.2% of consumer loans were delinquent at least 30 days in the fourth quarter, the latest data available, according to the Federal Reserve. Another 4% of consumer loans were in default, meaning they'd been written off by lenders.  RESEARCH: Gallup-Healthways Daily Well-Being Index The Gallup-Healthways Well-Being Index has, since January 2008, tracked Americans' collective well-being on a daily basis of 1,000 adults, and will do so for the next 24 years.The worst of the six sub-indexes (life evaluation, healthy behaviors, work environment, physical health, emotional health and access to basic necessities) is life evaluation (well-being), reflecting these economic times. Click here                                      "Featured Partner - Best Provider "    Financial Soundings is a registered investment advisor focused on proactively delivering retirement plan investment direction to employees of all types of corporations. By incorporating their Retirement Planning Insights program as a feature of the plan, every employee of an organization, whether participating in the retirement plan or not, receives a personalized report outlining their current investment strategy, an analysis of whether the person is on track to meet their retirment goals, suggestions on how to improve their likelihood of success in reaching their goals, and specific fund level advice on how to allocate their assets to more effectively utilize the plan to meet their objectives.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 100+ approved PFW Scale™ users & over 4,600 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[58]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/033109.html","Newsletter Archive January 8, 2009","","News from PFEEF www.PersonalFinanceFoundation.org March 31, 2009                               Home  About Us   ROI Model   Key Questions RESEARCH - 401(k)s Aren't Covering America Only about half of American workers have a retirement plan. Of those with a 401(k), many don't participate.  Only 66% join their 401(k). Only 10% of participants contribute the maximum. 60% cash out all or a portion of their money when they change jobs.  Money March 2009, pg 77 BEST QUOTE-BUYING WHAT YOU CANNOT AFFORD "Circuit City expired two weeks ago, leaving 567 stores dark and Best Buy as the main place to shop for the 60-inch flat-screen HDTV you can't afford."  Ted Anthony, Daily Sun, March 22, 2009, pg A20 NUMBERS - In One Year, 24 Million Slide from 'Thriving to 'Struggling'  "More than 24 million Americans shifted in 2008 from lives that were 'thriving' to ones that were 'struggling' according to a massive study by Gallup and Heathways, a Tennessee-based health management company. Results from its Well-Being Index - including physical and mental health as well as personal finances and job satisfaction - are being released today."  January 2008                                   November/December 2008 Thriving -    49%                                 38% Struggling - 51%                                62%   USA Today, March 10, 2009, pg 1  Australian Employers Focus on Employee Financial Well-Being The financial crisis has brought a new urgency in Australia to the need for employees to know how to manage their debts, savings and expenditure.  "Improving workforce productivity by improving financial wellbeing has three stages-acknowledgement, education and support," says Matt Hern, principal of workplace financial education specialist Findre.  "Acknowledgement is about the employer demonstrating empathy. You can reduce employee stress with regular, consistent briefings on the financial stability of your company and what staff can do to secure the company's and their own future."  "Education is the way to overcome suboptimal financial behavior rooted in inadequate financial literacy. Many people need to learn more about managing money so they can make more informed choices and decisions.  HR Monthly, Dec 2008/Jan 2009, pg 44               "Featured Partner - Best Provider "  Financial Finesse was founded with a single mission: to provide people with the unbiased information and guidance they need to become financially independent and secure. Today, the company provides full service financial education programs to over 400 organizations, combining financial workshops with phone-based financial coaching, in person financial planning sessions and online content and tools to deliver personalized, ongoing financial planning programs.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 100+ approved PFW Scale™ users & over 4,600 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[59]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/031909.html","Newsletter Archive March 19, 2009","","News from PFEEF www.PersonalFinanceFoundation.org March 19, 2009                               Home  About Us   ROI Model   Key Questions RESEARCH - Finances Running Low, Stress Running High A survey from employee assistance provider ComPsych finds 92% of employees say financial worries are keeping them up at night, with top concerns being: Cost of living, 30% Credit card debt, 29% Mortgage payments, 14% Retirement accounts, 13% Kids' tuition, 3% Health care costs, 3% Employee Benefit News, January 2009, p.50 FAVORITE QUOTE Asked how he felt about the current economic landscape shaped during his tenure as chief of the Securities and Exchange Commission, Arthur Levitt said:  "We've all acted foolishly. We've spent too much money on too many frivolous things."   NUMBERS - New Research from Hewitt Associates   The average 401(k) plan balance dropped 14%, from $79,000 in 2007 to $68,000 in 2008.  6.0% of workers withdrew funds from their 401(k) in 2008, up from 5.4% in 2007.   22% of employees have a 401(k) loan, which is unchanged from 2007. Sign up for Tom's Webcast on "Increase the Bottom Line by Helping Distressed Employee's During Challenging Financial Times"  Dr. E. Thomas Garman, President, Personal Finance Employee Education Foundtation, will present a webcast on Thursday, March 26th, at 1 PM, EST. Presentation will be 25 minutes in length plus Q & A.  Please sign up by e-mailing Mary Moldenhauer, PFEEF Administrative Manager, E-mail.               "Featured Partner - Best Provider "  Financial Peace Workplace Edition provides the most effective personal financial learning experience available! It combines the expert presentation of financial information, with small group accountability, 12 weeks of personal support with an on-site facilitator, and 15 weeks of hands-on exercises via an interactive online program. Refresher classes are offered nationwide, at no additional charge making this the most comprehensive, cost-effective, financial education program currently available to employers.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 100+ approved PFW Scale™ users & over 4,500 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! Opt-in/Opt-out  PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[60]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/031009.html","Newsletter Archive March 10, 2009","","News from PFEEF www.PersonalFinanceFoundation.org March 10, 2009                               Home  About Us   ROI Model   Key Questions Challenges and Solutions for Health & Productivity Incentives and Disincentives  Employers want help in crafting effective incentives and disincentives programs for workforce health and productivity. This new research found challenges. To help, Integrated Benefits Institute (IBI) asked its member experts to suggest employer solutions based on the research findings. click here for the full article from IBI. FAVORITE QUOTE   "Financial education needs to become a part of our national curriculum and scoring systems so that it's not just the rich kids that learn about money.. it's all of us." David Bach NUMBERS - Credit Card Payment Rate Data show that the credit card payment rate - the percentage of outstanding card debt paid. - fell by 2.5 percentage points to 16.1%. The drop in November, the latest month available, is among the largest on record, according to CardTrak.com. a credit card research firm. USA Today, January 30, 2009, A1 Sign up for Tom's Webcast on "All New Presentation"  Dr. E. Thomas Garman, President, Personal Finance Employee Education Foundtation, will present a webcast on Thursday, March 26th, at 1 PM, EST. Presentation will be 25 minutes in length plus Q & A.  Please sign up by e-mailing Mary Moldenhauer, PFEEF Administrative Manager, E-mail.  The title is: "Increase the Bottom Line by Helping Distressed Employee's During Challenging Financial Times"                                             "Featured Partner -Best Provider "        Integrated Benefits Solutions (IBS) mission is to help clients define and reach their financial goals and to leave a legacy which represents their values. The IBS team successfully provides value to shareholders and employees by structuring integrated business continuation plans, personal financial plans and legacy planning solutions for executives, business owners or employees in a format and depth needed to meet their unique personal financial planning needs.   What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 95 approved PFW Scale™ users & over 4,500 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits i.ncrease by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!  The PFEEF does not send or condone the sending of unsolicited commercial email. Subscribers are added to our electronic newsletter on an opt-in permission basis and may unsubscribe through links in every mailing.");sQ1[61]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/030209.html","Newsletter Archive March 2, 2009","","News from PFEEF www.PersonalFinanceFoundation.org March 2, 2009                               Home  About Us   ROI Model   Key Questions United Kingdom Pension Act Will Require Employers to Offer Pension  The United Kingdom's Pension Act 2008 requires employees to be covered under an employer-sponsored pension or a new personal accounts scheme. Employee enrollment will be automatic, though an individual will have a limited opportunity to opt out.  click here for the full article. FAVORITE QUOTE Geneen Roth, column, Salon: "I was fleeced by (Bernard) Madoff...Over and over again, I asked myself: Why didn't I secure the most basic of all things - shelter itself?...I see the answer clearly: because I believed in something else more - I believed in accumulating, you see what you don't have, not what you have...I never felt as if I had enough. I was always focused on the bite that was yet to come, not the one in my mouth. I was focused on the way my husband wasn't perfect, not the way he was. And on the sweater I saw in the window, not the one in my closet that I hadn't worn for a year." USA Today, 01/13/09, 10A                    "Featured Partner -Best Provider "     InCharge Education Foundation is a national nonprofit organization dedicated to providing educational products, services and research supporting the personal financial literacy of consumers across America. This includes innovative personal finance tools, e-learning, bankrupty education, and Military Money magazine.  . New on PFEEF Website: "Ouotes From Tom Garman"  The theme of 25 plus quotes is that the financial health of your employees drives the financial health of your business. The quotes can be found on the PFEEF website under speeches. Simply click here.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 95 approved PFW Scale™ users & over 4,500 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[62]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/021909.html","Newsletter Archive February 19, 2009","","News from PFEEF www.PersonalFinanceFoundation.org February 19, 2009                               Home  About Us   ROI Model   Key Questions Research Priorties for Financial Literacy and Education The U.S. Financial Literacy and Education Commission's National Strategy and a group of academics framed a research agenda for financial literacy and education The findings are posted and can be found by clicking here . At the bottom of the page, you will find the complete report as well as a one-page summary of the "10 Research Priorities." FAVORITE QUOTE  "Always follow your passion, your heart, your dream. Don't say something is impossible."   Tony Bennett NUMBERS - Consumers Cut Credit Payments Even with less debt, consumers are struggling to pay their card bills. The average household with at least one credit card owed $10,728 in 2008, nearly the same amount as in 2007, according to Card-Trak.com  USA Today, 01/30/09, A1 "Featured Partner -Best Provider "    For nearly a decade Two Medicine has assisted organizations in reducing costs related to poor health through the implementation of employee-driven strategies. TwoMedicine's team of experienced health strategists provide oversight and system development. Long-term planning and outcome measurement are used to objectively guide the client organization's efforts as it progresses through improved health and economic changes.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 95 approved PFW Scale™ users & over 4,500 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[63]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/012709.html","Newsletter Archive January 27, 2009","","News from PFEEF www.PersonalFinanceFoundation.org January 27, 2009                               Home  About Us   ROI Model   Key Questions DOL ISSUES FINAL REGS ON INVESTMENT ADVICE "The Department of Labor issued final regulations that would make it much easier for participants of 401(k) plans and individual retirement accounts to receive investment advice." Under the Pension Protection Act of 2006, participants can receive investment advice through the use of a computer model certified as unbiased or though an advisor compensated on a "level-fee" basis. The new regulations offer guidance addressing proper use of fee-leveling, computer models, the authorization of a plan fiduciary and annual audit requirements.  Employee Benefit News, 2009 (click here) FAVORITE QUOTE  "Create a definite plan for carrying out your desires and begin at once, whether you are ready or not, to put this plan into action." - Napoleon Hill NUMBERS -  "One of every five mortgage holders now has a home worth less than the mortgage on it, according to First American CoreLogic, a firm that tracks mortgages. The Washington Post, January 17, 2009, A-1. Please Consider Putting PFEEF Logo on Your Website Supporters of the Personal Finance Employee Education Foundation (PFEEF) are encouraged to put a citation on their website similar to that on the website of LFE Institute, a member of the PFEEF Board of Trustees (http://www.lfeinstitute.com/) where on the lower left of their home page they have the PFEEF logo with the tag line: "LFE proudly supports [PFEEF Logo]." If you would like to do something similar, please ask us to e-mail you some PFEEF logos.                             "Featured Partner -Best Provider "  Precision Information is a rapidly growing personal finance software company devoted to developing and distributing innovative educational software and online applications for the financial services market. PI provides efficient, effective, and affordable financial education tools and learning systems to serve the needs of financial service firms, financial professionals, students, individual investors, and independent learners alike.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 92 approved PFW Scale™ users & over 4,500 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[64]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/012109.html","Newsletter Archive January 21, 2009","","News from PFEEF www.PersonalFinanceFoundation.org January 21, 2009                              Home  About Us   ROI Model   Key Questions PFEEF Approved as 501(c)3 Nonprofit Public Charity The Personal Finance Employee Education Foundation, Inc., a nonprofit Florida corporation, has been approved by the Internal Revenue Service as a 501(c)3 charitable organization. Contributions are tax deductible back through 2006. FAVORITE QUOTE  "It's not how much money you have, it's how you use your money."  Gerry Chambers NUMBERS - WORKERS OFTEN DON'T SAVE ENOUGH Nearly 43% of workers over age 55 have less than $50,000 in savings and investments, according to the Employee Benefit Research Institute. USA Today, October 31, 2008, p 3B PFEEF Chapter of New Book "Education to Promote Employee Financial Well-Being: What Role for Employers?" GTZ Case Study Book on Financial Wellness (2009), Prawitz & Garman Read more... (click here)                                                            "Featured Partner - Best Provider "  The Heartland Institute of Financial Education is a Colorado non-profit organization whose mission is to promote financial literacy across America. It is dedicated to empowering organizations and their people through financial education. This focused education is provided by experienced financial professionals who have earned their CFEd® designation - CFE Certified Financial Educator® the first registered credential of its kind. The CFEd® recognizes the financial professional who teaches others. Heartland is PFEEF's longest and strongest supporter!  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 90 approved PFW Scale™ users & over 4,400 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[65]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/011409.html","Newsletter Archive January 14, 2009","","News from PFEEF www.PersonalFinanceFoundation.org January 14, 2009                              Home  About Us   ROI Model   Key Questions NYTimes Handy Calculator to Track Your Portfolio's Comeback  Workers can calculate how long it will take their portfolio to comeback from the 2008 market downfall. Use this tool to calculate when your investments could return to their peak levels. http://www.nytimes.com/interactive/2009/01/06/business/20090106-comeback-graphic.html FAVORITE QUOTE  "You must be the change you wish to see in the world." Mohandas K. Gandhi NUMBERS - 43% OF EMPLOYERS OFFER FINANCIAL EDUCATION PROGRAMS FOR THEIR EMPLOYEES  A recent survey of employers conducted by the International Foundation of Employee Benefit Plans found that 43% of U.S. respondents offer financial education literacy programs for their workers. International Foundation of Employee Benefit Plans, Nov 25, 2008  "Featured Partner - Best Provider " Advantage Publications creates and publishes informative, motivating and user-friendly booklets and slide calculators for use in education, marketing/sales, and communication programs. All Advantage products are available personalized (name, logo, contact information, message) and in custom editions to meet special needs. PFEEF's Tom Garman says their Interactive Slide Calculators for Personal Finances are the absolute best "honey moment" slide calculators in the world because they show employees and spouse how to help themselves. ANNOUNCEMENTS Dr. Sharon Burns Joins PFEEF Board of Directors Dr. Sharon Burns was recently elected to the Board of Directors of the Personal Finance Employee Education Foundation.  Dr. Sharon Burns is Senior Vice President for Knowledge and Content Management for the International Foundation of Employee Benefit Plans. The non-profit organization, based in Brookfield, Wisconsin, serves over 35,000 professional members and certificants. BIO  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 90 approved PFW Scale™ users & over 4,400 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[66]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/010809.html","Newsletter Archive January 8, 2009","","News from PFEEF www.PersonalFinanceFoundation.org January 8, 2009                              Home  About Us   ROI Model   Key Questions SHRM RESEARCH - Employees' Financial Stresses Early this year, the Society for Human Resource Management, surveyed its members and confirmed the effects of economic stress. In the previous 12 months, members had seen a 26 percent increase in employees having their wages garnished by collection agencies; a 39 percent increase in requests for 401 (k) plan loans; a 20 percent increase in requests for pay advances; and a 14 percent jump in employees reporting having lost their homes. All are symptoms of the very real impact of our troubled economy. FAVORITE QUOTE  "At the heart of the troubles, both short term and long term, is debt. Debt helped create the housing bubble and has now left almost one of every six homeowners with a mortgage larger than the value of their home. Debt built up, and then laid low, modern Wall Street, where firms borrowed $30 for every $1 they owned." The New York Times, October 12, 2008, p w-1 NUMBERS  "Elsewhere Friday, the Mortgage Bankers Association said a record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September. The percentage of loans at least a month overdue or in foreclosure was up from 9.2 percent in the April-June quarter, and from 7.3 percent a year earlier." Yahoo.com, December 5, 2008. "Featured Partner - Best Provider "    LFE Institute has been focused on unbiased Workplace Financial Literacy for over two decades. LFE's "Managing Your Money!" workshops have helped over 500,000 employees stretch their paychecks, reduce their debts, ease family conflicts over money, avoid costly financial traps and pitfalls, and find an average of $4,000 - $7,000 extra each year - all using LFE's unique alternative to budgeting! LFE's offers interactive, skill-based "Investing for a Great Retirement!" workshops, a weekly online educational series called the "Money Minute!" and a Directory of Approved Money Coach Providers for employers who seek unbiased Money Coaches to answer employees' financial questions via e-mail throughout the year.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 89 approved PFW Scale™ users & over 4,400 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[67]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/120808.html","Newsletter Archive December 8, 2008","","News from PFEEF www.PersonalFinanceFoundation.org December 8, 2008                              Home  About Us   ROI Model   Key Questions PFEEF White Paper on "How to Motivate Employees to Change Personal Financial Behaviors" PFEEF has written a White Paper to help financial program providers understand how to motivate employees who are not yet ready to take that first step toward a better financial life. The strategies are based on the successful "Stages of Behavior Change Model" developed and tested by Prochaska and colleagues for more than 30 years. Read it and learn!  Click here: http://www.personalfinancefoundation.org/questions/Strategies%20on%20Website%20Oct%2008.pdf Ironically, those individuals most in need of financial education are most likely to avoid it. Simply put, those who are not ready to learn about improving financial practices are not likely to attend financial education seminars or workshops, nor will they participate in online learning. Even if they do become somewhat engaged, they are not yet ready to put the strategies learned into practice in their lives. PFEEF conducts research on stages of change, and we can recommend consultants who can advise on communications messages. FAVORITE QUOTE  A quote from Ernst & Young's Bill Arnone on the likelihood of employers providing basic financial education to employees, "If not now, never!" NUMBERS  By the end of 2009, banks are likely to write off a record amount - up to $96 billion, or about 10% - of all credit card debt, says Innovest Strategic Value Advisors, a research firm that was among the first to predict the mortgage meltdown. The credit card market is a fraction of the size of the mortgage world, but its collapse could threaten some issuers' solvency and make it harder for others to absorb financial shocks, says Gregory Larkin, a senior analyst at Innovest. "Mortgages were simply the first storm to make landfall," Larkin says. "Credit cards are next."  USA Today, November 10, 2008, p 2A "Featured Partner - Best Provider "   Financial Wellness Group Online program takes an integrated learning approach using sound principles of financial management and making them simple and memorable, motivating employees to take positive action in their lives. Training is delivered in "bite sized" segments that can be delivered in a highly scalable cost effective way.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 86 approved PFW Scale™ users & over 4,000 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[68]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/112008.html","Newsletter Archive November 20, 2008","","News from PFEEF www.PersonalFinanceFoundation.org November 20, 2008                              Home  About Us   ROI Model   Key Questions Workers Cannot Afford to Save for Retirement  "Despite offering a host of resources to boost 401(k) participation, employers believe worker' failure to participate in defined contribution plans often stems from their efforts to pay other household bills, reports Aon Consulting Worldwide. The HR consulting firm found that about 40% of companies with DC plans have less than 70% of their workers participating in the plans. Furthermore, 67% of employers said that workers don't take advantage of the plan because they can't afford the contributions." Employee Benefit News, October 7, 2008 (click here) FAVORITE QUOTE   "If you can't change the circumstances, change your perspective." Angie Hollerich (click here) NUMBERS  "59% give themselves a grade of C or worse when it comes to financially preparing for retirement.  Most believe the odds are 50% or less that they will be able to retire when they want.   72% agree when it comes to retirement, no one is looking out for the average person; 67% not sure where to go for help".  And current economy isn't helping retirement savings efforts:  Nearly one in five said they stopped or reduced putting money into a 401(k), IRA or other retirement account due to the current economic slowdown.  20% said they pushed back or postponed their planned retirement date.  AARP, PRNewswire 10/03/08 (click here) "Featured Partner - Best Provider "    Financial Soundings is a registered investment advisor focused on proactively delivering retirement plan investment direction to employees of all types of corporations. By incorporating their Retirement Planning Insights program as a feature of the plan, every employee of an organization, whether participating in the retirement plan or not, receives a personalized report outlining their current investment strategy, an analysis of whether the person is on track to meet their retirment goals, suggestions on how to improve their likelihood of success in reaching their goals, and specific fund level advice on how to allocate their assets to more effectively utilize the plan to meet their objectives.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 83 approved PFW Scale™ users & over 4,300 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[69]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/102808.html","Newsletter Archive October 28, 2008","","News from PFEEF www.PersonalFinanceFoundation.org October 28, 2008                              Home  About Us   ROI Model   Key Questions Article in "Investment Advisor" Cites Two PFEEF Board Members  Hats off to Liz Davidson, President and CEO of Financial Finesse and member of PFEEF's Board of Trustees, for her interview with Investment Advisor magazine. PFEEF has some good quotes in there, too. It is very well written! Because it tells the story well you should share it with lots of your clients and prospective employers. Alice Whinnery, President and CEO of LFE, has some superb remarks in the article as well. (click here) FAVORITE QUOTE  "If you have too much debt - particularly credit card debt - I can guarantee that you do not have much of a financial future." Jean Chatzky NUMBERS "With as many as 2.5 million homes in the United States entering foreclosure this year and, at best, sales of only 5 million existing homes, the foreclosure price is becoming the rule in many areas." The New York Times, August 24, 2008, p 6 "Featured Partner - Best Provider "   The EDSA Group®, and independent financial education company, is nationally recognized for its proven, results-driven programs. EDSA specializes in teaching employees to make informed decisions about their personal finances and employer-sponsored benefit plans. Tools available include live workshops, one-on-one counseling, software, and an E-Learning tool (www.Goodmoneyhabits.com).  EDSA provides employees the information they need to make educated decisions (addressing ERISA) and managing possible risk/liability with ongoing and documented action (addressing SOX). Over a decade ago Virginia Tech's NIPFEE conducted research proving the value of the EDSA program.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 81 approved PFW Scale™ users & over 4,300 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[70]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/102108.html","Newsletter Archive October 21, 2008","","News from PFEEF www.PersonalFinanceFoundation.org October 21, 2008                              Home  About Us   ROI Model   Key Questions Survey: Workers' Family Health Care Deductibles Jump 29%  "Annual decutibles - the amount employees pay out of their own pockets for medical care before their insurance coverage starts - jumped an average of 29% to $1,344 for those with family coverage, the survey says. It was conducted by the non-partisan Kaiser Family Foundation, which studies health policy, and the Health Research & Educational Trust, an affiliate of the American Hospital Association that studies health issues." USA TODAY, September 28, 2008, p 4A. FAVORITE QUOTE "Declining pensions and retiree medical coverage, combined with increasing life expectancy, inflation and health care costs, contribute to new data from Hewitt Associates suggesting that the current 70% to 90% pay-replacement model for retirement income adequacy is now inaccurate. Workers instead will need to replace a staggering 126% of final pay at retirement." Benefit News, September 1, 2008, pp. 41-45. NUMBERS "More than 2 million foreclosures on homes financed with subprime loans are anticipated from late 2008 to the end of 2009, according to the Center for Responsible Lending. An additional 40.6 million homes will drop in value because they are near foreclosed homes." USA TODAY, September 26, 2008, p 2B. "Featured Partner - Best Provider "   Money Management International and its family of Consumer Credit Counseling Service (CCCS) agencies make up the largest non-profit, full-service credit counseling agency in the United States. MMI offers confidential budget, credit and housing counseling, interactive financial education, debt management services, bankruptcy counseling and bankruptcy education. We provide professional financial guidance, free credit counseling services, community-wide educational programs, debt management assistance, bankruptcy counseling and education services, and housing counseling assistance to consumers via phone, Internet and in-person sessions. For employers of all sizes, MMI provides quality financial education programs in workplaces designed to help employees move towards a debt-free future.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 80 approved PFW Scale™ users & over 4,900 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[71]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/101408.html","Newsletter Archive October 14, 2008","","News from PFEEF www.PersonalFinanceFoundation.org October 14, 2008                              Home  About Us   ROI Model   Key Questions FINAL REMINDER: Sign up for Tom's Webcast on PFEEF and ROI Dr. E. Thomas Garman, President, Personal Finance Employee Education Foundtation, will present a webcast on Friday, October 17th, at Noon, EST. Presentation will be 25 minutes in length plus Q & A.  Please sign up by e-mailing Mary Moldenhauer, PFEEF Administrative Manager, E-mail.  The title is: "Increase the Bottom Line by Helping Distressed Employees During Challenging Financial Times."  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 80 approved PFW Scale™ users & over 4,900 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[72]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/100708.html","Newsletter Archive October 7, 2008","","News from PFEEF www.PersonalFinanceFoundation.org October 7, 2008                              Home  About Us   ROI Model   Key Questions Sign up for Tom's Webcast on PFEEF and ROI Dr. E. Thomas Garman, President, Personal Finance Employee Education Foundtation, will present a webcast on Friday, October 17th, at Noon, EST. Presentation will be 25 minutes in length plus Q & A.  Please sign up by e-mailing Mary Moldenhauer, PFEEF Administrative Manager, E-mail.  The title is: "Increase the Bottom Line by Helping Distressed Employees During Challenging Financial Times."  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 80 approved PFW Scale™ users & over 4,900 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[73]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/100608.html","Newsletter Archive October 6, 2008","","News from PFEEF www.PersonalFinanceFoundation.org October 6, 2008                              Home  About Us   ROI Model   Key Questions  "State of the State of the Credit Counseling Industry" Susan Keating, President and CEO of the largest credit counseling trade association, the National Foundation for Credit Counseling, in a major speech observes that the non-profit industry is now well respected and considered part of the solution when financial problems confront America. Employers and other organizations increasingly are associating with non-profit credit counseling agencies to provide free and low-cost financial education and counseling. ( click here) FAVORITE QUOTE "Annual income 20 pounds, annual expenditure 19 and 6, result happiness. Annual income 20 pounds, annual expenditure 20 pounds ought and 6, result misery." Charles Dickens REVISED POWERPOINT PRESENTATION  We have updated our Powerpoint for employers. (click here and then click on powerpoint for employers) "Featured Partner - Best Provider "   CLC Incorporated CLC Incorporated provides legal and financial benefits to over 26 million households through more than 25,000 corporations. CLC's clients include employer groups ranging from Fortune 100 companies to small businesses. Their sole focus is helping people improve their financial lives through one-on-one confidential coaching relationships. CLC never sells books, tapes or any other products. Through a comprehensive financial coaching and identity theft protection program called My Secure Advantage (MSA), CLC also delivers direct-to-employer, on-site financial education classes at no cost to employers. This combines classroom learning with 30-days of one-on-one telephone coaching to help attendees improve their financial lives.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 80 approved PFW Scale™ users & over 4,900 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[74]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/091508.html","Newsletter Archive September 15, 2008","","News from PFEEF www.PersonalFinanceFoundation.org September 15, 2008                              Home  About Us   ROI Model   Key Questions What are the "Most Pressing Financial Issues" Facing Americans Today?   The "Retirement Confidence Survey" conducted by the Employee Benefits Research Institute finds that saving for retirement is 7th down the list of seven what they think is their most pressing financial issues. Number one is "making ends meet" (17%)! The others are paying for health insurance (16%), making mortgage payments or paying for housing (16%), paying down debt or loans (13%), fuel or energy costs (9%), job uncertainty (6%), and saving or planning for retirment (5%). ( click here) "NUMBERS" -  More than 3 million homeowners will default on their mortgages this year, according to Moody's Economy. That's about 5% of all U.S. mortgages outstanding. FAVORITE QUOTE "Reckless people have deluded themselves that [the recent housing meltdown] was a subprime crisis," said New York University economics professor Nouriel Roubini. "But we have problems wiith credit-card debt, student-loan debt, auto loans, commerical real estate loans, home-equity loans, corporate debt, corporate debt and loans that financed leverage buyouts. We have a subprime financial system not a subprime mortgage market." The New York Times Magazine, August 17, 2008, page 29. What are the Criteria for PFEEF's Quality Providers? The "Quality Providers" who partner with the Personal Finance Employee Education Foundation (PFEEF) are among the very best companies in the United States of America who offer workplace financial programs. Their workplace financial information and education programs emphasize basic financial literacy that results in improvements in employees' personal financial behaviors, decreases in their financial distress and improvements in employee financial well-being. Such employees often make better use of their employer benefits programs and increase their contributions to their employer-sponsored retirement programs. (click here) "Featured Partner - Best Provider "  Financial Finesse was founded with a single mission: to provide people with the unbiased information and guidance they need to become financially independent and secure. Today, the company provides full service financial education programs to over 400 organizations, combining financial workshops with phone-based financial coaching, in person financial planning sessions and online content and tools to deliver personalized, ongoing financial planning programs.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 79 approved PFW Scale™ users & over 4,000 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[75]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/090408.html","Newsletter Archive September 4, 2008","","News from PFEEF www.PersonalFinanceFoundation.org September 4, 2008                              Home  About Us   ROI Model   Key Questions  Tom's "Dave Ramsey" TV Interview Available on Website Tom recently joined financial expert Dave Ramsey for a 12-minute interview on the Dave Ramsey Show on Fox Business News. It is suitable for showing to employers. Also on the PFEEF website home page is a 6-minute presentation specifically designed for providers to show employers. (click here to view either of the two videos) "NUMBERS" - Falling Home Prices "Now, with house prices falling, nearly 10 million people have lost ALL of their home equity". The New York Times (August 15, 2008, pg A16) FAVORITE QUOTE "Financial stress is probably the number one stress that gets people to fail (at work). People are preoccupied and not being as productive." Arkadi Kuhlman, CEO of online bank ING Direct. USA Today, September 5, 2007, B1 What are the Criteria for PFEEF's Exemplary Employers?  An "PFEEF Exemplary Employer" recognized by the Personal Finance Employee Education Foundation (PFEEF) and featured on the PFEEF website is one who has genuinely recognized the importance and value of quality workplace financial education programs to both employees and the employer. PFEEF exemplary employers have demonstrated their commitment to helping employees improve their financial wellness by offering them easy access to a variety of quality financial programs. (click here for PFEEF's 7 criteria)  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 79 approved PFW Scale™ users & over 3,800 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[76]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/082808.html","Newsletter Archive August 28, 2008","","News from PFEEF www.PersonalFinanceFoundation.org August 28, 2008                              Home  About Us   ROI Model   Key Questions "Met Life Study of the American Dream"  The 2008 MetLife Study of the American Dream found that Americans no longer regard the achievement of the dream as a discernable destination in life, but rather as an on-going and increasingly challenging pursuit of financial security. For most Americans, the ability to achieve or sustain the American dream was imperiled by a major financial burden shift - a weakening of traditional social and corporate safety nets (such as Social Security and corporate pensions) that increasingly shifted financial responsibilities towards individuals. "NUMBERS" - IRS Garnishments  According to Fiscal Year 2007 IRS Enforcement and Service Statistics, the IRS issued nearly 3.8 million wage garnishments and levies against taxpayers. That number increased 17 times since fiscal year 2000 when just over 200,000 were issued. Source: L. A. Vitt & K. L. Murrell, You & Your Money: A No-Stress Guide to Becoming Financially Fit. (click here) Favorite Quote "Your present circumstances don't determine where you can go; they merely determine where you start." Nido Qubein, President of High Point University "Featured Partner - Best Provider "  Financial Peace Workplace Edition provides the most effective personal financial learning experience available! It combines the expert presentation of financial information, with small group accountability, 12 weeks of personal support with an on-site facilitator, and 15 weeks of hands-on exercises via an interactive online program. Refresher classes are offered nationwide, at no additional charge making this the most comprehensive, cost-effective, financial education program currently available to employers.    What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 78 approved PFW Scale™ users & over 5,500 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[77]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/082108.html","Newsletter Archive August 21, 2008","","News from PFEEF www.PersonalFinanceFoundation.org August 21, 2008                              Home  About Us   ROI Model   Key Questions "The American Dream is Slipping Further from Reach."  The Rockefeller Foundation/Time Campaign for American Workers Survey of Americans (July 16, 2008) is designed to understand attitudes and perceptions towards the economy, the state of the American Dream and "social contract,"as well as the role of government in helping Americans. (click here)  Also see Time magazine's feature article on July 16th.  ( click here) "NUMBERS" - 2008 Household Averages  Annual savings ($392), credit card debt ($8,565), vehicle and tuition loans ($14,414), home equity loans ($10,062), mortage debt ($84,911). See lengthy detailed New York Times article "Given a Shovel, Digging Deeping Into Debt" by Gretchen Morgenson, July 20, 2008, pp. 1+. Favorite Quote - 401(k) Success "According to a McKinsey study, the amount in 401(k) and similar programs will grow to almost $8 trillion dollars in 2015 while generating an additional nearly $3 trillion in IRA rollovers. Between their 401(k)s and IRAs, American workers will soon have more than $15 trillion to draw on during their retirement years. Contract this to the $2 trillion projected to be in the Social Security Trust Fund. Because of their 401(k)s, never have so many had so much." Source: David Wray, Defined Contribution Insights, July/August 2008, p. 1. "Featured Partner - Best Provider " Integrated Benefits Solutions (IBS) mission is to help clients define and reach their financial goals and to leave a legacy which represents their values. The IBS team successfully provides value to shareholders and employees by structuring integrated business continuation plans, personal financial plans and legacy planning solutions for executives, business owners or employees in a format and depth needed to meet their unique personal financial planning needs.   What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 77 approved PFW Scale™ users & over 5,500 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[78]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/081108.html","Newsletter Archive August 11, 2008","","News from PFEEF www.PersonalFinanceFoundation.org August 11, 2008                              Home  About Us   ROI Model   Key Questions "How EAPs Can Combat the Negative Side Effects of Financial Problems"  Article in current issue of Employee Benefit News (August 2008, pp. 59+) is well written and offfers practical suggestions. (click here) The "Media Myth" of 401(k) Loans and Hardship Loans Employee Benefit News (June 2008, p. 70) reports that for Fidelity-administered plans the number of loans from retirement plans is less than 4% and hardship loans are at1%. Vanguard says only 1.5% of accounts reported a hardship withdrawal last year. Charles Schwab says they see not much change in loan activity. "NUMBERS"  "6%" of adults report that the workplace was where they learned the most about personal finances; 40% say from parents or at home.  2008 Financial Literacy Survey (Click here)  "60%" of employees say they are concerned about having enough money to make ends meet. (Click here) Favorite Quotes (HR on Garnishments) Recent comments from Human Resources professionals shared by one of PFEEF's Quality Providers:   "The number of garnishments have quadrupled in the past six months."   "I was spending 4 to 6 hours a month on garnishments six months ago. I  now spend 2 full days every week on them."  "Processing garnishments is one of the most time-consuming tasks I do  every month."   "The legalities of processing garnishments correctly are causing those in  my department a lot of concerns and additional stress." "Featured Partner - Best Provider "  InCharge Education Foundation is a national nonprofit organization dedicated to providing educational products, services and research supporting the personal financial literacy of consumers across America. This includes innovative personal finance tools, e-learning, bankrupty education, and Military Money magazine.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 77 approved PFW Scale™ users & over 5,500 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[79]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/080508.html","Newsletter Archive August 5, 2008","","News from PFEEF www.PersonalFinanceFoundation.org August 5, 2008                              Home  About Us   ROI Model   Key Questions WEBCAST TOMORROW Tom Garman to Present SHRM Webcast TOMORROW, Wednesday, August 6th, 2 p.m. EDT. "Increase the Bottom Line By Helping Distressed Employees During Challenging Financial Times" is the subject of the webcast of E. Thomas Garman, President, Personal Finance Employee Education Foundation, for the Society of Human Resource Professionals (SHRM). Only SHRM members can partipate, so if necessary check with your human resources professional to watch the presentation. Over 1,000 HR professionals are expected to participate. "NUMBERS"  "One-third of adults," or 76 million, say they do not have any non-retirement savings. 2008 Financial Literacy Survey ( Click here)  "51%" have less than 3 month's income of savings. 2008 Financial Literacy Survey (Click here) Most Pressing Financial Issues  As more Americans struggle to save their homes from foreclosure, they shift their focus away from saving for retirement. According to the 2008 Retirement Confidence Survey conducted by the Employee Benefit Research Institute (EBRI), just 5% of workers think the most pressing financial issue they are facing is saving or planning for retirement. Survey respondents ranked the following issues higher:  * making ends meet (17%) * paying for heath insurance or medical expenses (16%) * making mortgage payments or paying for housing (16%) * paying down debt (13%) * fuel or energy costs (9%) * job uncertainty (6%)    click here "Featured Partner - Best Provider "  For nearly a decade Two Medicine has assisted organizations in reducing costs related to poor health through the implementation of employee-driven strategies. TwoMedicine's team of experienced health strategists provide oversight and system development. Long-term planning and outcome measurement are used to objectively guide the client organization's efforts as it progresses through improved health and economic changes.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 75 approved PFW Scale™ users & over 5,200 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[80]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/073108.html","Newsletter Archive July 31, 2008","","News from PFEEF www.PersonalFinanceFoundation.org July 31, 2008                              Home  About Us   ROI Model   Key Questions Employee Benefits Trends Show Interest in "All-Needs" Financial Planners in the Workplace The 6th Annual MetLife Study of Employee Benefit Trends "show that 44% of employees want access to all-needs financial counseling at the workplace, a whopping 68% increase in employee interest from 30% a year earlier." ( Click here) "NUMBERS"   "6.35%" is the delinquency rate reflects those who are at least 30 days behind on their bills. USA Today, June 6, 2008, B1.  "65%" of adults say, "I feel like the bar is constantly rising in terms of the basic necessities of life." ( Click here) Name That Disease Contest WINNER is: "Budgetary Anarchy Disorder (BAD)"  PFEEF received 44 submissions for its "Name-That-Disease Contest" to try and find a catchy term that media might like that describes people with money problems, high financial distress, and poor financial well-being. The hope is that the media will focus more attention on the problems and promote the cures. The winner is "Budgetary Anarchy Disorder (BAD)" submitted by Ray Forgue from South Carolina. Second place: "Money Sickness Syndrome" submitted by Preston Cochrane with AAA Fair Credit Foundation. Third place:"Spendicitis" submitted by Bill Ramsay with Financial Symmetry. Prizes have been sent to all. Thanks to all who participated. "Featured Partner - Best Provider Precision Information is a rapidly growing personal finance software company devoted to developing and distributing innovative educational software and online applications for the financial services market. PI provides efficient, effective, and affordable financial education tools and learning systems to serve the needs of financial service firms, financial professionals, students, individual investors, and independent learners alike.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 75 approved PFW Scale™ users & over 5,000 professionals receive this newsletter PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[81]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/072408.html","Newsletter Archive July 24, 2008","","PFEEF Ezine on Workplace Financial Programs www.PersonalFinanceFoundation.org July 24, 2008                              Home  About Us   ROI Model   Key Questions HR Magazine Says to Employers: "Ease the Burden of Employees' Debt!"  An article in HR Magazine (July 2008) discusses why employers should provide sound advice to employees and offers how-to suggestions. The article can be found on pages 61-64 of HR Magazine. Ask your human resources professional for a copy of the article. "NUMBERS"  "15 million adults" are getting calls from collectors or seriously considering bankruptcy. ( 2008 Financial Literacy click here) "15.6 million" is the number of households with unpaid utility bills. (USA Today, June 24, 2008, page A1)   "FAVORITE QUOTES" "Americans are living beyond their means, and they are going to get caught up in a crunch." Paul Volcker (20+ years ago)  "If overspending can spread among people in close social groups--as it has for decades among Americans--is it not also possible that healthy financial habits can be fashionably contageous?" E. Thomas Garman "Featured Partner - Best Provider The Heartland Institute of Financial Education is a Colorado non-profit organization whose mission is to promote financial literacy across America. It is dedicated to empowering organizations and their people through financial education. This focused education is provided by experienced financial professionals who have earned their CFEd® designation - CFE Certified Financial Educator® the first registered credential of its kind. The CFEd® recognizes the financial professional who teaches others. Heartland is PFEEF's longest and strongest supporter.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 74 approved PFW Scale™ users PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[82]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/071408.html","Newsletter Archive July 14, 2008","","PFEEF Ezine on Workplace Financial Programs www.PersonalFinanceFoundation.org July 14, 2008                              Home  About Us   ROI Model   Key Questions A NATION IN DEBT  "The Great Seduction" is a June 10th commentary by David Brooks of the New York Times. His observations are based on "A Nation In Debt: How We Killed Thrift, Enthroned Loan Sharks and Undermined American Prosperity" by Barbara Dafoe Whitehead. See the very readable and insightful report in The American Interest. This is MUST reading!   NY Times commentary The American Interest report NUMBERS "How Much Do You Have in Emergency Funds?"   63% of adults in a national survey say they have an emergency fund in case of a major expense: Less than one month (4%), one to two months (25%), three to four months (32%), five to six months (11%), and over six months (29%). (Principal Financial Well-Being Index survey click here) "FAVORITE QUOTE" "Now, it's considered normal to play the debt game, and imagine that fiscal decisions today will have no consequences for the future." David Brooks, of the New York Times "Featured Partner - Best Provider The Heartland Institute of Financial Education is a Colorado non-profit organization whose mission is to promote financial literacy across America. It is dedicated to empowering organizations and their people through financial education. This focused education is provided by experienced financial professionals who have earned their CFEd® designation - CFE Certified Financial Educator® the first registered credential of its kind. The CFEd® recognizes the financial professional who teaches others. Heartland is PFEEF's longest and strongest supporter.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out There are 72 approved PFW Scale™ users PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[83]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/061908.html","Newsletter Archive June 19, 2008","","PFEEF Ezine on Workplace Financial Programs www.PersonalFinanceFoundation.org June 19, 2008                              Home  About Us   ROI Model   Key Questions Stress Over Debt Overtaking Health    See the Most Important Research Findings of the year! See this USA Today story on health and financial wellness (2008, January 10, Associated Press, J. Aversa).  Click on the 1st link for the story and the 2nd link for the survey questionaire cross tabulations:  Research Story  Research Survey "Featured Best Provider Partner" LFE Institute The LFE Institute has been focused on unbiased Workplace Financial Literacy for over two decades. LFE's "Managing Your Money!" workshops have helped over 500,000 employees stretch their paychecks, reduce their debts, ease family conflicts over money, avoid costly financial traps and pitfalls, and find an average of $4,000 - $7,000 extra each year - all using LFE's unique alternative to budgeting! LFE's offers interactive, skill-based "Investing for a Great Retirement!" workshops, a weekly online educational series called the "Money Minute!" and a Directory of Approved Money Coach Providers for employers who seek unbiased Money Coaches to answer employees' financial questions via e-mail throughout the year.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[84]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/060908.html","Newsletter Archive June 9, 2008","","PFEEF Ezine on Workplace Financial Programs www.PersonalFinanceFoundation.org June 9, 2008       Home  About Us   ROI Model   Key Questions Frightening Indicator About Today's Economy  Last week a credit counseling company provided its occasional "Lunch and Learn" Friday workshop for one of their regular employers. About 60 employees normally attend but this time 700 employees attended. That is more than a ten-fold increase! PFEEF "Name-That-Disease Contest"  Our many thanks to each of you for your great entries in our "Name That Disease" Contest. We have narrowed the list to eleven entries and need your help in selecting the top three from the following list:  Bank Account Deficiency (BAD) Budgetary Anarchy Disorder (BAD) Financial Anarchy Disorder (FAD) Financially Induced Terror Syndrome (FITS) Financially Induced Trauma Syndrome (FITS) Fiscal Hemorrhaging Money Blues Money Maladies Money Sickness Syndrome (MSS) Spendicitis Stuffitis  Please click here to vote and send us your top three choices. "Best Provider" The Financial Wellness Group Online program takes an integrated learning approach using sound principles of financial management and making them simple and memorable, motivating employees to take positive action in their lives. Training is delivered in "bite sized" segments that can be delivered in a highly scalable cost effective way. A brief video for employers by Roger Merrill, a co-founder of Covey Leadership is an ABSOLUTE MUST SEE! Click here to see the video  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[85]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/050808.html","Newsletter Archive May 8, 2008","","PFEEF Ezine on Workplace Financial Programs www.PersonalFinanceFoundation.org May 8, 2008       Home  About Us   ROI Model   Key Questions Suggested Marketing Messages to Employers The PFEEF website offers the "Top 10" marketing messages that quality providers may communicate to employers to help convince them to contract with you to provide quality financial programs to employees. David L. Wray Joins PFEEF Board of Directors David L. Wray was recently elected to the Board of Directors of the Personal Finance Employee Education Foundation. Wray is the president of Profit sharing/401(k) Council of America (PSCA), a national, non-profit association of companies that sponsor profit sharing and 401(k) plans for over 6 million employees. See BIO PFEEF "Name-That-Disease Contest" Please enter our "Name-That-Disease Contest." Just think of these well known attention getting terms: AIDS, Heart Disease, High Blood Pressure, MS, Cancer, Depression. We need a catchy media term that best describes people with money problems, high financial distress, and poor financial well-being. If there were a catchy name for this malady the media would focus more attention on it...and hopefully promote the cures.  Prizes will be awarded for the three best submissions. The winners will be announced via ezine and on the PFEEF website. Please click here to send us your suggestions. Featured Partner The EDSA Group® is an independent financial education company providing tools and solutions to educate individuals about financial matters. As a national leader in comprehensive financial education, EDSA strives to empower participants with the knowledge to make informed financial decisions through its proven curricula.  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out PFEEF Mission: "Sharing research, resources, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[86]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/041608.html","Newsletter Archive April 16, 2008","","Ezine on Workplace Financial Programs www.PersonalFinanceFoundation.org April 16, 2008       Home  About Us   ROI Model   Key Questions Deadline for Comments is Near  Please see " Supplementary Information" in the attached Federal Register Notice requesting comments for the President's Advisory Council on Financial Literacy. The deadline for your comments is May 23, 2008. PFEEF "Name-That-Disease Contest"  Please enter our "Name-That-Disease Contest." Just think of these well known attention getting terms: AIDS, Heart Disease, High Blood Pressure, MS, Cancer, Depression. We need a catchy media term that best describes people with money problems, high financial distress, and poor financial well-being. If there were a catchy name for this malady the media would focus more attention on it...and hopefully promote the cures. Prizes will be awarded for the three best submissions. The winners will be announced via ezine and on the PFEEF website. Please click here to send your suggestions to name the "DISEASE". "NEW" on the PFEEF Website  The Powerpoint Presentation for Employers on the PFEEF website was revised on April 16, 2008. It argues the business case for workplace financial programs. Includes the ROI. Feel free to modify the presentation and use whatever slides you need to enhance your presentations. Featured Partner MMI Money Management International and its family of Consumer Credit Counseling Service (CCCS) agencies make up the largest non-profit, full-service credit counseling agency in the United States. MMI offers confidential budget, credit and housing counseling, interactive financial education, debt management services, bankruptcy counseling and bankruptcy education.  Money Management International  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out PFEEF Mission: "Sharing research, resources, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being.." Everything on the PFEEF website is available for your use at no cost!");sQ1[87]=new Array("http://www.personalfinancefoundation.org/archives/newsletters/032708.html","Newsletter Archive March 27, 2008","","PFEEF Ezine on Workplace Financial Programs www.PersonalFinanceFoundation.org March 27, 2008       Home  About Us   ROI Model   Key Questions "Financial Education in the Workplace: Is it Good for the Bottom Line?" The FED says yes! See the article in TEN, a publication of the Federal Reserve Bank of Kansas City "Court Says 401(k) Participants Can Sue" WASHINGTON - The U.S. Supreme Court ruled that individual participants in the most common type of retirement plan, 401(k), can sue under the ERISA pension protection law to recover their losses. The unanimous decision has implications for 50 million workers with $2.7 trillion invested in 401(k) retirement plans. The case is LaRue V. DeWolff, 06-856. "NEW" on the PFEEF Website The Powerpoint Presentation for Employers on the PFEEF website was revised on March 23, 2008. It argues the business case for workplace financial programs. Feel free to modify the presentation and use whatever slides you need to enhance your presentations. Featured Partner CLC Incorporated Provides benefits to 26 million households through 25,000 corporations  CLC's " My Secure Advantage" A comprehensive financial coaching and identity theft program  What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out PFEEF Mission: "Sharing research, resources, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost!");sQ1[88]=new Array("http://www.personalfinancefoundation.org/about/judith.html","Judith N. Cohart, President","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us About Us Board Members Judith N. Cohart, President Judith N. Cohart recently served as Money Management Manager for the AARP Foundation, where she managed a nationwide program that helps low income older people more effectively handle their personal finances. She developed financial education materials for the Web and print and a financial planning CD-ROM as well as Hispanic financial education seminars. She served as AARP representative on the board of the National Association of Personal Finance Advisors and the Coalition for Consumer Debtor Education. Previously Cohart worked as Executive Director of the National Coalition for Consumer Education, where she established a 50-state network of professionals from academic, business, government, and consumer organizations to promote consumer education. She provided technical assistance through conferences, newsletters, and educational materials, and she managed the organization’s budget and raised funds from major corporations, such as American Express. She worked as School Services Manager for USA TODAY, where she developed a new approach, including materials and instructional presentations for teaching with a newspaper. This included customizing on-site training for employees in markets nationwide. Earlier Cohart worked as Director of Education/Training for the National Foundation for Credit Counseling. She developed curriculum, newsletters, and other materials, and served as staff liaison to several federal government agencies, including the U.S. Congress, and to three Board of Trustees’ committees. She taught 11th grade American History in public schools in New Haven, CT and Orangeburg, NY, and was principal of an alternative high school in Valley Forge, PA. In addition, she supervised student teachers from Swarthmore College and the University of Illinois. Cohart served as a Legislative Assistant to Congressman John J. LaFalce and provided policy analysis, research, and writing on a variety of issues. Cohart has a B.A. in Government from Cornell University, an M.A. in Teaching/History from Yale University, and a J.D. from Catholic University. She is a Member of the District of Columbia Bar. Cohart was twice elected president of a national professional association, the Association for Financial Counseling and Planning Education (1999 and 2006). On January 1, 2010 Cohart began her service as President of the Personal Finance Employee Education Foundation. Contact: E-mail: jcohart@pfeef.org Tele: 202-679-1384 Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[89]=new Array("http://www.personalfinancefoundation.org/about/kim.html","Dr. Jinhee Kim, Vice President","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us About Us Board Members Dr. Jinhee Kim, Vice President Jinhee Kim is an Associate Professor and Family Finance Extension Specialist for Maryland Cooperative Extension at University of Maryland, College Park. She also teaches courses in personal and family finance. She received B.S. and M.S. from Seoul National University in Seoul Korea and Ph.D. from Virginia Tech. The University of Maryland recently honored Kim with the George F. Kramer Outstanding Practitioner Award and Outstanding Faculty Woman of Color. Prior to joining University of Maryland, she was director of research to Virginia Tech's National Institute for Personal Finance Employee Education and directed research and published articles in academic and professional journals on workplace financial education. While at Virginia Tech, she served as co-editor of the journal Personal Finances and Worker Productivity. Research from her doctoral dissertation won a national award for excellence from the Association for Financial Counseling and Planning Education. She has published refereed journal articles in Journal of Family and Economic Issues, Research Report of Human Sciences, Journal of Compensation and Benefits, Financial Counseling and Planning, Journal of Consumer Education, Journal of National Association of Family and Consumer Sciences, Compensation and Benefits Review, Journal of Personal Finance, and Journal of Family and Consumer Sciences. Kim has made dozens of invited presentations to state, regional and national conferences. Kim serves as Secretary/Treasurer for the American Association of Family and Consumer Sciences. Her research interests are financial stress, financial well-being, and workplace financial education. Dr. Kim is Vice President of the Personal Finance Employee Education Foundation. Contact: E-mail: jinkim@wam.umd.edu Tele: 301-405-3500 Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[90]=new Array("http://www.personalfinancefoundation.org/about/davidwray.html","David L. Wray, Board Member","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us About Us Board Members David L. Wray, Board Member David L. Wray is the president of the Profit Sharing/401(k) Council of America (PSCA), a national, non-profit association of companies that sponsor profit sharing and 401(k) plans for over 6 million employees. He is a nationally recognized authority on 401(k) and other defined-contribution plan issues and he has testified before congressional committees and at Labor Department, Treasury Department, and Internal Revenue Service hearings. He was the 2004 chair of the Department of Labor’s ERISA Advisory Council, which advises the Secretary of Labor on benefits issues, and was a member of the Certified Financial Planner Board of Standards Advisory Board. He frequently speaks before trade groups, contributes to benefits publications and is quoted frequently in the media. He has written "Take Control With Your 401(k)" which was published by Dearborn Trade in June 2002. He served as president from 1993 to 1996 of the International Association for Financial Participation (IAFP), a Paris based alliance of national organizations that promotes the use of employee financial participation. Wray is a member of the Board of Directors of the Personal Finance Employee Education Foundation. Contact: E-mail: davidw@psca.org Tele: 312-419-1863, X-208 Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[91]=new Array("http://www.personalfinancefoundation.org/about/sharon.html","Dr. Sharon A. Burns, Board Member","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us About Us Board Members Dr. Sharon A. Burns, Treasurer Sharon Burns serves as a Clinical Associate Professor in the Department of Consumer Sciences and Retailing at Purdue University. She is an expert in the financial issues of eldercare and retirement planning. Burns received her Ph.D in Consumer and Family Economics from Purdue University, a Master of Science degree in Consumer Science from the University of Wisconsin-Madison and her Bachelor of Science degree in Family Financial Management from Purdue.  She became a licensed CPA in 1993. Dr. Burns has served as principal investigator on three financial education projects, funded for a total of over $1.5 million dollars, during the past three years. In addition, she has authored several published manuscripts and is co-author of a trade book, How to Care for Your Parents’ Money While Caring for Your Parents. Dr. Burns holds seats on numerous national boards and committees focusing on improving the financial literacy and decisionmaking of Americans. She has served on meeting facilitation teams for the U.S. Government Accounting Office, National Endowment for Financial Education and Credit Union National Association. In addition she participated in panel discussions concerning financial literacy initiatives hosted by the U.S. Treasury and U.S. General Accounting Office. Contact: E-mail: sburns420@yahoo.com Tele: 765-496-6336 Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[92]=new Array("http://www.personalfinancefoundation.org/about/dorothy.html","Dorothy B. Durband, Ph.D., AFC, Board Member","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us About Us Board Members Dorothy B. Durband, Ph.D., AFC, Secretary Dorothy Bagwell Durband is Associate Professor of Personal Financial Planning at Texas Tech University where she teaches graduate and undergraduate courses in financial counseling and communication. She is the director of Red to Black®, a program where she trains personal financial planning students to work with the Texas Tech community as peer financial planners. Durband is an AFCPE Accredited Financial Counselor. She earned her Doctorate in Resource Management, with a specialization in Family Financial Management from Virginia Tech. She holds a Bachelor’s degree in Family, Child and Consumer Sciences from Louisiana State University and a Master of Science in Family Studies from Texas Woman's University. She has experience in providing financial counseling, developing and delivering financial education programs, university teaching, employee training, fundraising and special events planning. Contact: E-mail: dottie.durband@ttu.edu Tele: 806-742-5050 Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[93]=new Array("http://www.personalfinancefoundation.org/about/janet.html","Janet Parker, SPHR, EVP, Human Resources, Board Member","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us About Us Board Members Janet Parker, SPHR, EVP, Human Resources, Board Member Janet N. Parker is the Chief Global Membership Officer of the Society for Human Resource Management (SHRM), the world’s largest association devoted to human resource management. Parker oversees all strategic outreach and liaison activities with SHRM’s 250,000 members throughout the United States and in more than 140 countries. Prior to joining SHRM, Janet Parker was executive vice president of human resources at Regions Financial Corporation in Birmingham, Ala. Parker’s department had responsibility for providing strategic HR direction to Consumer Services, Business Services, Trust, and the bank's Management Associate program. Parker also held various senior HR positions in small and medium sized organizations in non-profit, insurance and manufacturing. A SHRM member for 21 years, Parker has held a variety of volunteer leadership positions at the local, state and national level. Most recently she was chair on the 2007-2008 SHRM Board of Directors and Immediate Past Chair on the 2009 SHRM Board of Directors.. In January 2008, Parker was appointed by President Bush to serve on the President's Advisory Council on Financial Literacy. Her role on the Council was Chair of the Workplace Committee. Most recently, Parker served on the Advisory Council for the Birmingham Society for Human Resource Management (BSHRM) and was also on the board of the Central Alabama Financial Education Coalition. She received her undergraduate degree from Jacksonville State University in Jacksonville, Alabama. Contact: E-mail: janetn.parker@regions.com Tele: 205-326-4629 Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[94]=new Array("http://www.personalfinancefoundation.org/about/aimee.html","Dr. Aimee D. Prawitz, Director of Research","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us About Us PFEEF Staff Dr. Aimee D. Prawitz, Director of Research Aimee D. Prawitz is a Professor in the School of Family, Consumer, and Nutrition Sciences and Assistant to the Dean for Research in the College of Health and Human Sciences at Northern Illinois University. She earned a Ph.D. and M.S. in Human Ecology with Specialization in Consumer Science at Louisiana State University. The College of Health and Human Sciences at Northern Illinois University has honored her with the Sullivan Award for Excellence in Research in 2005 and 2010. Dr. Prawitz has published over 45 articles in refereed journals and conference proceedings, and has made over 50 presentations at national and regional conferences. Her doctoral dissertation was recognized with honorable mention awards by both the American Council on Consumer Interests and the College of Agriculture at Louisiana State University. Prawitz has served as a consultant to the Clara Abbott Foundation, and as a Research Scholar with InCharge Education Foundation, Inc. Prawitz has served as the editor of the Journal of Consumer Education and on the editorial boards of the Journal of Financial Counseling and Planning and the Journal of Consumer Affairs. Her research is focused on the effects of financial education on financial distress/financial well-being and on financial practices. Currently, she is serving as the Director of Research for the Personal Finance Employee Education Foundation (PFEEF). Contact: E-mail: aimeeprawitz@yahoo.com Tele: 815-753-6344 Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[95]=new Array("http://www.personalfinancefoundation.org/about/advisory-council.html","Board of Trustees","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us About Us PFEEF Advisory Council Brad Barron, President and CEO CLC Incorporated Tele: 800-541-9701 E-mail: bbarron@clchomeoffice.com Susan Windham, CEO The EDSA Group Tele: 800-760-3372 E-mail: swindham@theedsagroup.com Liz Davidson, CEO Financial Finesse Tele: (310) 802-6850 E-mail: liz.davidson@financialfinesse.com Alan Gappinger, President and CEO Heartland Institute of Financial Education Tele: 303-597-0197 E-mail: agapp@heartlandfinancialcenter.com Alice Whinnery, President LFE Institute Tele: 888-872-4611 E-mail: awhinnery@lfeinstitute.com Mel Stiller, Senior Vice President Money Management International Tele: 617-960-8101 E-mail: Mel.Stiller@MoneyManagement.org Joe Saari, CEO Precision Information Tele: 619-573-1252 E-mail: joesaari@educatedinvestor.com Advisory Council Roles Click here for more information. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[96]=new Array("http://www.personalfinancefoundation.org/about/mary.html","Mary Moldenhauer, Administrative Manager","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us About Us Administrative Manager Mary Moldenhauer, Administrative Manager Mary Moldenhauer is the Administrative Manager for the Personal Finance Employee Education Foundation. Mary has worked in the benefits and payroll arena for many years and is a well-qualified and highly respected specialist. Mary retired from CSM Corporation in Minnesota in 2007, where she managed the company’s benefits and payroll department that supported over 2,000 employees. Her main responsibility was to oversee the company benefit plans that included health, dental, life insurance, and the company 401(k) retirement program. Mary realized early in her career that just providing the employees benefit options was not enough as it is very apparent that employees need much more education in these areas to make good sound decisions. Mary’s education continued throughout her working years as she took advantage of every workshop and training opportunity related to the fields of employee benefits, payroll and retirement as well as many other topics. Contact: PFEEF Contact Page Tele: 352-753-3735 Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[97]=new Array("http://www.personalfinancefoundation.org/press/press-releases/Value-of-Workplace-Financial-Education-Programs.html","Foundation Helps Employers Prove Value of Workplace Financial Education Programs","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Press Press Releases Foundation Helps Employers Prove Value of Workplace Financial Education Programs, July 10, 2006. PFEEF Click here to download this article (PDF). The newly created Personal Finance Employee Education Foundation, Inc. subsidizes the employer's cost of conducting research on financial education and the employer's return on investment. Dr. Tom Garman, president of the PFEEF announced the formation of the foundation in May 2006. The PFEEF provides a limited funding program exists to subsidize the employer's cost of conducting research on financial education. The non-profit Personal Finance Employee Education Foundation, Inc. is a private foundation established for the non-commercial charitable purpose of serving the public by informing employers on the bottom-line benefits of providing workplace financial education to employees that improves their financial literacy and personal financial behaviors. The establishment of the Personal Finance Employee Education Foundation, Inc. in May 2006 institutionalizes the efforts and expand the impact of a decade long research and publicity effort of an informal national coalition of academics, businesspersons, financial education providers, and foundations. The work of these experts has been to disseminate research findings to employers on the bottom-line benefits of a financially literate workforce. The Foundation aims to reach thousands of employers and millions of employees by substantially leveraging the number of presentations of research findings and persuasive arguments to better inform employers on the multiple values of providing workplace financial education to employees. The PFEEF creates and distributes materials to help motivate employers to offer employees access to basic financial literacy education, communicates its mission with employers in formal and informal ways, and supports research related to promoting workplace financial education. The non-profit Personal Finance Employee Education Foundation, Inc. recommends employers provide employees access to high quality basic financial education that increases financial literacy and changes employees' personal financial behaviors so financial distress decreases and financial well-being improves. Why? Because research demonstrates that this improves the employer's profits as well as the financial lives of employees. The PFEEF speaks well of "Recommended Workplace Financial Education Providers" as the very best organizations in the United States of America that emphasize basic financial literacy information and education that results in improvements in employees' personal financial behaviors, decreases in their financial distress and improvements in employee financial well-being. The PFEEF pays tribute to "Best Practices Employers" that provide the very best workplace financial information and education programs for their employees who often make skillful use of their benefits programs and contribute wisely to their employer-sponsored retirement programs. The PFEEF does not provide workplace financial education or conduct research, although the PFEEF does recommend researchers qualified to assist employers in making the bottom-line business case for high quality workplace financial education. The PFEEF maintains a "National Speakers Bureau" of experts qualified to make effective oral presentations, including one-on-one talks, to employers, financial education providers, human resources professionals, trade and professional associations, and academics. The PFEEF provides a limited funding program for human resource directors, financial education providers and researchers to subsidize the employer's cost of conducting research on financial education and the employer's return on investment. The program will be fully mounted in February 2007. Dr. Garman says this to human resource directors, "If your workplace financial education program is successful, keep it; if not warn the provider to improve results in six months or go hire a provider that will do the job right so you can enjoy the thanks of your employees as well as applause of your boss for the improved bottom-line results." Click here to download this article. (PDF) Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[98]=new Array("http://www.personalfinancefoundation.org/roi/PFW_ROI_Cost_estimate_sheet_092911.pdf","PFW_ROI_Cost_estimate_sheet_092911.pdf","","PFEEF Cost Estimate Sheet - 2011 1 Personal Finance Employee Education Foundation Description of Services - 2011 Option 1. Personal Financial Wellness Checkup (Pre-test and Post-test: Measurement prior to and at some point in time following delivery of financial education.) Option 1 allows employers to determine the baseline for their employees' levels of personal financial wellness and readiness for change at a given point in time prior to the delivery of financial education in the workplace (Pre-test). The post-test provides evidence of changes in employees' personal financial wellness and readiness for change following participation in workplace financial education. We provide a brief written report based on the pre-test, with recommendations for financial education strategies based on the findings. Following the posttest, we provide a brief written report discussing the changes in financial wellness and readiness for change. Option 2. Projected Return-on-Investment (ROI): Includes Personal Financial Wellness Checkup Pre-test + Projected ROI Modeling Option 2 is useful to those needing evidence that the provision of workplace financial education likely will result in a positive return-on-investment for the employer. It includes the Personal Financial Wellness Checkup pre-test as well as projected ROI modeling using client-provided data and industry data (very conservative projections). This option is available prior to the delivery of financial education to employees. Option 3. Actual Return-on-Investment (ROI) [For those who have done a Projected Returnon-Investment*]: Includes Personal Financial Wellness Checkup Post-test + ROI Modeling Option 3 provides evidence for the actual return on investment in workplace financial education one year following the delivery of workplace financial education. It includes the Personal Financial Wellness Checkup post-test, as well as projected ROI modeling using clientprovided data. In addition, statistical analyses are conducted to determine differences pre- and post-delivery of financial education for work outcome variables such as absenteeism, health care costs, contributions to Flexible Spending Accounts, and others. *Note: For Option 3, Pre-test cost is included in Projected ROI Modeling Option 4. Actual Return-on-Investment (ROI): Includes Personal Financial Wellness Checkup Pre-test and Post-test + ROI Modeling Option 4 provides evidence for the actual return on investment in workplace financial education one year following the delivery of workplace financial education. It includes the Personal Financial Wellness Checkup pre-test and post-test, as well as projected ROI modeling using client-provided data. In addition, statistical analyses are conducted to determine Updated 29 Sept 2011 PFEEF Cost Estimate Sheet - 2011 2 differences pre- and post-delivery of financial education for work outcome variables such as absenteeism, health care costs, contributions to Flexible Spending Accounts, and others. Pricing available upon request. (Contact Judith Cohart, President, at judithcohart@gmail.com) Updated 29 Sept 2011");sQ1[99]=new Array("http://www.personalfinancefoundation.org/roi/ROI-2011.pdf","ROI-2011.pdf","","Employer's Return-on-Investment (ROI) Model for Workplace Financial Education Workplace Issues For Employees, Financial Distress leads to increases in: Absenteeism Work time wasted Turnover Garnishments Health issues Workplace Outcomes Impact of Financial Well Being on Employees: Less absenteeism Increased productivity Less turnover Fewer garnishments Improved Health Workplace Financial Education For Employers, this means: Higher costs Lower Profits Knowledge Financial Well Being For Employers this means: Lower costs Higher Profits Skills ©Copyright 2010, Personal Finance Employee Education Foundation");sQ1[100]=new Array("http://www.personalfinancefoundation.org/research/efd.html","Employee Financial Distress","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Research Employee Financial Distress Assessing Financial Wellness Via Computer-Assisted Telephone Interviews, 2010, Nielsen Read more... Employee Financial Distress, Emotional Health Risk, and Absenteeism, 2010, Prawitz, Haynes, Garman, Shatwell, Hanson, Hanson Read more... Employee Personal Financial Distress and How Employers Can Help, 2009, Research Works: The Partnerships for Workplace Mental Health Read more... * Recommended Reading Click here for more articles on this topic. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[101]=new Array("http://www.personalfinancefoundation.org/research/hpf.html","Health and Personal Finances","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Research Health and Personal Finances Stress Over Debt Overtaking Health, 2008, January 10, Associated Press, J. Aversa. Read more... * Lifestyle Risk Factors, Health Status, and Financial Distress: Framing Interventions Using the Transtheoretical Model of Change, 2007, Proceedings of the Association for Financial Counseling and Planning Eduction, Prawitz, Shatwell, Haynes, Hanson, Hanson, O'Neill, & Garman Read more... * Changes in Health, Negative Financial Events, and Financial Distress/Financial Well-Being for Debt Management Program Clients Financial Counseling and Planning, 2006, Financial Counseling and Planning, O’Neill, Prawitz, Sorhaindo, Kim, & Garman Read more... * Recommended Reading Click here for more articles on this topic. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[102]=new Array("http://www.personalfinancefoundation.org/research/vte.html","Value to Employers","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Research Value to Employers Weighing the Effects of Financial Education in the Workplace, Edmiston, Gillet-Fisher, McGrath, 2009 Read more... It's Time to Create a Financially Literate Workforce to Improve the Bottom Line, Benefits Compensation Digest, Prawitz & Garman, 2009  Read more... The Case for Financial Education at the Workplace Click here to view the pdf developed by Federal Reserve Banks (Word). Education to Promote Employee Financial Well-Being: What Role for Employers? GTZ Case Study Book on Financial Wellness (2009), Prawitz & Garman Read more... * Recommended Reading Click here for more articles on this topic. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[103]=new Array("http://www.personalfinancefoundation.org/research/rp.html","Retirement Preparation","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Research Retirement Preparation Baby Boomer Retirement Security... Annamaria Lusardi and Olivia Mitchell, Journal of Monetary Economics, January, 2007 Financial Literacy and Retirement Preparedness... Annamaria Lusardi and Olivia Mitchell, Business Economics, January, 2007 Will DC Automatic Programs Eliminate Need for Education and Advice in the Workplace? 2007, Schaus Read more... * Recommended Reading Click here for more articles on this topic. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[104]=new Array("http://www.personalfinancefoundation.org/research/cch.html","Credit Counseling Helps","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Research Credit Counseling Helps The Impact of Changes in Financial Stressor Events on Financial Well-Being of Debt Management Program Clients, 2008, Proceedings of the Association for Financial counseling and Planning Education. Prawitz, O’Neill, Sorhaindo, Kim, & Garman. Read more... * Financial Distress/Financial Well-Being: Do Length of Time Spent in a Debt Management Program and Reduction in Financial Stressor Events Make a Difference? 2007, Consumer Interest Annual, Prawitz, O’Neill, Sorhaindo, Kim, & Garman Read more... * Financial Behaviors of Consumers in Credit Counseling, International Journal of Consumer Studies, 2006, Xiao, Sorhaindo, & Garman. Read more... * Recommended Reading Click here for more articles on this topic. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[105]=new Array("http://www.personalfinancefoundation.org/research/fle.html","Financial Literacy Education","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Research Financial Literacy Education The Financial Management Behavior Scale:...Jeffrey Dew and Jing Jian Xiao, Journal of Financial Counseling and Planning, Volume 22, Issue 1, 2011 Financial Knowledge and Best Practice Behavior Cliff Robb and Ann S. Woodyard, Journal of Financial Counseling and Planning, Volume 22, Issue 1, 2011 Strategies for Motivating Employees To Develop Positive Financial Behaviors: An Application of the Transtheoretical Model of Behavior Change, 2008, Xiao, J.J, Prawitz, A.D., Prochaska, J.M., O'Neill, B,, Kim, J., & Garman, Special publication of the Personal Finance Employee Education Foundation, pp. 1-8 Read more... * Recommended Reading Click here for more articles on this topic. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[106]=new Array("http://www.personalfinancefoundation.org/scale/pfw-data-collection.html","Online PFW Data Collection and Employer's ROI","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Online PFW Data Collection The Personal Financial Wellness (PFW) scores for a sample of employees provide a benchmark of the overall financial well-being of employees. National norms for the general population of adults in the United States exist for comparison. The Personal Finance Employee Education Foundation (PFEEF) can work with employers and workplace financial education providers to compute PFW scores for employees using a valid and reliable instrument developed by PFEEF scholars. Employees may (1) complete the PFW survey online using a PFEEF-provided link, or (2) fill out the survey using a pencil and scannable form. Six demographic items also are included on the survey. Completion of the survey takes less than 5 minutes. PFEEF provides employers with a written report documenting and interpreting the financial well-being of their employees. The report compares employees' PFW scores with those of the general population, using established national norms. It also provides findings and interpretation of statistical analyses of the PFW scores in relationship to demographic variables.  Following the employer's provision of workplace financial education, PFEEF again collects data from employees to document changes in financial wellness. PFEEF then provides a second written report similar to the first one. The second report provides an analysis of changes in financial well-being following the delivery of financial education. The follow-up service is performed at a time jointly determined by the employer and PFEEF, usually 6-12 months following the delivery of financial education. PFEEF also can perform yearly follow-ups to document the financial well-being of employees. PFEEF also provides Return-on-Investment (ROI) services for employers. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[107]=new Array("http://www.personalfinancefoundation.org/press/press-releases.html","Press Releases","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Press Press Releases Poll Identifies Need for Employee Financial Education, August 8, 2010. PFEEF Read more... Online Employer's ROI Calculator™ on Workplace Financial Program is Free, December 17, 2009. PFEEF Read more... Financial Distress Taking Toll on Employee Health, May 28, 2009. PFEEF Read more... Click here for more press releases on this topic. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[108]=new Array("http://www.personalfinancefoundation.org/press/media-citations.html","Media Citations","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Press These are some of the hundreds of stories that have cited PFEEF research. Media Citations Source (Readership/Viewers/Listeners) Date Workforce Management (200,000) 11/08 Baton Rouge Business Report (90,000) 11/04/08 WGRD-FM (110,000) 11/03/08 Investment Advisor Magazine (100,000) 10/08 Fresno Bee (180,000) 10/05/08 Great Falls Business (50,000) 10/08 SHRM Webcast E-Newsletter (240,000) 08/21/08 The Hindu (225 million) 03/15/08 Associated Press (80 million) 01/10/08 Pittsburgh Post Gazette (200,000) 01/08/08 Investors Business Daily (300,000) 11/30/07 Dallas Morning-News (100,000) 09/17/07 The Advocate (highly recommended) 09/09/07 Employee Benefits (United Kingdom) 09/07 Employee Benefits News (100,000) 05/02/07 Employee Benefit News 03/02/07 Financial Advisor Magazine 01/04/07 Employee Benefits News (100,000) 02/02/06 Star Tribune (60,000) 12/08/06 Financial Advisor 12/01/06 Central Penn Business Journal (20,000) 05/26/06 Workforce Management Magazine (80,000) 05/08/06 Clark Howard (radio talk show; millions) 03/09/06 Market Wrap With Moe Ansari (radio; 200,000) 03/07/06 Employee Benefit News (100,000) 02/14/06 HR Magazine (150,000) 12/05/05 Miami Herald (200,000) 12/07/05 WGST-AM (Atlanta, 200,000) 10/06/05 USA Today (2.3 million) 10/05/05 Soundoff! (Fort Meade, MD 40,000) 07/14/05 Springfield News Sun (Ohio, 35,000) 07/03/05 401(k)HelpCenter.com (200,000) 05/03/05 Journal of Financial Planning (25,000) 04/05 Daily Record (220,000) 04/08/05 Investment News (110,000) 04/04/05 Workforce Week Management (400,000) 03/27-04/02-05 U.25 (500,000) 03/05 Management Today (Australian; 200,000) 03/05 Work/Life Today (12,000) 02/05 Fidelity Magazine (8.1 million) 01/05 Click here to view the full list. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[109]=new Array("http://www.personalfinancefoundation.org/speeches/speeches-nsb.html","National Speakers Bureau","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Speeches National Speakers Bureau Please consider inviting a member of the PFEEF Board of Directors, the Advisory Council, or Director of Research to make a speech. Click on " About Us" for contact information. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[110]=new Array("http://www.personalfinancefoundation.org/providers/quality-providers-all.html","Quality Providers","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Quality Providers Workshops and Seminars Heartland Institute of Financial Education LFE Institute Money Management International CLC Incorporated/My Secure Advantage (MSA) The EDSA Group Financial Finesse Online and DVD Education Precision Information Financial Finesse The EDSA Group LFE Institute Financial/Retirement Advice Heartland Institute of Financial Education Financial Tools and Information Precision Information CLC Incorporated/My Secure Advantage (MSA) Financial Finesse Money Coaching CLC Incorporated/My Secure Advantage (MSA) LFE Institute Financial Finesse Credit Counseling/Bankruptcy Education Money Management International Certifications Heartland Institute of Financial Education LFE Institute Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information  Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[111]=new Array("http://www.personalfinancefoundation.org/providers/workshops-and-seminars.html","Quality Providers - Workshops and Seminars","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Quality Providers <<Back Workshops and Seminars CLC, the leader in financial coaching / education, legal referrals & identity theft protection, provides financial classes in combination with individualized telephonic financial coaching to create ownership and accountability in implementing the concepts learned in class. CLC’s staff financial coaches have successfully led hundreds of thousands of individuals through financial behavior improvement. The EDSA Group® has been recognized for its proven, results-driven programs. Offering financial education solutions since 1993, EDSA is an independent financial education company that specializes in teaching people to make informed decisions about their personal finances and employer-sponsored benefit plans. EDSA offers an array of tools to assist almost every audience: individuals, companies and organizations, as well as financial professionals and institutions. All tools can be private labeled and customized to suit your unique needs. Tools available include live workshops, software, and an E-Learning tool , www.goodmoneyhabits.com Financial Finesse's award-winning workshops provide participants with hands on, interactive forums where they can learn to apply critical financial concepts to their own lives from an unbiased perspective. Each workshop is delivered by on-staff Certified Financial Planner™ professionals with more than 10 years experience in financial planning. Our workshops are comprehensive and give participants a personalized financial plan they can use to achieve their own financial goals.  Financial Finesse's workshops are also broadcast to employees anywhere over the internet through world-class webcasting technology that creates a highly engaging and interactive experience. Webcasts cover the same curriculum as live workshops, with features available such as chat, online polling, and interactive computer models that allow for collaboration and instant feedback. LFE has now helped more than 500,000 employees “find” an extra $4,000 - $7,000/year in just 3 hours utilizing our unique alternative to budgeting system. Because education is all we offer, we’ve spent the past two decades specializing in designing interactive, skill-based curriculum that generates immediate results. Employees walk away with essential skills to stretch their paychecks, ease family conflicts over money, reduce their debts, and avoid financial traps & pitfalls. Money Management International (MMI) is a nonprofit, full-service credit-counseling agency, providing confidential financial guidance, financial education, and counseling services, including housing counseling, bankruptcy counseling and education, and debt management assistance. MMI has been helping consumers trim their expenses, develop a spending plan, and repay debts since 1958. Counseling is available by appointment in branch offices and 24/7 by telephone and Internet. Services are available in English or Spanish. To learn more, call 800-515-2227 or visit www.MoneyManagement.org. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[112]=new Array("http://www.personalfinancefoundation.org/providers/online-and-dvd-education.html","About PFEEF","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Quality Providers <<Back Online and DVD Education The EDSA Group® has been recognized for its proven, results-driven programs. Offering financial education solutions since 1993, EDSA is an independent financial education company that specializes in teaching people to make informed decisions about their personal finances and employer-sponsored benefit plans. EDSA offers an array of tools to assist almost every audience: individuals, companies and organizations, as well as financial professionals and institutions. All tools can be private labeled and customized to suit your unique needs. Tools available include live workshops, software, and an E-Learning tool , www.goodmoneyhabits.com Financial Finesses’ patent pending Financial Learning Center is a comprehensive online platform to a wealth of financial information. It was designed to deliver unbiased financial education in a highly-interactive personalized experience in order for participants to build and continue to develop their personal financial plans. Our Financial Learning Center replicates the experience of working one-on-one with a Certified Financial Planner™ through a personalized action plan and a vast library of content on any financial topic, delivered in a multitude of formats including podcasts, articles, calculators and more. These modules include how-to articles on the broad range of financial planning that people face throughout their lives and provide readers the confidence to take the next step and make a financial decision. Financial Finesse's Your Money Minute podcast is a monthly audio show that discusses common and complex financial topics with expert guests. LFE offers a variety of online education programs: Money Coaching is a educational service that answers specific employee questions on more than 200 financial topics. No advice is given and no products are ever sold. A weekly educational series, the Money Minute! This up-to-the-minute publication saves employees money, helps them avoid the latest scams, and provides critical e-learning throughout the year. LFE’s in-depth online CWMC Certification Training for financial professionals who want to be able to provide unbiased Money Coaching for employees. Precision Information, publishes the award winning online Educated Investor University program. With over 300 interactive educational tutorial on virtually every topic of interest to your employees, the Educated Investor provides instant, unbiased answers to help more than 4,000,000 people worldwide make more informed financial decisions. In addition, our online Money Coach service can provide your employees with a personalized financial action plan complete with interactive tutorials, forms and recommended action items to help them both improve their knowledge and financial behaviors. With proven programs starting for as little as $99 per month, our turnkey tools can be a great resource to help you educate and empower employers and employees alike to experience the bottom line benefits of financial education. For more information please contact us at 888-345-1285 or by e-mail at sales@educatedinvestor.com. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[113]=new Array("http://www.personalfinancefoundation.org/providers/financial-retirement-advice.html","Quality Providers - Financial/Retirement Advice","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Quality Providers <<Back Financial/Retirement Advice Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[114]=new Array("http://www.personalfinancefoundation.org/providers/financial-tools-and-information.html","Quality Providers - Financial Tools and Information","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Quality Providers <<Back Financial Tools and Information CLC, the leader in financial coaching / education, legal referrals & identity theft protection, provides financial classes in combination with individualized telephonic financial coaching to create ownership and accountability in implementing the concepts learned in class. CLC’s staff financial coaches have successfully led hundreds of thousands of individuals through financial behavior improvement. Financial Finesse offers a variety of resources for participants including calculators, access to Certified Financial Planners, articles and personalized action plans that are delivered in a variety of formats. All of our content is completely unbiased and free of conflicts of interest designed solely to help people reach their financial goals through education and guidance. Participants have access to our content through their employers and through our newly launched financial advocacy Web site, www.getfinancialfinesse.org. Precision Information, publishes the award winning online Educated Investor University program. With over 300 interactive educational tutorial on virtually every topic of interest to your employees, the Educated Investor provides instant, unbiased answers to help more than 4,000,000 people worldwide make more informed financial decisions. In addition, our online Money Coach service can provide your employees with a personalized financial action plan complete with interactive tutorials, forms and recommended action items to help them both improve their knowledge and financial behaviors. With proven programs starting for as little as $99 per month, our turnkey tools can be a great resource to help you educate and empower employers and employees alike to experience the bottom line benefits of financial education. For more information please contact us at 888-345-1285 or by e-mail at sales@educatedinvestor.com. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[115]=new Array("http://www.personalfinancefoundation.org/providers/money-coaching.html","Quality Providers - Money Coaching","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Quality Providers <<Back Money Coaching CLC, the leader in financial coaching / education, legal referrals & identity theft protection, provides financial classes in combination with individualized telephonic financial coaching to create ownership and accountability in implementing the concepts learned in class. CLC’s staff financial coaches have successfully led hundreds of thousands of individuals through financial behavior improvement. In our Ask a Planner Day sessions, participants meet one-on-one with an on-staff Certified Financial Planner™ and receive invaluable guidance and planning around their most crucial financial issues and goals. All participants receive unbiased guidance and a personalized action plan that details the steps they need to take to reach their financial goals along with resources and financial modeling tools to help them reach their goals, and all without a sales pitch. The Financial Helpline service provides employees and members with ongoing financial coaching and guidance from unbiased Certified Financial Planners™. The service allows employees the ability to work with either the same financial planner, at their convenience, whenever they need expert guidance and support. Unlimited usage allows employees to get as much guidance as they need, on their time, at their pace. LFE’s Money Coaches answer employees’ specific questions at the time they are making financial decisions on more than 200 financial topics. Our highly-trained CWMC-Certified Coaches have previous expertise as CFPs, CPAs, mortgage lenders, credit counselors, bankers, realtors, insurance specialists, RIAs, travel agents, healthcare & eldercare advisors, and college financing experts. No advice is given, we sell no products, and every e-mail response is documented to reduce liability exposure and provide ongoing e-learning education for employees.  Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[116]=new Array("http://www.personalfinancefoundation.org/providers/credit-counseling-bankruptcy-education.html","Quality Providers - Credit Counseling/Bankruptcy Education","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Quality Providers <<Back Credit Counseling/Bankruptcy Education Money Management International (MMI) is a nonprofit, full-service credit-counseling agency, providing confidential financial guidance, financial education, and counseling services, including housing counseling, bankruptcy counseling and education, and debt management assistance. MMI has been helping consumers trim their expenses, develop a spending plan, and repay debts since 1958. Counseling is available by appointment in branch offices and 24/7 by telephone and Internet. Services are available in English or Spanish. To learn more, call 800-515-2227 or visit www.MoneyManagement.org. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[117]=new Array("http://www.personalfinancefoundation.org/providers/certifications.html","Quality Providers - Certifications","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Quality Providers <<Back Certifications LFE’s CWMC (Certified Workplace Money Coach) online course is the first comprehensive program of its kind that teaches financial professionals the unique skills required to become an unbiased Workplace Money Coach. This self-paced course generally takes 6 to 12 months to complete, and covers strategies that will help employees save money on day-to-day financial decisions throughout their work lives. Graduates must complete 4 Levels of Study, 30 Modules, and pass 35 Competency Exams before receiving the CWMC designation. LFE also offers additional training on the advanced designation required to become a Quality Control Coach. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[118]=new Array("http://www.personalfinancefoundation.org/providers/financial-education-providers.html","Quality Providers","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Some Financial Education Providers (Non-United States) of Workplace Financial Education Programs The following resources are provided to assist you with your personal finances, but we do not endorse any specific provider or website. Money Solutions (Australia) Wealth College (Singapore) Finerva (India) First Independent Advisors Limited (Kenya) Daniel Hanzelka Retirement 101 (Canada) University of The Gambia (Africa) Matt Hern (Australia) Financial Education and Advice Personal Finance Advisers (Philippines) PMA (Columbia) Pinoy Smart Savers Learning Center (Philipines)   Colayco Foundation For Education Inc. (Philippines) Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information  Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[119]=new Array("http://www.personalfinancefoundation.org/providers/quality-providers-criteria.html","Quality Providers","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Quality Providers Criteria It is the mission of the Personal Finance Employee Education to promote and facilitate financial education in the workplace. We define financial education as the full range of financial education, including budgeting, credit and debt, savings, and investment. We also emphasize the need to verify measurable attitudinal and behavioral changes on the part of employees as a result of financial education efforts. Therefore, to become a quality provider your organization should meet the following standards: Provide full range of financial education Able to show evidence of behavior change  Evidence of excellent business reputation Provide three references Have been in business full-time for five years We require a $1500 processing fee and an annual renewal fee of $1000. Your annual renewal date will be the month when you are approved. The application and check should be sent to the Personal Finance Employee Education Foundation, 915 Castlehill Drive, The Villages, FL 32162. Click here for Quality Provider application. PFEEF is committed to ensuring that financial education in the workplace is delivered in an atmosphere free of preferences on the basis of race, color, ethnic origin, national origin, creed, religion, political belief, gender, sexual orientation, marital status, age, veteran status, or physical or mental disability. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information  Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[120]=new Array("http://www.personalfinancefoundation.org/resources/pfeef-affiliations.html","Resources","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Resources PFEEF is a member of: Building wealth starts when you set a goal and make a plan to reach that goal.  Whatever goal you choose – whether it’s buying a car, buying a house, or getting out from under your debts – learn about proven savings strategies and get simple tips on the best ways to save.  Our mission is to make savings and a retirement planning a priority for all Americans.  We realize this goal through providing the public education about all aspect of financial security through our coalition of major public and private sector partners. Jump$tart is a national coalition of organizations dedicated to improving the financial literacy of pre-kindergarten through college-age youth by providing advocacy, research, standards and educational resources. Jump$tart strives to prepare youth for life-long successful financial decision-making.  Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[121]=new Array("http://www.personalfinancefoundation.org/resources/certificate-programs.html","Certification Programs","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Resources Certification Programs Considerable expertise is required to effectively deliver financial literacy education programs to adult learners in workplace settings. A high degree of content understanding is necessary and some of that may be obtained from various recommended Financial Planner Professional Certifications. Three certification programs that are offered by non-profit organizations are recommended to help fill in the gaps in knowledge about personal finance and lifecycle topics especially appropriate when educating adults (including overcoming indebtedness), as well as how to communicate effectively so that learners are able to make changes in their lives that result in decreases in financial distress and increases in personal financial wellbeing: 1. Certified Financial Educator™ (CFEd™) Heartland Institute of Financial Education See http://heartlandfinancialeducation.com/index.asp A Certified Financial Educator™ has expertise in two focus areas Financial Planning Focus Goal Planning Cash Flow Planning Risk Management Planning Debt Management Investment Planning Retirement Planning Income Tax Planning Estate Planning Adult Learning Focus Financial Literacy Education Workplace and Community Financial Education Communicating Financial Education to Adults Communication and the Instructor/Leader The Adult Learning Process Twelve Principles of Adult Learning Motivation and Adult Learners Promoting Financial Literacy Education  2. CWMC-Certified Money Coaches LFE Institute See http://www.lfeinstitute.com As more employers seek to standardize Money Coaching for employees via e-mail, the LFE Institute, utilizing its 22 years of experience in Workplace Financial Literacy, has created the first in-depth Certification process of its kind for Workplace Money Coaching. Graduates of this comprehensive course will receive the "CWMC" (Certified Workplace Money Coach) designation. Employees make critical day-to-day decisions on a wide range of financial topics, but also make costly financial mistakes because they do not know how to avoid the financial traps and pitfalls associated with these topics. CWMC-Certified Money Coaches are financial professionals who have completed extensive training (see the CWMC Syllabus) which includes: Four Levels of Competency: Associate, Senior, Elite, and Master Levels 30 Financial Modules of Study 34 Competency Tests In-depth training on how to provide educational responses to employee questions on over 200 financial topics. CWMC-Certified Money Coaches are totally unbiased; they sell no products or services to employees. Their only goal is education. To learn how to qualify to become a CWMC-Certified Money Coach, or to identify a CWMC graduate who can help your employees build a stronger financial future, contact the LFE Institute at: The LFE Institute www.lfeinstitute.com 1.877.LFE.5557 (toll-free) 1.417.889.3700 (office) asklfe@lfeinstitute.com  3. Accredited Financial Counselor™ (AFC™) Association for Financial Counseling and Planning Education See http://www.afcpe.org/pages/index.cfm An Accredited Financial Counselor is: A financial counselor who has certified skills to assist individuals and families in the process of financial decision making. A financial counselor who agrees to maintain the highest ethical standards as written in the AFC Code of Ethics. A financial counselor who maintains up-to-date knowledge in the fields of personal finance and financial counseling. The Abilities of an Accredited Financial Counselor: Accredited Financial Counselors have certified skills to assist individuals and families in the complex process of financial decision making, including the ability to: Educate clients in sound financial principles. Assist clients in the process of overcoming their financial indebtedness. Help clients identify and modify ineffective money management behaviors. Guide clients in developing successful strategies for achieving their financial goals. Support clients as they work through their financial challenges and opportunities. Help clients develop new perspective on the dynamics of money in relation to family, friends and individual self-esteem. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[122]=new Array("http://www.personalfinancefoundation.org/scale/well-being.html","Personal Financial Wellness Scale™","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Personal Financial Wellness Scale™ What's Your "Personal Financial Wellness" Score? Answer these eight questions to find out. About the Scale Click here for more information. Scale Uses and Policies Click here for more information (PDF). Research Article on PFW Scale™ Development, Administration, and Score Interpretation. Click here for more information (PDF). Research Article on PFW Scale™ Validity and Reliability Click here for more information (HTML). Teach to the Test Click here for more information (PDF).  PERMISSION FORM (SUBMIT ONLINE) Click here for more information (HTML). Online PFW Data Collection And Employer's Projected ROI Click here for more information (HTML). Testimonials on Using PFW Click here for more information (PDF). The PFW Scale™ has been modified for use in different cultures. It is currently used in Australia, Canada, The Gambia (Africa), India, Malaysia, Mexico, Philipines, South Africa, Thailand, and US Latino. Inquire if interested. Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[123]=new Array("http://www.personalfinancefoundation.org/tools-for-your-use/PFEEF-Provider__2-10.doc","PFEEF-Provider__2-10.doc","","");sQ1[124]=new Array("http://www.personalfinancefoundation.org/tools-for-your-use/PFEEF-Employer__2-10.doc","PFEEF-Employer__2-10.doc","","");sQ1[125]=new Array("http://www.personalfinancefoundation.org/docs/Draft-Power-Point-Presentation-for-Employers.ppt","Tom Garman’s Thoughts on Employee Education","","Your Draft Presentation for Employers PFEEF encourages you to reproduce and distribute these slides for public presentations as well as those you might make to employers. If you use any of slides, please give appropriate credit and reference our website (www.PersonalFinanceFoundation.org). Sign up for our free ezine newsletter on website. Enjoy and good luck! Click to next slide www.PFEEF.org ©Personal Finance Employee Education Foundation, 2010. Revised February 4, 2010 Quality Workplace Financial Programs Are Profit Centers Presented by (Your Name Here) Presented on (Current Date Here) ©Personal Finance Employee Education Foundation, 2010 Outline A. Employee financial distress and work outcomes B. Quality workplace financial programs and employer profits C. Recommendations Employee Financial Distress and Work Outcomes 30 million American workers –1 in 4 – report they are seriously financially distressed and dissatisfied with their personal finances 82% of sponsors of 401(k) plans say most of their employees will NOT be adequately prepared for retirement Millions say they cannot afford to save for retirement, and 1 in 4 cite credit card debt as one of the reasons Employee Financial Distress and Work Outcomes In today’s economy, employees are experiencing Decreases in: Increases in: AND v Home values v Value of retirement funds v Ability to repay debt v Consumer confidence v Home foreclosures v Credit card debt v Loan delinquencies v Financial distress Employee Financial Distress and Work Outcomes Research* has shown that employee financial distress is related to Increased: Decreased: AND Absenteeism Work time spent on personal financial matters Heath care costs Turnover Productivity Health quality Job satisfaction Pay satisfaction *See references noted at the end of the slide show. All can be found on PFEEF website at www.personalfinancefoundation.org Employee Financial Distress and Work Outcomes 1. Research shows that employee personal finances and the employer's bottom line go together 2. Financially unwell employees do not make the best decisions for themselves... or their employers Employee Financial Distress and Work Outcomes 3. Research shows every time someone on your work team brings his/her money worries to the job, workplace productivity drops 4. Employees with money problems are like sharks swimming around the work place taking bites out of the bottom line 5. Employees do not know how to help themselves Employee Financial Distress and Work Outcomes How can employers help reduce employee financial distress AND Improve their own bottom lines? Quality Workplace Financial Programs and Employer Profits Employer investment in quality workplace financial programs rescues employees and employers EMPLOYEE BENEFITS EMPLOYER BENEFITS Decreases in personal financial distress Increases in personal financial wellness Decreases in costs Increases in profits Quality Workplace Financial Programs and Employer Profits Quality financial programs delivered in the workplace include Information Services AND v Basic financial education v Benefits information/education v Retirement education v Credit Union information v Financial coaching that changes behaviors v Credit counseling v Financial advice Quality Workplace Financial Programs and Employer Profits Quality workplace financial education programs emphasize BASIC FINANCIAL LITERACY, or knowledge about v Setting financial goals v Spending plans v Credit management v Planned savings v Saving for retirement Quality Workplace Financial Programs and Employer Profits Lack of BASIC FINANCIAL LITERACY is the major reason employees v Are experiencing financial distress v Do not save for retirement Quality Workplace Financial Programs and Employer Profits v Increases in BASIC FINANCIAL LITERACY through quality workplace financial programs leads to improvements in personal financial behaviors v Employees experiencing high levels of financial wellness make better employees Recommendations Personal Finance Employee Education Foundation recommends 5 steps: 1. Select a high quality financial program provider. 2. Benchmark employee financial health using the Personal Financial Wellness scale (PFW). (See PFEEF website for more information) 3. Calculate the employer's projected ROI. (See PFEEF's online ROI calculator) 4. Conduct a detailed employer-specific projected ROI calculation with PFEEF's experienced research staff 5. Calculate your company's actual ROI one year later with PFEEF's experienced research staff Recommendations Step 1: Select a high quality financial program provider v Work with your current financial education provider, OR v Select a provider who can meet the financial literacy needs of your employees Recommendations Step 2: Benchmark employee financial health using the Personal Financial Wellness scale (PFW). (See PFEEF website for more information)* The PFW: v Is an 8 item survey available online and in pencil/paper format v Measures financial wellness on a continuum from overwhelming financial distress to highest financial well-being v Is a valid and reliable measure based of 25 years of research v Has national norms based on a representative sample of American adults *www.personalfinancefoundation.org Recommendations Step 3: Calculate the employer's projected ROI. (See PFEEF's online ROI calculator)* v Use PFEEF's online ROI calculator to estimate the employer's return-on-investement (ROI) for providing workers a quality workplace financial program v It's FREE and immediately prints your report *www.personalfinancefoundation.org Recommendations Step 4: Conduct a detailed employer-specific projected ROI calculation with PFEEF's experienced research staff Your projected ROI is a reasonable and conservative estimate based on v Cost of providing a quality financial program v Level of financial wellness of your employees v Cost to employer for specific job outcomes (based on company data, PFEEF research, and industry data) v Estimated projected impacts of financial program on job outcomes Contact PFEEF* for details and costs for this service *www.personalfinancefoundation.org Recommendations Step 5: Calculate your company's actual ROI one year later with PFEEF's experienced research staff v One year later, PFEEF can determine your actual ROI based on changes in employee job outcomes Contact PFEEF* for details and costs for this service *www.personalfinancefoundation.org Recommendations v It is in the employers best interest **more profits** to provide employees easy access to quality financial programs v It also is the right thing to do as stewards of employee well-being! Resources Judith N. Cohart, President, Personal Finance Employee Education Foundation, Tele: 859-433-0557; Email: judithcohart@gmail.com Web: www.personalfinancefoundation.org Information for this slide show was taken from the following articles all of which can be found on the PFEEF website at www.personalfinancefoundation.org: Bagwell & Kim, 2008; Drentea, 2000; Drentea & Lavrakas, 2000; Garman et al., 1999, 2004, 2007; Genco et al., 1999; Jacobson et al., 1996; Kim, Sorhaindo, & Garman, 2003 & 2004; Lyons & Yilmazer, 2005; O'Neil et al., 2005 & 2006; Prawitz et al., 2006 & 2007; Sorhaindo & Garman, 2002.");sQ1[126]=new Array("http://www.personalfinancefoundation.org/exemplary-employers/Criteria-Exemplary-Employer-5-2010.pdf","A model employer who has recognized the importance of workplace","","Exemplary Employers Recognized by the Personal Finance Employee Education Foundation An "Exemplary Employer" recognized by the Personal Finance Employee Education Foundation (PFEEF) and featured on the PFEEF website is one who has genuinely recognized the importance and value of quality workplace financial education programs to both employees and the employer. PFEEF exemplary employers have demonstrated their commitment over time to helping employees improve their financial wellness by offering them easy access to a variety of quality financial programs. Evidence of an exemplary financial program: 1. Provides employees an ongoing successful financial education program which includes an emphasis on basic financial literacy through any appropriate medium; Content: Financial Literacy (Spending Plans, Credit Management, Savings) Financial Advice (Investing, e.g. Retirement) Programs: Workshops Seminars Counseling Telephone On-line 2. D o c u m e n t s evidence of improvements in employee financial wellness which shows benefits to both the employee and the employer's bottom line; Evidence of Impact: Fewer Employee Assistance Plan calls Absenteeism Turnover Productivity Morale The Personal Finance Employee Education Foundation is proud to recognize the excellence of these national leaders in workplace financial education. Employers and financial program providers are encouraged to recommend candidates for recognition as an "Exemplary Employer."");sQ1[127]=new Array("http://www.personalfinancefoundation.org/exemplary-employers/Exemplary-Employer-Application.pdf","A model employer who has recognized the importance of workplace","","Exemplary Employers Application Personal Finance Employee Education Foundation Please fill in the lines below and press the "submit" button at the bottom. Name of Person Making Request: Job Title: Organization: Mailing Address: Telephone/Fax: Email: Organization Website: Evidence of an exemplary financial program: 1. Provides employees an ongoing successful financial education program which includes an emphasis on basic financial literacy through any appropriate medium; Content: Financial Literacy (Spending Plans, Credit Management, Savings) and Financial Advice (Investing, e.g. Retirement) Programs: Any of the following ongoing programs: Workshops; Seminars; Counseling; Telephone; On-line 2. D o c u m e n t s evidence of improvements in employee financial wellness which shows benefits to both the employee and the employer's bottom line; Evidence of Impact: Change in Employee Assistance Plan calls; Contributions to 401(k) Plans; Absenteeism; Turnover; Productivity");sQ1[128]=new Array("http://www.personalfinancefoundation.org/questions/Strategies-on-Website-Oct-08.pdf","Strategies for Motivating Employees To Develop Positive Financial Behaviors","","Strategies for Motivating Employees To Develop Positive Financial Behaviors: An Application of the Transtheoretical Model of Behavior Change© 1,2,3 "If you spend everything you make, you will never be wealthy," goes the saying. It's true. As today's economic times amply demonstrate, Americans have gone `round the bend on this one, according to the Federal Reserve Board. 4 Consumers continue to spend it all and then some. Using credit to spend more than one earns makes saving money from current income nearly impossible. As a result, millions are struggling financially and many of those near retirement lack the funds required for a comfortable life. Financial literacy is knowledge about spending plans, credit management and savings. Lack of good financial literacy behaviors is the major reason employees do not save adequately for retirement. In addition to the rising cost of living (e.g., gasoline, food, mortgage payments), reasons for personal financial struggles include poor financial planning and management practices by consumers. They prove the old adage, `If you fail to plan, you plan to fail." The declining financial health of employees has serious bottom-line implications for employers. Employees who do not manage their personal finances typically are less productive and experience higher health care expenses. Many employers recognize these problems but do nothing. Others believe their current retirement plan provider offers a financial education program that successfully changes employees' personal financial behaviors for the better. Unfortunately, this is a false assumption. The Personal Finance Employee Education Foundation tells employers: "If a financial education provider cannot prove their program works, don't hire them or fire them." A recent study by researchers at the Personal Finance Employee Education Foundation (PFEEF) indicates that even though employees are experiencing stress related to such financial topics as retirement planning, debt management, and budgeting, about half are unwilling to learn more about these stressful topics in order to change their situations. 5 PFEEF researchers are working to establish best practices for workplace financial program providers. One goal is to help them motivate employees who are not yet ready to take that first step toward a better financial life. The strategies being tested are based on the successful Stages of Behavior Change Model developed and tested by Prochaska and colleagues 6 for more than 30 years. The model can target employees for financial education based on their readiness for change. Ironically, those individuals most in need of financial education are most likely to avoid it. Simply put, those who are not ready to learn about improving financial practices are not likely to attend financial education seminars or workshops, nor will they participate in online learning. Even if ©Personal Finance Employee Education Foundation, 2008. Xiao, J..J., Prawitz, A.D., Prochaska, J. M., O'Neill, B., Kim, J., & Garman, E. T. (2008). Personal Finance Employee Education Foundation (www.PersonalFinanceFoundation.org). 3 Please cite this paper as follows: Strategies for Motivating Employees To Develop Positive Financial Behaviors: An Application of the Transtheoretical Model of Behavior Change (2008), Xiao, J.J, Prawitz, A.D., Prochaska, J.M., O'Neill, B,, Kim, J., & Garman, Special publication of the Personal Finance Employee Education Foundation, pp. 1-8 (http://www.PersonalFinanceFoundation.org). 4 Lansing, K. J. (2005). Economic research and data: Spendthrift nation. Federal Reserve Bank of San Francisco. Retrieved October 1, 2008, from http://www.frbst.org/publications/economics/letter/2005/el2005-30.html 5 Prawitz, A. D., Shatwell, P., Haynes, G., Hanson, K. C., Hanson, E. W., O'Neill, B., & Garman, E. T. (2007). Lifestyle risk factors, health status, and financial distress: Framing interventions using the Transtheoretical Model of Change. Proceedings of the Association for Financial Counseling and Planning Education, 25, 153-161. 6 Prochaska, J. O., Norcross, J. C., & DiClemente, C. C. (1994). Changing for good. NY: Avon Books. 2 1 they do become somewhat engaged, they are not yet ready to put the strategies learned into practice in their lives. The essence of the Transtheoretical Model of Behavior Change (TTM®) is to identify each person's stage of readiness for change, and to implement strategies (called processes) specific to that stage. For example, those in the Precontemplation stage (not planning to change within the next 6 months) are the most difficult to motivate, as the progress needed is from a state of inertia to a level of willingness to admit there is a problem and to begin thinking about changing. The strategies that help people in this Precontemplation stage of change are quite different from strategies used with those getting ready or ready for and dedicated to changing. 7 The following strategies are applicable to both financially distressed employees and those with average financial well-being who are in the pre-action stages. The strategies also apply to both overly indebted employees and those with average levels of debt who are in the action stages. Importantly, even the messages used to motivate employees to attend financial education workshops should be worded differently based on the stage of change of the target audience. What motivates some individuals to attend a seminar often differs from what motivates other employees. PFEEF researchers currently are engaged in research to determine whether advertising messages for financial workshops differ by stage of change, and which messages work better to motivate participation. The Stages of Change and Associated Strategies Precontemplation stage (I can't or I won't). About 40% of people who need to make a behavior change are in the Precontemplation stage. In this stage people may be unaware that a habit is risky, or may know that it's risky, but not admit a personal need to change. Others may be discouraged by previous failures and believe the problem is beyond their control. For those in the Precontemplation stage, an important strategy is consciousness raising, or increasing awareness about both the risks of the problem and the benefits of changing. Another strategy used in this stage is dramatic relief, a form of emotional arousal which can create enough anxiety to motivate people to make changes. Such emotional experiences can be wake-up calls about where the problematic behavior is leading ­ to bankruptcy, divorce, foreclosure, etc. Contemplation stage (I may). Individuals in this stage are more likely to acknowledge that they have a problem and start intending to solve it. Many Contemplators have indefinite plans to take action within six months or so. However, many get stalled because they fear the costs of change. To help people move forward, one strategy is to help convince them that the benefits of 7 A co-author of this paper is Dr. Janice M. Prochaska, President, Pro-Change Behavior Systems (http://www.prochange.com). Pro-Change creates individually tailored behavior change programs based on research and proven behavior change science. With funding from the National Institutes of Health (NIH) and private industry, and based on over 30 years of research, their programs have achieved unprecedented impacts with entire at-risk populations--from those not thinking about changing, to those actively maintaining a new behavior. One of the originators of the Transtheoretical Model of Change is Dr. J. O. Prochaska, who was named as one of the five most influential authors in Psychology by the Institute for Scientific Information and the American Psychological Society, Dr. Prochaska is author of more than 300 papers on behavior change for health promotion and disease prevention. He has served as Principal Investigator on over $60 million in research grants on the prevention of cancer and other chronic diseases and has received numerous honors, including major awards from the American Psychological Association, the Society for Prospective Medicine, and Harvard University. He was the first psychologist to win a Medal of Honor for Clinical Research from the American Cancer Society, The current paper applies the strategies of Transtheoretical Model of Change toward motivating changes in the personal financial behaviors of adults. changing outweigh the costs. Other strategies for Contemplators include self-reevaluation, which involves encouraging them to imagine the kind of people they would be once they have changed. Environmental reevaluation, a third strategy useful in this stage, helps people assess how the problem behavior is affecting others. People in this stage may still sound like this: "I know I need to stop unnecessary purchases, but I just don't know how I would ever do it. Every time I try, I seem to fail. I just don't know." They are not yet ready to take action, so people in the Contemplation stage are considered to be in a stage of "pre-action." 8 Preparation stage (I will). Most people in the Preparation stage are intending to make a behavior change within 30 days. Strategies used in the Preparation stage include encouraging people to make a commitment to change and to take some small steps to build confidence. Another important strategy is empowering people to make an action plan, which includes writing down the plan, making a public commitment to change, setting a date for change, and lining up supporters for encouragement and help in making the change. People in this stage may sound like this: "I am going to cut up my credit cards;" "I am going to see a credit counselor this week;" "I am avoiding shopping online." Action stage (I am). In the action stage, people are taking overt action to change. Once people enter this stage, most need to continue focusing on the problem behavior for at least six months. People in the Action stage benefit from both cognitive and behavioral strategies. Cognitive strategies might include a technique such as positive thinking, while behavioral strategies represent overt purposeful behavior changes. These include establishing rewards to reinforce efforts (reinforcement management), substituting healthy new behaviors for problematic ones (counterconditioning), changing the environment to prompt change efforts and avoiding cues that trigger the problematic behavior (stimulus control), and getting support from others (helping relationships). Maintenance stage (I still am). ­ Change doesn't end with the Action stage, for change is an ongoing process. People usually must work to maintain the gains achieved in the previous stages, and may struggle to prevent relapses. Strategies that are supportive in the Maintenance stage are continuation of the substitution of new behaviors for problematic ones (counterconditioning), maintaining changes in the environment to prompt change efforts (stimulus control), and having a plan in place to cope with setbacks. For all stages: Social liberation is an effective strategy for encouraging positive behavior change at all stages. This strategy helps people realize that the social norms are changing in the direction of supporting the positive behavior change. Realizing that appropriate personal financial management is socially desirable and contributes to the well-being of society helps keep employees on track. A Step-By-Step Approach The Transtheoretical Model of Behavior Change promotes the development of desirable behaviors step-by-step, a method shown to be effective in empowering lasting, positive change. As employees move through the stages of change, they will benefit from this approach, and feel more confident as they change undesirable behaviors and develop more positive financial management strategies. While employees may experience lapses and backslide to a previous stage, it is rare for a person who has begun the process to revert all the way back to the Precontemplation stage. That is, while missteps may occur, employees can continue to make 8 Xiao, J. J., Newman, B. M., Prochaska, J. M., Leon, B., Bassett, R. L., & Johnson, J. L. (2004). Applying the Transtheoretical Model of Change to consumer debt behavior. Financial Counseling and Planning, 15(2), 89-100. progress. Examples follow that illustrate research-based strategies found to work at different stages of change for those who are struggling with financial problems, like budgeting and paying down debt, and challenges, such as saving for retirement. Examples of Behavior Change Strategies by Stage of Change The following examples suggest how strategies can be used to empower financially distressed employees at various stages of behavior change related to personal financial practices. Similar messages to encourage positive change for the achievement of financial goals can be developed based on these examples. Stage of Change Change Strategy Precontemplation Consciousness raising: Finding and learning new facts, ideas, and tips that support the positive behavior change Example Provide employees with articles on the importance of reducing debt, having a savings plan, budgeting, etc. Information about the consequences of continuing the problematic behavior is helpful also. Raise the pros of reducing debt and having a savings plan, e.g. feeling more hopeful about the future, being rid of bill collectors, building a positive credit history, improved sleep, etc. Use dramatic personal stories with harsh negative outcomes to produce emotional responses. For example, a true narrative detailing the experience of a 72-year-old employee still in the workforce (though not wanting to be) because she did not save enough for retirement might motivate some to begin learning about investing for retirement. Administer the 8-item Personal Financial Wellness (PFW) scale to measure current level of financial distress. (Employees can determine own levels of financial distress, which may be quite revealing for some.) Dramatic relief: Experiencing the negative emotions that go along with inappropriate financial practices Stage of Change Change Strategy Contemplation Self-reevaluation: Realizing that the behavior change is an important part of one's identity as a person Example Ask: "How will you view yourself as a person when you have made progress toward your financial goals?" (A person's perception of self is tied to past behaviors. This approach helps the financially distressed employee see that one can change for the better and feel good about the positive changes.) Make the advantages outweigh the Offer: "You might have to admit that you are overspending, but you'd learn to be disadvantages more in control of your spending." Encourage: "You might feel like you don't have the energy to plan, but you'd find more energy if you did." Ask: "Is using effective methods to get rid of debt really so time consuming?" Encourage employees to consider that Environmental reevaluation: Realizing the negative impact of the their families have little financial stability due to their past behaviors, and that inappropriate behavior or the when they have developed good positive impact of the improved behaviors on one's proximal social financial management practices, their families will enjoy more financial welland physical environment being. (Helps employees understand that personal financial choices are affecting loved ones in a negative way.) Preparation Self-liberation: Make a firm commitment to change Remind: "Things will not change for the better until you make the commitment to do things differently." (This approach helps employees realize the ability to change comes from within and promotes proactive movement toward goals.) Examples to offer: "Be mindful of the debt you already have incurred." "Pay attention to the minimum required each month on your credit card." "Plan ways to avoid unnecessary purchasing." Encourage employees to: Choose their methods Set a start date Tell others about their commitment Write down the plan Take small steps to build confidence Make an action plan Stage of Change Change Strategy Action/ Reinforcement management: Increasing the rewards for the positive behavior change. Example Encourage: Create opportunities to reward yourself for making progress toward your financial goal (e.g., having friends over for a potluck dinner). Rewards should not involve unnecessary spending, and certainly not financial "splurging." Suggest: Return unneeded charged purchases to the store. (If the reward is to possess something new, then a return of the purchase likely would serve to decrease the reward.) Helping relationships: Seeking and Encourage employees to enlist family using social support for positive members as their support group for behavior change making changes in financial behaviors. Have them designate a supportive person to help them keep track; the more transparent the behaviors, the less likely they are to slip up. (If family members understand the end goal and are part of the planning process, they are more likely to buy into and support the positive changes.) Counterconditioning: Substituting Check out books from the library rather positive alternative behaviors and than buying from bookstores or online; cognitions for the inappropriate try shopping at resale shops instead of behaviors the mall; have funds diverted from current income to a retirement fund before paycheck is issued; plan for future large purchases by diverting current income each pay period to a savings account set up for this purchase. Stimulus control: Refrain from tuning in to the shopping Removing cues to engage in the channel; leave credit cards at home inappropriate behavior. when you go shopping. Decreasing the rewards of inappropriate behaviors Adding reminders to engage in positive behaviors. Keep a chart of debts being reduced and goals being met; make a shopping list before you leave for the store; take advantage of employee-sponsored financial education courses. Stage of Change Change Strategy Maintenance Cope with setbacks Example Encourage: Move quickly back to better behavior. Learn from your setbacks. Maintain the image of the person you want to be. Tell yourself you have what it takes to get back on track. All stages Make sure employees have a plan for what to do to handle tempting situations effectively, e.g. holidays, hearing about a big sale, stressful times. Social liberation: Realizing that the Remind employees that reducing their indebtedness increases the well-being social norms are changing in the direction of supporting the healthy of not only their families but also society as a whole. (Realizing that behavior change being able to finance one's own retirement reduces the burden to society is motivational for some.) Plan ahead for challenging situations We encourage you to use the information provided on stages of change to assist employees in changing problematic and challenging financial behaviors. Such changes will help them move toward increasing financial success. If you have effective messages to encourage employees to make positive changes in their financial behaviors, please share with us. We will post your ideas on the PFEEF website with an acknowledgment of your contribution. PFEEF encourages the use of its valid and reliable 8-question Personal Financial Wellness (PFW) scale to benchmark the financial health of employees, particularly before and after commencement or expansion of a workplace financial program. In addition, PFEEF conducts return-on-investment (ROI) analyses to project and prove the value of quality workplace financial programs. PFEEF Can Help Improve Employee Financial Communications Researchers at PFEEF have published a number of articles on the outcomes of improving financial management behaviors; most are accessible through our website (www.Personal FinanceFoundation.org). PFEEF also has created the valid and reliable Personal Financial Wellness (PFW) scale to measure financial distress/financial well-being of employees. Use of the scale is free with permission--see the PFEEF website for details. Fee-based consulting on applying the Stages of Change Model in the context of your company environment to improve employees' financial well-being also is available. For details, please contact PFEEF, a non-profit organization.");sQ1[129]=new Array("http://www.personalfinancefoundation.org/docs/Donor Form.pdf","Personal Finance Employee Education Foundation DONOR FORM","","DONOR FORM The Personal Finance Employee Education Foundation, Inc. (a 501(c)(3) charitable organization) Shares research, resources, and best practices in personal finance employee education. Employer profits increase when employees have access to resources that reduce personal finance distress and improve financial well-being. PFEEF also provides tools and expertise so employers can show the return-on-investment (ROI) of quality workplace financial programs. Promote the PFEEF win-win-win mission ­ for employers, providers and employeeswith media and employers Encourage the use of the Personal Financial Well-Being (PFW) scale to assess the financial distress/financial well-being of employees Collaborate with PFEEF in projecting the return-on-investment (ROI) to employers for providing employees easy access to quality financial programs Collaborate with PFEEF to prove the ROI to employers Help prove the business case for quality workplace programs that reduces employee financial distress and improves personal financial well-being DONOR INFORMATION Name of Organization: Address: State: Fax Number: Website Address: Background Information (such as headquarters, other locations): Zip: Telephone Number: E-mail: City: Describe the nature of the business: Contact information for person who will receive PFEEF communications: Signature: Name Printed: Title: Date: PLEASE SUBMIT COMPLETED DONOR FORM AND MAIL ALONG WITH CHECK TO: Personal Finance Employee Education Foundation, Inc. c/o Mary Moldenhauer 915 Castlehill Drive The Villages, FL 32162 Telephone: 859-433-0557 (The IRS Employer Identification Number for PFEEF is #65-1276324) E-mail: info@pfeef.org Web: www.PersonalFinanceFoundation.org");sQ1[130]=new Array("http://www.personalfinancefoundation.org/docs/Donors List.pdf","Donors List","","Contributors, Donors and Underwriters (Organizations and people who have made significant contributions to the Personal Finance Employee Education Foundation) USA Organizations: Ackley & Associates, Kansas City, MO Advantage Publications, Boston, MA (former member of PFEEF Board of Trustees) Alabama Association of Family & Consumer Sciences, Normal, AL Capital Strategies, Inc., Indianapolis, IN Center for Financial Well-Being, Brentwood, TN Choice Financial Corporation, Rockville, MD CLC Incorporated, Granite Bay, CA ClearVista Financial, LLC Dave Ramsey's Financial Peace University Workplace Edition, Brentwood, TN Decker & Associates, Inc., Houston, TX Discover Learning, Ann Arbor, MI The EDSA Group, Baton Rouge, LA Federal Reserve Bank, Atlanta, GA Financial Education, Inc., St. Paul, MN Financial Finesse, Manhattan Beach, CA Financial Information & Service Center, Menasha, WS Financial Perspectives Planning Services, Inc., Boston, MA Financial Soundings, Alpharetta, GA First Financial Education Centre, Gilbert, AZ The Financial Wellness Group, Bountiful, UT Glenn Enterprises, Midlothian, VA Heartland Institute of Financial Education, Aurora, CO H.D. Vest Financial Services, Irving, TX InCharge Education Foundation, Orlando, FL Institute for Financial Literacy, Houston, TX Institute for Socio-Financial Studies, Middleburg, VA Integrated Benefit Solutions, Houston, TX Intuit, San Diego, CA Investment Horizons, Pittsburg, PA Keeping Track, Columbus, OH Lander University, Greenwood, SC LFE Institute, Springfield, MO LifeScript Learning Systems, Phoenix, AZ Merrill Lynch, New York, NY Money Metrics, LLC, Issaquah, WA Money Management International, Houston, TX My First Home, Merrillville, IN Pennsylvania Office of Financial Education, Harrisburg, PA Precision Information, Chicago, IL ProfitSharing/401(k) Council of America, Chicago, IL Purdue University, West Lafayette, IN Reach Consulting, Lowell, MI Speed Equity, Yelm, WA Texas Society of Certified Public Accountants, Dallas, TX Thriveon, Los Altos, CA TruNorth Life Planning, Tulsa, OK TwoMedicine Health and Financial Fitness, Bozeman, MT University of Georgia, Athens, GA United States Army, SC United States Navy Family Services Center, Norfolk, VA University of Arkansas, Fayetteville, AK University of Maryland, College Park, MD University of Mississippi, Starkville, MS University of Minnesota Extension Service, St. Paul, MN University of Rhode Island, Kingston, RI Virginia Tech University, Blacksburg, VA USA Individuals: Carol Anderson, Poulsbo, WA William J. Arnone, New York, NY Don Atherton, Houston, TX William Bailey, Fayetteville, AR David Bixler, Indianapolis, IN Don Blandin, Washington, DC Dean Brassington, Norfolk, VA Glenn Carnathan, Mobile, AL Rodney C. Brown, Winston-Salem, NC Judith Cohart, Washington, DC Madeleine d'Ambrosio, New York, NY Virginia Garretson, Roanoke, VA Terry Gorbach, Arkon, OH Sally Haas, Tacoma, WA Steve Herrmann, Chicago, IL Steve Lansing, Orlando, FL Raminder Luther, Scranton, PA William Pomeroy, Baton Rouge, LA Jing Jian Xiao, Kingston, RI Flora Williams, West Lafayette, IN Non-USA Organizations: Australia - Money Solutions Pty. Ltd, Sydney, Australia Canada ­ Osler, Hoskin & Harcourt, Toronto, ON, Canada Canada - The Retirement Centre Inc., Kitchener, ON, Canada Africa - University of The Gambia, Serrekunda, The Gambia, Africa India - Finerva Financial Solutions, Pvt, Coimbator, India Malaysia - University of Putra Malaysia, Selangor, Malaysia");sQ1[131]=new Array("http://www.personalfinancefoundation.org/press/press-releases/Effectiveness-of-Workplace-Financial-Programs.html","Financial Well-Being Scale Available to Prove the Effectiveness of Workplace Financial Education Programs","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Press Press Releases Financial Well-Being Scale Available to Prove the Effectiveness of Workplace Financial Education Programs, July 25, 2006. PFEEF Click here to download this article (PDF). The Financial Well-Being scale is now available to measure the effectiveness of financial education and information programs provided employees. Human resources directors, financial education providers and researchers may use the scale with employees and clients. The non-profit Personal Finance Employee Education Foundation, Inc. recommends employers provide employees access to high quality basic financial education that increases financial literacy and changes employees' personal financial behaviors so financial distress decreases and financial well-being improves. Why? Because research demonstrates that this improves the employer's profits as well as the financial lives of employees. Nearly twenty years in development, the valid and reliable 8-question FWB scale measures financial distress and financial well-being. An article describing the FWB scale appears in the current issue (Volume 17, number 1) of the prestigious academic journal Financial Counseling and Planning (http://www.afcpe.org). The key question today in workplace financial education is "How effective is the financial education program?" Stated another way "What is the employer's financial education program accomplishing?" Most financial education providers do not know. And employers don't know either. How does one know when a financial education program is successful? The answer: Measure the outcomes! A good workplace financial education program surely motivates employees to enroll in the employer's 401(k) retirement program. It helps employees save enough money so they might later enjoy a financially successful retirement. It educates employees on how to wisely invest. None of these outcomes, however, can occur without practicing good basic financial behaviors. "The most important aspect of a good financial education program," says Dr. Tom Garman, President of PFEEF, "is that it helps people practice good financial behaviors that over time result in positive changes in their financial lives." The changes include increases in assets, decreases in liabilities, increases in net worth, decreases in financial distress, increases in financial well-being, being on track for a financially successful retirement, and being prepared to legally transfer assets to beneficiaries. People can get ahead financially only by sacrificing some current spending to save and invest and by practicing good financial behaviors. On your side working for you, instead of against you, will be compound interest earnings on savings accounts and retirement funds (instead of rising credit card balances) and the favorable effects of inflation on rising stock market prices and growing home equity (instead of price rises on a home not yet purchased). The Financial Well-Being scale measures the key outcomes of a single factor: Financial distress/financial well-being. The FWB scale, derived from dozens of questions asked in many research studies conducted over almost twenty years, is accurate and reliable. To use the Financial Well-Being scale, contact the Personal Finance Employee Education Foundation, Inc. (http://www.PersonalFinanceFoundation.org). Human Resources executives may use the Personal Financial Well-Being scale to do the research in one day to make the business case for more financial literacy to improve company profits. The Personal Finance Employee Education Foundation, Inc. subsidizes the employer's cost of conducting research on financial education and the employer's return on investment. Click here to download this article (PDF). Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[132]=new Array("http://www.personalfinancefoundation.org/scale/PFEEF-PFW-Scale-Policies-and-Uses.pdf","We should have the PFEEF logo and contact information at the top","","Personal Finance Employee Education Foundation 1940 Duke Street, Suite 200 Alexandria, VA 22314 Personal Financial Wellness ScaleTM (PFWTM) The Personal Financial Wellness ScaleTM (PFWTM) (formerly known as the InCharge Financial Distress/Financial Well-Being Scale) is an 8-item, self-report measure of perceived financial distress/financial well-being. The instrument measures the level of stress and well-being emanating from one's personal financial condition on a continuum extending from negative to positive feelings about and reactions to one's financial situation. The tool is an efficient, valid, and reliable measure of personal financial wellness. For details about the development of the instrument and to cite it in research reports, please see Prawitz, A. D., Garman, E. T., Sorhaindo, B., Kim, J., O'Neill, B., & Drentea, P. (2006). InCharge Financial Distress/Financial Well-Being Scale: Development, Administration, and Score Interpretation, Financial Counseling and Planning, 17(1): 34-50, available at www.PersonalFinanceFoundation.org and www.afcpe.org. Scale Use Policies 1. The permission form is designed for one-time research requests which will be granted on a case-by-case basis. In all cases the use granted will only be for the specific research project and data collection explained in the permission form. For a second research use and in other capacities, contact PFEEF at info@pfeef.org. The user must receive written permission to use the PFW scale before the instrument is used. Users must agree to utilize all eight items in the PFW scale along with the approved standard scaling format and anchor terms, unless specific permission is given to do otherwise. (See Instructions for Administration and Scoring in this document. A fee, primarily to cover processing and the costs of tracking the findings, may be charged for usage, particularly in research studies. The fee depends upon the non-profit or for-profit status of the organization, the planned use, the research, and sources of funding. Approval for usage may be obtained from PFEEF at www.PersonalFinanceFoundation.org. 2. 3. 4. 5. Instructions for Administration and Scoring The PFWTM scale is intended to be used for measuring perceived financial distress/financial well-being, with scores computed to measure the construct. Validity and reliability have been established for all 8 items used together and reported as a score, but not for individual items used separately. Additions, deletions, reordering of the scale items, or any other changes to the PFWTM scale may affect the validity and reliability of the instrument. To calculate scores for the PFWTM scale, sum the number of points for responses to each of the 8 items, then divide the total by 8. Individual scores can range from 1.0 (1 point for each item) to 10.0 (10 points for each item). For example, if an individual scored a total of 28 on the summation of all points for the 8 items, that individual's score on the scale would be 28/8 = 3.5. Scores should not be rounded. Descriptive terminology to interpret specific scores on the 10-point PFW scale appears below. PFWTM Score 1.0-1.4 1.5-2.4 2.5-3.4 3.5-4.4 4.5-5.4 5.5-6.4 6.5-7.4 7.5-8.4 8.5-9.4 9.5-10.0 Descriptive Terminology Overwhelming financial distress/lowest financial well-being Extremely high financial distress/extremely low financial well-being Very high financial distress/very poor financial well-being High financial distress/poor financial well-being Average financial distress/average financial well-being Moderate financial distress/moderate financial well-being Low financial distress/good financial well-being Very low financial distress/very good financial well-being Extremely low financial distress/extremely high financial well-being No financial distress/highest financial well-being National Norms National norming studies for PFW scores have been conducted using nationally representative samples of adults in the United States. Norms are reported in the Prawitz et al. (2006) article listed above.");sQ1[133]=new Array("http://www.personalfinancefoundation.org/research/fle/Establishing-Validity-and-Reliability-Proceedings.html","The Incharge Financial Distress/Financial Well-Being Scale","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Research Financial Literacy Education * The Incharge Financial Distress/Financial Well-Being Scale: Establishing Validity and Reliability Proceedings of the Association for Financial Counseling and Planning Education, 2006, Prawitz, Garman, Sorhaindo, O'Neill, Kim, & Drenteas Click here to downlaod this article (PDF). The purpose of this article was to detail the process used to establish validity and reliability for a recently developed instrument measuring financial distress/financial well-being. Using methods and tests that included (a) a Delphi study, (b) Pearson Product Moment correlations, (c) t tests for differences between financially distressed consumers and the general population on both IFDFW scores and bill-paying behaviors, (d) factor analysis, and (e) the Cronbach's alpha statistic, the developers have given evidence that the IFDFW Scale is both valid and reliable. The instrument is appropriate for use with both the general population and financially distressed consumers. Introduction Most social scientists would agree that in order to be useful in measuring a theoretical construct, a measurement tool must be valid and reliable. In this sense, validity refers to the matter of whether the instrument measures what it is supposed to measure (Babbie, 2004; Becker, 1999; Litwin, 1995; Rosnow & Rosenthal, 2005; Trochim, 2000). Reliability estimates the consistency of an instrument, including not only the consistency of its results across items within the measure, but also with the instrument's results overall when it is used over time, with different observers, and/ or when two different versions of the measure are constructed using the same content (Trochim). The purpose of this article was to detail the process used to establish validity and reliability for a recently developed instrument measuring financial distress/ financial well-being. Knowing that the establishment of validity and reliability of an instrument is an ongoing process, and keeping in mind that construct validity can be established only after years of use with different samples and in different settings (Litwin, 1995), the developers of the InCharge Financial Distress/Financial Well-Being (IFDFW) Scale have made strides in establishing that the measurement tool is valid and reliable. That is, the tool has been shown to measure the construct accurately and consistently through assessment methods set up to test for validity and reliability. The developers have defined financial distress/ financial well-being as the level of stress and well-being emanating from one's personal financial situation. The construct represents a continuum extending from negative to positive feelings about and reactions to one's financial condition (Prawitz, Garman, Sorhaindo, O'Neill, & Kim, 2006). This article describes the efforts made to establish validity and reliability of the IFDFW Scale in measuring the construct, financial distress/ financial well-being. Establishing Validity and Reliability Over the past decade, methodologists have differed in the ways they have defined the specific types of validity used in the development of measurement tools. While there has been general agreement about the labeling of face validity and content validity, methodologists have diverged on the labeling of criterion validity and construct validity. They have differed, too, on the definition of specific validity types encompassed by criterion validity and construct validity. For example, in most of the methodological literature, overarching categories have been termed face validity, content validity, criterion validity, and construct validity (Babbie, 2004; Litwin, 1995; Rosnow & Rosenthal, 2005). Litwin as well as Rosnow and Rosenthal have further divided criterion validity into concurrent and predictive validity, and have separated construct validity into convergent and discriminant validity. Babbie, on the other hand, has not subdivided criterion validity and construct validity, and has used the terms "criterion" and "predictive" validity interchangeably. Trochim (2000) has taken a different approach, and has both labeled and subdivided the types of validity in ways that differ from the terminology of other methodologists. Having argued that the establishment of validity in the operationalization of any construct implies the general term, "construct validity," Trochim has eliminated this term entirely in labeling the different types of validity.Trochim has organized the types of validity under the overall term, construct validity, as follows: (a) translation validity (face and content validity), and (b) criterion validity (predictive, concurrent, convergent, and discriminant validity). (The term, "translation validity" emerged from Trochim's search for a label to describe the extent to which the operationalization reflects the definition of the construct.) Thus, according to Trochim, construct validity is the overarching term, and translation validity and criterion validity encompass the two major approaches of researchers in the establishment of validity for a measurement tool. In addition to differences in the organization and labeling of validity terms, methodologists have differed somewhat in their definition of the terms. There has been general agreement that for face validity and content validity, the criteria against which the instrument is evaluated are internal-- the researcher checks the operationalization of the construct by comparing the items included in the measurement tool against a wellconstructed definition of the construct (Babbie, 2004; Litwin, 1995; Rosnow & Rosenthal, 2005; Trochim, 2000). For all other types of validity, external criteria help establish that the operationalization of the construct behaves as it should, based on the theoretical meaning of the construct (Babbie; Litwin; Rosnow & Rosenthal; Trochim). Methodologists agree, for example, that predictive validity is based on tests of whether the instrument can be used to predict outcomes for some other variable or criteria in the future which it logically should be able to predict (Babbie; Litwin; Rosnow & Rosenthal; Trochim). Precise definitions for other external criterion-based validity subcategories, however, have presented a point of departure among methodologists. Litwin (1995), for example, has defined concurrent validity as a statistical comparison of the new instrument's results with results from an accepted standard measure of the same construct. If both measures were administered concurrently, a positive correlation between the two would support the concurrent validity of the new measure (Litwin). Rosnow and Rosenthal (2005) have explained concurrent validity to mean comparison with any reasonable criterion representing measurement in the present (concurrently). Researchers, they have admitted, have no real basis upon which to determine what constitutes a comparable set of reasonable criteria. Trochim (2000) has taken a completely different approach to the meaning of concurrent validity. Rather than a comparison of measures, Trochim has defined concurrent validity to mean a comparison of groups. According to Trochim, an instrument with concurrent validity would have the ability to differentiate between groups (samples) that should be distinct from one another based on the theory underlying the construct. Becker (1999), however, describes this contrasted groups approach as a way of measuring convergent validity rather than concurrent validity. But, the interpretation of the definition and measurement indicators for convergent validity differ among methodologists as well. According to Becker (1999), in addition to the contrasted groups approach, researchers can use correlations between the instrument and other measures of the same construct (concurrent validity) to help establish convergent validity. Garson (2006) has claimed that convergent validity refers not only to the convergence of similar scales, but also to the correlation among the indicators making up the instrument being validated. Garson has stated that Cronbach's alpha, a statistic used to establish internal consistency reliability, also helps to establish convergent validity. Litwin has maintained that convergent validity, although more theoretical and labor-intensive, is similar to alternateform reliability. Discriminant validity represents another point of departure for methodologists. Garson (2006) has described discriminant validity as the degree to which indicators making up the instrument can demonstrate that they are sufficiently different from one another. In other words, indicators should be correlated with one another, but not perfectly correlated. Garson has pointed out that factor analysis frequently has been conducted in the establishment of discriminant validity. Litwin (1995), Rosnow and Rosenthal (2004), and Trochim (2000), however, have described discriminant validity differently. They have stated that the measure itself, rather than the indicators within the instrument, must demonstrate that it measures something that is different from similar yet distinct constructs. Clearly, methodologists have differing views on the meanings attached to the specific types of validity involved in the development of a measurement tool. There is considerably less controversy over what constitutes reliability for a measurement tool. Methodologists agree that reliability estimates the consistency of an instrument, and most agree on subdivisions of the term. Reliability includes consistency (a) of the items making up the instrument with the items themselves, (b) of results resulting from use of the instrument over time, (c) of use with different observers, and (d) when two different versions of the instrument are constructed using the same content (Litwin, 1995; Trochim, 2000). Methodology Definition of Terms Used in the Development of the IFDFW Scale Regardless of how they have defined and organized the terms related to validity, methodologists have always agreed that establishment of validity and reliability for an instrument is extremely important. The critical factor, then, is not how the validity terminology has been delineated, but rather that assessment of the validity and reliability of the instrument has been done in a thorough and purposeful way. In the development of the IFDFW Scale, 12 criteria guided the establishment of validity and reliability for the instrument. See Table 1 for a list of the criteria and assessment methods used. For the purpose of this article, it is important that the validity and reliability terminology used in the development of the InCharge Financial Distress/ Financial Well-Being (IFDFW) Scale be detailed carefully. Validity and reliability in the development of the IFDFW Scale has been defined and organized as follows. Face Validity Face validity is an informal judgment of the appropriateness of the items included in the instrument. The assessment represents the degree to which the measurement tool, on its face, appears to measure what it is supposed to measure (Litwin, 1995). Content Validity Content validity is an assessment of whether the items included in the instrument encompass all of the major aspects reflecting the conceptualization of the construct (Litwin, 1995; Rosnow & Rosenthal, 2005). An assumption is that the researcher has formulated a good working definition of the construct within which to frame the assessment of the appropriateness of the content of the instrument (Trochim, 2000). Content validity is assessed by experts with knowledge of the subject matter (Litwin; Rosnow & Rosenthal). Criterion Validity Criterion validity is determined through comparison of the operationalization of the construct with some external yardstick or criterion. Statistical tests for correlation help determine criterion validity, or the degree to which the instrument is correlated with other outcome variables with which it should be correlated (Litwin, 1995; Rosnow & Rosenthal, 2005). Concurrent criterion validity. Concurrent validity represents the correlation of outcomes from the new instrument with outcomes on an accepted standard measure of the same construct (Litwin, 1995) or with any reasonable criterion indicating presence of the construct (Rosnow & Rosenthal, 2005). Researchers consider the validity of the criterion itself, selecting for comparison the most sensitive and meaningful measurement available (Litwin; Rosnow & Rosenthal). Finding a correlation after administering both instruments concurrently (e.g., including both instruments on the same questionnaire) helps to establish concurrent validity (Becker, 1999; Rosnow & Rosenthal, 2005). Predictive criterion validity. Predictive validity is an assessment of the instrument's accuracy in predicting something it logically should be able to predict based on the conceptualization of the construct (Litwin, 1995; Rosnow & Rosenthal, 2005; Trochim, 2000). That is, an instrument high in predictive validity should be able to forecast some observable behavior common to groups of people who fit in a specific way on the construct being measured. Construct Validity Construct validity is less straightforward than face, content, and criterion validity. Litwin (1995) contends that construct validity is the most valuable way to measure the usefulness of an instrument, but at the same time represents the most difficult and elusive type of validity to comprehend or to measure. Basically, construct validity assesses the degree to which the operationalization of the construct reflects its theoretical meaning (Becker, 1999; Litwin; Rosnow & Rosenthal, 2005; Trochim, 2000). There is no best or single way to measure construct validity; it represents a gestalt, or accumulation of knowledge over time and repeated use with different groups and in multiple settings (Becker; Litwin). Convergent construct validity - Convergent validity, a type of construct validity, generally is described as convergence across different measures, implying that different measures of the same construct produce similar results (Litwin, 1995; Rosnow & Rosenthal, 2005). For the purposes of this article, convergent validity means the degree of convergence of concepts making up the instrument as well as convergence of the instrument itself with different measures of the same construct. For the IFDFW Scale, convergent validity has been assessed using the Pearson Product Moment correlation of all indicators making up the instrument (Becker, 1999), and t tests for differences between groups that logically should produce different outcomes on the measure (Becker). Table 1 Validity and Reliability: Criteria and assessment methods Item# Item Description Assessment Methods Face Validity 1 Each concept must have face validity with people in the general adult population. They would logically consider each concept as important to an individual’s financial distress/financial well-being and recognize that each had the properties ascribed to it. In essence, each item must be perceived on the face of it as adequately covering the ideas people associate with the terms financial distress and/ or financial well-being. Adults untrained in measurement would perceive that the instrument measures what it is intended to measure. Further, each concept must fit the subject of financial distress and/or financial well-being and be a meaningful descriptor of some aspect of that content. Application of four refinement criteria prior to Delphi study data collection; use of similar items in previous research; survey of personal finance college professors and financial education experts in business 2 While the subject of personal finance certainly includes consumer credit (e.g., credit cards, installment loans), no specific item should cover that specific topic, since many adults do not use credit cards.  Content Validity 3 Each personal finance concept denoted in an item must have been used in previous conceptual frameworks and/or research. Review of literature for identification of concepts 4 Each item must have been highly ranked by the personal finance experts in the Delphi study. Conclusions on the content validity of each item can be deduced using insights from focus groups, individuals interviewed, statistical analysis, and experts in personal finance. Delphi study of experts 5 The list of personal finance concepts comprising the items should be a representative sample of concepts in the total construct of financial distress/ financial well-being, and sufficient in number to assure content validity. Delphi study of experts; Beta version of the instrument Concurrent criterion validity 6 The IFDFW Scale scores for the lower rankings on the instrument should distinguish varying degrees of financial distress/financial well-being among a population of initially financially distressed adults (i.e., those who have contacted a consumer credit counseling agency). Use of “contacting of a consumer credit counseling agency” as a criterion to indicate financial distress Predictive criterion validity 7 The scale items must exhibit predictive validity with adults exhibiting varying levels of financial distress/financial well-being. T test for differences in billpaying behavior of financially distressed group and general population Convergent construct validity 8 Each item must correlate well with other individual concepts associated with personal financial distress or financial well-being; therefore, the collective concepts must stand as an adequate measure of financial distress/financial well-being. Pearson Product Moment correlation matrix 9 The summative total scores on the scale should identify widely varying degrees of the financial distress/financial well-being of the individuals responding to the survey items, and scores should discriminate readily between those with more financial distress/less financial well-being and those with less financial distress/ more financial well-being. Establishment of norms for IFDFW Scale; T test for differences in IFDFW mean scores between financially distressed group and general population Discriminant construct validity 10 Each personal finance concept item must have construct validity, both logical and factorial. It is rationally hypothesized that measures of financial distress and financial well-being are correlated. Similarly, the scale items measure different aspects of the qualities that make up the construct of financial distress, financial well-being, or a combination of both. Factor analysis 11 Each item must contribute to factor analysis results that suggest a single, rather than multiple, factors.  Reliability (Internal consistency) 12 Each item must contribute to a robust Cronbach’s Alpha score. Cronbach’s alpha statistic Discriminant construct validity. Discriminant validity, a second type of construct validity, has been defined differently by different methodologists (Garson, 2006; Litwin, 1995; Rosnow & Rosenthal, 2005; Trochim, 2002). In the development of the IFDFW Scale, discriminant validity represented the degree of discrimination among indicators used to measure the construct, and was assessed using factor analysis (Garson). Reliability Reliability has to do with the consistency of a measure, both internally and with repeated usage (Trochim, 2000). In the development of the IFDFW Scale, reliability referred to the internal consistency of the instrument, an estimate of how reliable the indicators were in their measurement of the same construct. Cronbach's alpha was used to determine internal consistency of items making up the measure. Establishing Validity for the IFDFW Scale Content and Face Validity A number of criteria were used to assess content validity for the instrument. First, each personal finance concept denoted in an item must have been used in previous conceptual frameworks and/or research. To assure that this was done, developers of the IFDFW Scale reviewed the work of personal finance researchers spanning over four decades (Aldana & Liljenquist, 1998; Bailey, Woodiel, Turner, & Young, 1998; Beutler & Mason, 1987; Blumstein & Schwartz, 1983; Danes & Rettig, 1993; Davis & Schumm, 1987; Drentea, 2000; Drentea & Lavrakas, 2000; Freeman, Carlson, & Sperry, 1993; Garman, Leech, & Grable, 1996; Godwin & Carroll, 1986; Hafstrom & Dunsing, 1973; Joo & Garman, 1998; Kim, 1999; Lawrence, Carter & Verma, 1987; Mills, Grasmick, Morgan, & Wenk, 1992; Mirowsky and Ross, 2003; Pittman & Lloyd, 1988; Porter & Garman, 1993; Prochaska-Cue, 1993; Ross & Huber, 1985; Strumpel, 1976; Voydanoff, 1984; Walson & Fitzsimmons, 1993). Those studies collectively referred to 58 concepts reflecting some behavior, experience, perception, or personal judgment about personal finance topics. It became clear that there have been many approaches to and perspectives on the concepts surrounding financial distress and financial well-being. Using as a starting point the 58 concepts determined to be representative of different aspects of financial distress/financial well-being, the developers of the IFDFW Scale initiated a modified Delphi study to further establish content validity for the instrument. A Delphi study solicits input multiple times from a panel of experts on the topic under review, eventually establishing consensus (Custer, Scarcella, & Stewart, 1999). The modification consisted of presenting the panel with pre-selected concepts to provide guidance based on the literature, rather than relying solely on input from the experts (Custer et al.). Prior to the start of data collection in the Delphi study, the developers of the IFDFW Scale set up four criteria for refinement of the list of concepts in order to begin establishing face validity for the instrument. To be included in the list sent to the panel of experts, a concept had to (a) clearly describe a distinct aspect of financial distress and/or financial well-being; (b) be different enough to avoid being confused with other concepts; (c) be likely to occur in a substantive proportion of the population; and (d) be likely to occur with adults whether or not they utilized credit cards and installment loans/leases. Following the criteria check, the resulting list of financial distress/financial well-being concepts consisted of 20 items. See Table 2 for a complete list of the original 20 concepts used in the Delphi study. The three-phase Delphi process reduced the list of items through expert consensus from 20 to 10. All 10 of the items making up the final list had been ranked consistently in the top 10 by the experts during all three phases of the Delphi data collection process. See (Garman & Sorhaindo, 2005) for a detailed description of the Delphi study. Table 3 contains the ranking of the final 10 concepts. A preliminary form of the scale, referred to as the Beta version, represented an attempt to further clarify the content validity of the instrument. The idea was to verify whether the list of personal finance concepts making up the instrument worked well together to represent the construct of financial distress/financial well-being. The Beta version, published in 2004 (Garman, Sorhaindo, Kim et al.), represented a preliminary attempt to use a set of items together to measure the concept, financial distress/financial well-being. It included six items, four of which subsequently were retained on the final version of the IFDFW Scale. The four items retained for use in the final version represented two items on financial distress (stress "today" and stress "in general") and two on financial well-being (satisfaction with and feelings about one's current financial situation). Variations of these four items had been tested over time in 10 different data collection efforts; items not highly correlated with these four eventually were dropped, and others more highly correlated were added for additional testing. The purpose of the Beta version, then, was to assess the usefulness of specific items in combination with one another to help establish content validity. Table 4 contains the six items used in the Beta version. Table 2 Twenty concepts making up the list for Delphi study of experts Item Number Concepts (in alphabetical order) 1. Ability to handle $1,000 financial emergency 2. Ability to manage money 3. Assessment of quality of personal financial behaviors 4. Availability of savings to pay for 3 months’ living expenses 5. Availability of money to go out for entertainment 6. Availability of money to pay for minor emergency 7. Confidence about a plan to reach financial goals 8. Confidence about long-term financial future 9. Confidence about being on track for a financially successful retirement 10. Feelings about level of financial stress today 11. Feelings about one’s current financial condition 12. How good or bad finances are likely to be a year from now 13. How well off financially 14. Knowledge of personal finances 15. Living today on a paycheck-to-paycheck basis 16. Satisfaction with present financial situation 17. Secure about one’s personal finances for retirement 18. Spend some time at work on personal financial concerns 19. Stressed about one’s personal finances in general 20. Worry about being able to meet normal monthly living expenses  Table 3 Rankings of 10 concepts emerging from final phase of Delphi study Item Number Item Description Item ranka 1 Worry about being able to meet normal monthly living expenses 1.47 2 Living today on a paycheck-to-paycheck basis 2.24 3 Feeling about one's current financial situation 3.06 4 Stressed about one's personal finances in general 3.23 5 Feelings about level of financial stress today 3.27 6 Satisfaction with present financial situation 3.38 7 Ability to handle $1,000 financial emergency 4.00 8 Availability of money to pay for a minor emergency 4.18 9 Knowledge of personal finances 4.27 10 Ability to manage money 4.62 a Lower numbers indicate higher rankings  Table 4 Items making up the Beta version of the instrument Item Item description 1 What do you feel is the level of your financial stress today? a 2 On the stair steps below, mark how satisfied you are with your present financial situation. a 3 How well off are you financially? 4 How do you feel about your current financial situation? a 5 How secure do you feel about your personal finances for retirement? 6 How stressed do you feel about your personal finances in general? a a Retained in the final version Criterion Validity Concurrent criterion validity One method of establishing concurrent criterion validity for an instrument is to compare outcomes on the new measure with outcomes of another reasonable measure expected to indicate similar outcomes. To establish concurrent criterion validity for the IFDFW Scale, the reasonable measure chosen was having contacted a consumer counseling credit agency for assistance with financial problems. The fact that a consumer had made such a contact indicated the likelihood that financial distress was high and financial well-being was low for that individual, thus constituting a criterion that could be used for comparison with outcomes from the IFDFW Scale. The mean score on the IFDFW Scale for a separate sample of consumers who previously had contacted a consumer credit counseling agency was M = 3.42 (a score that denotes high financial distress, low financial well-being), indicating that the concurrent assessment on the measure of financial distress/financial well-being produced similar outcomes. Predictive criterion validity Predictive validity assesses whether an instrument is useful in predicting behaviors it logically should be able to predict. To establish predictive validity for the IFDFW Scale, a comparison was made between two samples of consumers. The first was a sample of 590 distressed consumers who had contacted a consumer credit counseling agency for assistance; the other was a representative sample of 1,298 consumers from the general population. The groups first were compared on their scores on the IFDFW Scale to test the hypothesis that financially distressed consumers would report more financial distress and less financial well-being than would the general public. The hypothesis was supported, as there was a significant difference in the mean scores of the two groups on the IFDFW Scale, with the financially distressed group scoring significantly lower (M = 3.42, SD = 1.64) than the general population (M = 5.72, SD = 2.41), t (1,886) = -24.17, p Total mean scores were computed for occurrences of the following bill-paying behaviors: (a) paying a credit card bill late, (b) paying only the minimum amount due on monthly credit card bill, (c) paying utility bills late (beyond the due date), (d) receipt of notices from creditors about overdue bills, and (e) receipt of letters or telephone calls from creditors or collection agencies. It was hypothesized that there would be a difference in mean scores for the two groups, with the financially distressed group displaying more negative bill-paying behaviors (i. e., paying bills late). T-test results indicated that this was the case, with lower mean scores reported for the financially distressed consumers (M = 4.66, SD = 2.11) than for the general population (M = 8.10, SD = 2.37), t(1,865) = -31.41, p Construct Validity Convergent construct validity Convergent construct validity represents the degree to which the concepts making up an instrument converge, as well as the degree of convergence of the instrument itself with other measures of the same construct. To begin establishing convergent validity for the IFDFW Scale, the developers of the instrument, using a data set from the general population (N = 1,300), obtained Pearson Product Moment correlation coefficients for all of the indicators included in the instrument (Becker, 1999). As can be seen in Table 5, the Pearson Product Moment correlation matrix demonstrated that all of the indicators were correlated with one another, indicating convergence of the indicators making up the instrument. A second method used to establish convergent validity for the instrument was to test for differentiation between groups hypothesized to report different levels of financial distress/financial well-being. Consumers who had contacted a consumer credit counseling agency were expected to report more financial distress and less financial well-being than were consumers from the general population. Results from a t test comparing IFDFW scores from a sample of 590 financially Table 5 Pearson Product Moment correlations for the indicators making up the IFDFW Scale Item Statistics Q-A Q-B Q-C Q-D Q-E Q-F Q-G Q-H Q-A Pearson correlation 1        Sig. (2-tailed)         N 1127        Q-B Pearson correlation .788** 1       Sig. (2-tailed) .000        N 1124 1291       Q-C Pearson correlation .725** .644** 1      Sig. (2-tailed) .000 .000       N 1126 1291 1293      Q-D Pearson correlation .704** .818** .825** 1     Sig. (2-tailed) .000 .000 .000      N 1125 1290 1292 1292     Q-E Pearson correlation .718** .824** .826** .927** 1    Sig. (2-tailed) .000 .000 .000 .000     N 1126 1291 1293 1292 1293    Q-F Pearson correlation .651** .725** .745** .684** .690** 1   Sig. (2-tailed) .000 .000 .000 .000 .000    N 1124 1289 1291 1290 1291 1291   Q-G Pearson correlation .650** .738** .759** .682** .699** .751** 1  Sig. (2-tailed) .000 .000 .000 .000 .000 .000   N 1113 1270 1272 1271 1272 1271 1276  Q-H Pearson correlation .689** .772** .795** .714** .717** .795** .828** 1 Sig. (2-tailed) .000 .000 .000 .000 .000 .000 .000  N 1104 1261 1263 1262 1263 1262 1262 1267 Q-A On the stair steps below, mark how satisfied you are your present financial situation. Q-B How do you feel about your current financial situation? Q-C How often do you worry about being able to meet normal monthly living expenses? Q-D What do you feel is the level of your financial stress today? Q-E How stressed do you feel about your personal finances in general? Q-F How confident are you that you could find the money to pay for a financial emergency that costs about $1,000? Q-G How often does this happen to you? You want to go out to eat, go to a movie or do something else and don’t go because you can’t afford it? Q-H How frequently do you find yourself just getting by financially and living paycheck to paycheck? distressed consumers (M = 3.42, SD = 1.64) and a sample of 1,298 consumers representing the general population (M = 5.72, SD = 2.41), indicated that the IFDFW Scale was able to differentiate between groups that logically should produce different results on the measure, t(1,886) = -24.17, p Discriminant construct validity Discriminant construct validity has been defined differently by different methodologists (Garson, 2006; Litwin, 1995; Rosnow & Rosenthal, 2005; Trochim, 2000), but basically it represents the degree to which the instrument can demonstrate differentiation among constructs similar to the one being measured. According to Garson, factor analysis sometimes is used to assess discriminant validity, as it allows the researcher to discriminate among subscales representing similar yet distinct variables within the same instrument. The factor analysis conducted for the IFDFW Scale using a sample of the general population (N = 1,097) produced one factor, indicating that the instrument represented measurement of a single, rather than several constructs. See Table 6 for factor loadings of IFDFW Scale items. Establishing Reliability for the IFDFW Scale Cronbach's alpha helped establish the internal consistency reliability of the set of indicators representing the IFDFW Scale. According to Nunnally and Bernstein (1994), the Cronbach's alpha statistic provides a calculation of the ability of a group of items to measure a unidimensional construct. A high score (closer to 1.0) indicates that the indicators as a group represent a unidimensional construct. A low score (distant from 1.0) indicates that the indicators are pointing to different constructs rather than working together to represent the same construct. Nunnally and Bernstein further contend that, while a Cronbach's alpha of 0.60 or higher is considered acceptable for group scores, the minimum acceptable Cronbach's alpha for use with individual scores should not fall below 0.90. An alpha of 0.95 or higher is the desirable standard (Nunnally & Bernstein); the Cronbach's alpha for the IFDFW Scale was 0.956, indicating excellent internal consistency/reliability. The eight items making up the IFDFW Scale, when used together, contribute to a consistent measurement of the construct, financial distress/financial well-being. Summary The developers of the IFDFW Scale have carried out purposeful assessment procedures to establish the validity and reliability of the instrument. Using multiple methods and tests, the developers have provided evidence that the IFDFW Scale is both valid and reliable. Face and content validity were established first. To assure face validity of the instrument, defined as an informal judgment of the appropriateness of the items included in the instrument (Litwin, 1995), the researchers applied four refinement criteria to each item, used items similar to those used in previous research, and surveyed personal finance professors, educators, and experts in business. A review of the literature for identification of concepts, a Delphi study of experts, and the development of the Beta version of the instrument helped determine content validity, an assessment of whether the items included encompassed all of the major aspects reflecting the conceptualization of the construct (Litwin; Rosnow & Rosenthal, 2005). To establish concurrent criterion validity, or the correlation of outcomes from the new instrument with any reasonable criterion indicating presence of the construct (Rosnow & Rosenthal, 2005), the developers of the IFDFW Scale chose the contacting of a consumer credit counseling agency as a criterion to indicate financial distress. As hypothesized, a sample of consumers who had made such a contact scored in the range of high financial distress/low financial well-being on the IFDFW Scale. The developers of the IFDFW Scale defined predictive criterion validity as the ability of the instrument to make an accurate prediction of something it logically should be able to predict based on the conceptualization of the construct (Litwin, 1995; Rosnow & Rosenthal, 2005; Trochim, 2000). A t test for differences in the billpaying behavior of financially distressed consumers and that of the general population provided evidence of predictive criterion validity. Convergent construct validity implies that different measures of the same construct produce similar results (Litwin, 1995; Rosnow & Rosenthal, 2005). Three separate assessment measures confirmed convergent construct validity for the IFDFW Scale: a) generation of a Pearson Product Moment correlation matrix, b) establishment of norms for the IFDFW Scale, and c) a t test for differences in IFDFW mean scores between financially distressed consumers and the general population. Discriminant construct validity represents the degree to which indicators can demonstrate that they are sufficiently different from one another (Garson, 2006). A good balance is indicated when an instrument's items are correlated with one another, but not perfectly Table 6 Factor loadings for the eight items making up the IFDFW Scale (General pop., N = 1,097) Item # Item description Factor loading 1 What do you feel is the level of your financial stress today? .905 2 On the stair steps below, mark how satisfied you are with your present financial situation. .833 3 How do you feel about your current financial situation? .921 4 How often do you worry about being able to meet normal monthly living expenses? .926 5 How confident are you that you could find the money to pay for a financial emergency that costs about $1,000? .857 6 How often does this happen to you? You want to go out to eat, go to a movie or do something else and don’t go because you can’t afford to. .861 7 How frequently do you find yourself just getting by financially and living paycheck to paycheck? .891 8 How stressed do you feel about your personal finances in general? .909  Eigenvalue 6.314  Proportion of variance explained .789 correlated. Factor analysis gave clear evidence that the indicators making up the IFDFW Scale, when used together, measured one single construct rather than separate variables. In the development of the IFDFW Scale, reliability was defined as internal consistency of the measure. That is, the indicators making up the instrument should each contribute to the measurement of the same construct. Cronbach's alpha provided evidence of the reliability of instrument. In every single assessment method used to determine the validity of the IFDFW Scale, there was clear evidence that the instrument was measuring what it was supposed to measure. The test for reliability indicated that there was internal consistency among the various indicators of the construct. The IFDFW Scale, then, represents a valid and reliable measurement tool to assess levels of financial distress/financial well-being in both the general population and groups of financially distressed consumers. Based on the evidence provided during development of the instrument over a multi-year period, researchers, financial educators, practitioners, and employers using the IFDFW Scale can be confident that the instrument consistently will provide accurate and appropriate measurement of financial distress/financial well-being in a variety of settings and across multiple populations. According to Nunnally and Bernstein(1994), the Cronbach's alpha level produced by the IFDFW Scale indicates that practitioners also can use the instrument with confidence in assessing financial distress/financial well-being of individual clients. correlated. Factor analysis gave clear evidence that the indicators making up the IFDFW Scale, when used together, measured one single construct rather than separate variables. In the development of the IFDFW Scale, reliability was defined as internal consistency of the measure. That is, the indicators making up the instrument should each contribute to the measurement of the same construct. Cronbach's alpha provided evidence of the reliability of instrument. In every single assessment method used to determine the validity of the IFDFW Scale, there was clear evidence that the instrument was measuring what it was supposed to measure. The test for reliability indicated that there was internal consistency among the various indicators of the construct. The IFDFW Scale, then, represents a valid and reliable measurement tool to assess levels of financial distress/financial well-being in both the general population and groups of financially distressed consumers. Based on the evidence provided during development of the instrument over a multi-year period, researchers, financial educators, practitioners, and employers using the IFDFW Scale can be confident that the instrument consistently will provide accurate and appropriate measurement of financial distress/financial well-being in a variety of settings and across multiple populations. According to Nunnally and Bernstein (1994), the Cronbach's alpha level produced by the IFDFW Scale indicates that practitioners also can use the instrument with confidence in assessing financial distress/financial well-being of individual clients. Case Examples of Organizations Using the IFDFW Scale The IFDFW Scale has a number of implications for use; following are four illustrative case examples of organizations using the IFDFW. TwoMedicine Health and Financial Fitness has integrated the IFDFW into the annual Mayo Clinic Health Risk Assessment that is completed annually by thousands of Mayo patients, thus obtaining information on financial distress levels, perceptions of financial well-being, effects on health, and demand data on specific areas of financial planning for individuals and organizations. The Foundation for Financial Literacy uses the IFDFW to assess the financial stress and well-being of thousands of employees of 15 Texas corporations who accept the foundation's "Fiscal Fitness Challenge" and participate in its online course, "Passport to Fiscal Fitness." Before and after data collection tracks changes, advances, and progress. The Pennsylvania Office of Financial Education uses the IFDFW in its workplace financial literacy program to help judge the effectiveness of its presentations to employees of the Commonwealth as well as to help private employers train their employees in ways that both complement their business objectives and boost their bottom lines. The University of Minnesota's Latino Financial Literacy Program has translated the IFDFW into Spanish and compares participants' pre- and post-class participation scores. This information is being used to help Extension better meet client's educational needs. For additional suggestions for use of the IFDFW Scale in research and the workplace, and for complete instructions for administering the instrument and interpreting results, see (Prawitz et al., 2006). The IFDFW Scale is copyrighted, but is available for use. Approval for use may be obtained by contacting bsorhain@incharge.org or ethomasgarman@pfeef.org. The Appendix contains a copy of the IFDFW Scale. Sincere appreciation is extended to the InCharge Education Foundation and the InCharge Institute of America for their cooperation and support of this research. Aldana, S. G., & Liljenquist, W. (1998). Validity and reliability of a financial strain survey. Financial Counseling and Planning, 9(2), 11-18. Babbie, E. (2004). The practice of social research (10th ed.). Belmont, CA: Wadsworth. Bailey, W. C., Woodiel, D. K., Turner, M. J., & Young, J. (1998). The relationship of financial stress to overall stress and satisfaction. Personal Finances and Worker Productivity, 2(2), 198-207. Beutler, I. F., & Mason, J. W. (1987). Family cash flow budgeting. Home Economics Research Journal, 16, 3-12. Becker, L. A. (1999). Reliability and validity, Part II. Retrieved May 24, 2006 from http:// web.uccs.edu/lbecker/Psy590/relval_II.htm Blumstein, P. W., & Schwartz, P. (1983). American couples: Money, work, sex. New York: William Morrow. Danes, S. M., & Rettig, K. D. (1993). The role of perception in the intention to change the family financial situation. Journal of Family and Economic Issues, 14(4), 365-389. Davis, P., & Schumm, W. R. (1987). Family financial satisfaction: The impact of reference points. Home Economics Research Journal, 14, 123-131. Drentea, P. (2000). Age, debt, and anxiety. Journal of Health and Social Behavior, 41, 437-450. Drentea, P., & Lavrakas, P. J. (2000). Over the limit: The association among health status, race and debt. Social Science & Medicine, 50, 517-529. Freeman, C., Carlson, J., & Sperry, L. (1993). Adlerian marital therapy strategies with middle income couples facing financial stress. American Journal of Family Therapy, 21(4), 324-332. Garman, E. T., Leech, I. E., & Grable, J. E. (1996). The negative impact of employee poor personal financial behaviors on employers. Financial Counseling and Planning, 7, 157-168. Garman, E. T., & Sorhaindo, B. (2005). Delphi study of experts' rankings of personal finance concepts important in the development of the InCharge financial distress/financial well-being scale. Consumer Interests Annual, 51, 184-194. Garman, E. T., Sorhaindo, B., Kim, J., Xiao, J. J., Bailey, W., & Prawitz, A. (2004). The evolution of the Beta Version of the InCharge Financial Distress Scale. Consumer Interests Annual, 50, 134-144. Garson, G. D. (2006). Validity. Retrieved May 24, 2006 from http://www2.chass.ncsu.edu/garson/PA765/ validity.htm Godwin, D. D., & Carroll, D. D. (1986). Financial management attitudes and behaviors of husbands and wives. Journal of Consumer Studies and Home Economics, 10, 77-96. Hafstrom, J. L., & Dunsing, M. M. (1973). Level of living: Factors influencing the homemakers' satisfaction. Home Economics Research Journal, 2(2), 119-132. Joo, S., Garman, E. T. (1998). The relationship between personal financial wellness and employee productivity: A conceptual model. Personal Finances and Worker Productivity, 2(2), 162-171. Kim, J. (1999). Financial satisfaction, personal financework conflict, and work outcomes: Pay satisfaction, organizational commitment, and productivity. Proceedings of the Association for Financial Counseling and Planning Education, 16, 38-45. Lawrence, F. C., Carter, C. G., & Verma, S. (1987). Financial satisfaction in relation to financial management. Proceedings of the American Council on Consumer Interests, 337. Litwin, M. S. (1995). How to measure survey reliability and validity. Thousand Oaks, CA: Sage. Mills, R. J., Grasmick, H. G., Morgan, C. S., & Wenk, D. (1992). The effects of gender, family satisfaction, and economic strain on psychological well-being. Family Relations, 41, 440-446. Mirowsky, J., & Ross, C. (2003). Social causes of psychological distress (2nd ed). New York: Aldine de Gruyter. Nunnally, J. C., & Bernstein, I. H. (1994). Psychometric Theory (3rd ed). New York: McGraw Hill. Pittman, J. F., & Lloyd, S. A. (1988). Quality of family life, social support, and stress. Journal of Marriage and the Family, 50, 53-67. Porter, N. M., & Garman, E. T. (1993). Testing a conceptual model of financial well-being. Financial Counseling and Planning, 4, 135-164. Prawitz, A. D., Garman, E. T., Sorhaindo, B., O'Neill, B., Kim, J., & Drentea, P. (2006). The InCharge financial distress/financial well-being scale: Development, administration, and score interpretation. Financial Counseling and Planning, 17(1), 34-50. Prochaska-Cue, K. (1993). An exploratory study for a model of personal financial management style. Financial Counseling and Planning, 4, 111-134. Rosnow, R. L., & Rosenthal, R. (2005). Beginning behavioral research: A conceptual primer (5th ed). Upper Saddle River, NJ: Pearson Prentice Hall. Ross, C., & Huber, J. (1985). Hardship and depression. Journal of Health and Social Behavior, 26, 312- 27. Strumpel, B. (Ed.) (1976). Economic Means for Human Needs. Ann Arbor, MI: Institute for Social Research. Trochim, W. (2000). The research methods knowledge base (2nd ed). Cincinnati, OH: Atomic Dog Publishing. Voydanoff, P. (1984). Economic distress and families. Journal of Family Issues, 5(2), 273-288. Walson, C. O., & Fitzsimmons, V. S. (1993). Financial manager's perception of rural household economic well-being: Development and testing of a composite measure. Journal of Family and Economic Issues, 14(3), 193-215. 1 School of Family, Consumer, and Nutrition Sciences, DeKalb, IL 60115, 815.753.6344 Fax: 815.753.1321, aprawitz@niu.edu Click here to downlaod this article (PDF).  Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[134]=new Array("http://www.personalfinancefoundation.org/scale/Testimonials.pdf","Testimonial from a Quality Financial Education Provider","","Testimonials From Quality Providers Who Use the PFW Scale to Demonstrate Success (Unsolicited testimonials are posted here) New Mexico Program Impacts Include Sick Leave Improvements Just wanted to check in with some results. We (a law firm) have just completed the eighth of twelve scheduled once-a-month workplace financial literacy classes for a small employer. We also discussed the current economy and how the lessons we are putting in practice will be a buffer for our families against some of the financial results of a possible recession. After the class, I sent the PFEEF link to the PFW scale to all participants and asked them to fill it out again so we could see how we are doing as a group so far. Increase in PFW Scores. Of ten participants, eight employees reported higher scores (several MUCH higher) than when we began. One participant's number did not change from a 7.5, but stayed the same. The last participant went down from an 8.8 to an 8.6. (I have to note that the last participant told me up front, "I don't need this, I'm just curious.") Even the lowest score of one participant went from a 1 to a 1.3! I was very excited! Also, all participants have attended every class. Even the ladies with no children came to the last class, "Teaching Your Children to be Financially Responsible." We have four remaining financial literacy classes, and then the participants will fill out the PFW scale/quiz again. Sick Leave Improvements. I measured sick leave taken from January to July (prefinance classes) and then from August to February (during the course of the classes). Here are the results: Of ten participants, eight had lower instances of sick leave with an overall percentage decrease of 48.82%. Now I'm not saying this was entirely due to the class, as we have employees with chronic illnesses and children, for whom they can also take their sick leave, but I thought it was important to note. LO'R, New Mexico, March 2008 Montana Health Promotion Provider Links Health and Financial Stress A firm that implements preventive health strategies in the workplace incorporated the Personal Financial Well-Being Scale (PFW) and several other items into the online197-item Mayo Clinic Health Risk Assessment to evaluate relationships among lifestyle risk factors, health status, and financial distress/financial well-being in a study of 349 employees in Montana and Wyoming. Stressful Financial Topics. The three financial topics most frequently cited as most stressful were retirement planning, managing debts, and budgeting. Those who reported more lifestyle risk factors had lower PFW scale scores, indicating more financial distress, less financial well-being. Health. Those exhibiting more lifestyle risk factors and those with poorer health also had more financial distress and less financial well-being. Some individuals use inappropriate coping mechanisms to deal with stress, such as "comfort eating," so it may be that the risky lifestyle behaviors exhibited by the participants, such as smoking and over-consumption of alcohol, represent attempts to mitigate financial distress. KCH, Montana, January 2008 Minnesota Latino Program In Minnesota the need for bilingual community education is great as 142,000 Minnesotans speak Spanish at home. To meet the financial management education needs of the growing Spanishspeaking population in Minnesota, University of Minnesota Extension hired Spanish-speaking extension educators to teach our financial management classes in Spanish. The Personal Financial Wellness scale was used as a pre- and post-assessment measure. Financial Topics. There are nine potential class topics with class participants providing feedback to guide future classes. Topics include: setting money goals, making choices about money, teaching children about money, making a spending/savings plan, managing a spending/savings plan, understanding your paycheck, using a checking account, using credit wisely, and getting out of debt. The classes are designed to be taught in one hour to 1 ½ hour time segments. Classes are offered for small groups of 5 to 10 participants. Groups often are larger when held in conjunction with a sponsoring organization, like ESL or a workforce center. Since participation is not required, few participants take all nine classes, but many participants take more than one class. According to our assessment protocol, the IFDFW is administered during the first time a participant attends a class. Results. The pilot Latino population had an average score of 4.32 on the IFDFW compared to the national norm scores of 5.7 for the general population and 3.4 for the debtdistressed population. This indicates that assumptions should not be made for the Latino population regarding their perceptions of their financial well-being/financial distress. P.D. Olson, Minnesota, November 2007");sQ1[135]=new Array("http://www.personalfinancefoundation.org/providers/CLCMSA.html","CLC Incorporated","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Quality Providers CLC Incorporated headquartered in Granite Bay, California, was founded in 1986, and after 22 years as an industry leader, is now providing legal and financial benefits to over 26 million households through more than 25,000 corporations. CLC’s clients include employer groups ranging from Fortune 100 companies to small businesses. CLC has partnered with many of the nations largest health care organizations, financial institutions, state and federal governments and municipalities, as well as national associations. CLC began its mission focusing on the delivery of consumer based legal services through a localized network of credentialed attorneys, paralegals, former senior level IRS agents and auditors, located throughout the US, Canada and Puerto Rico. Since 1997 CLC has been expanding its efforts in developing a seasoned staff of financial professionals to address the growing need for personal financial coaching among American consumers. CLC’s staff of financial professionals has an average of eighteen years of relevant professional experience and each possess multiple certifications from the financial services industry. Their sole focus is helping our members improve their financial lives through one-on-one confidential coaching relationships. CLC never sells books, tapes or any other products; there’s nothing to buy, ever, and coaches are prohibited form selling products of any kind. Through a comprehensive financial coaching and identity theft protection program called My Secure Advantage (MSA), CLC also delivers direct-to-employer, on-site financial education classes. These classes are provided at no cost to employers and are available in a wide range of topics with content ranging from beginner to advanced levels. What makes them particularly unique is that they combine classroom learning with 30-days of one-on-one coaching at no cost to help attendees create ownership in, as well as the accountability to implement the concepts learned in the class.   General information on CLC’s programs is available at www.mysecureadvantage.com and www.clclegalplans.com. Contact: Brad Barron, President and CEO Telephone: 800-541-9701 E-mail: bbarron@clchomeoffice.com   Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[136]=new Array("http://www.personalfinancefoundation.org/providers/The-EDSA-Group.html","The EDSA Group","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Quality Providers The EDSA Group® has been recognized for its proven, results-driven programs. Offering financial education solutions since 1993, EDSA is an independent financial education company that specializes in teaching people to make informed decisions about their personal finances and employer-sponsored benefit plans. EDSA offers an array of tools to assist almost every audience: individuals, companies and organizations, as well as financial professionals and institutions. All tools can be private labeled and customized to suit your unique needs. Tools available include live workshops, software, and an E-Learning tool , www.goodmoneyhabits.com By providing ongoing workplace financial education, employers are rewarded with both a strong offensive and defensive program. By providing employees with the tools to make decisions about planning, saving, and the retirement plan, many terrific things can result for the company AND the employee (better use of benefits, improved productivity, reduced turnover, improved morale, etc.). In addition to these "offensive" reasons for financial education, employers are also putting forth a strong defense by providing employees with the information they need to make educated decisions (addressing ERISA) and managing possible risk/liability with ongoing and documented action (addressing SOX). Contact: Susan Windham, CEO Telephone: 800-760-3372 E-mail: swindham@theedsagroup.com   Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[137]=new Array("http://www.personalfinancefoundation.org/providers/Financial-Finesse.html","Financial Finesse","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Quality Providers Financial Finesse was founded with a single mission: to provide people with the unbiased information and guidance they need to become financially independent and secure. Today, the company provides full service financial education programs to over 400 organizations combining financial workshops with phone-based financial coaching, in-person financial planning sessions and online content and tools to deliver personalized, ongoing financial planning programs. We accept only the top 2% of Certified Financial Planners™ who apply to join our company. We deliver any personal financial topic in any format. Topics are available in the format that delivers proven best results. Products are designed to enable users to participate in their own learning through highly engaging, interactive financial planning exercises and real-life scenarios. Our programs achieve significant results: 20% increase in plan participation rates. 87% of employees who responded to a survey following the attendance of a financial workshop said they took an average of 3 steps to improve their finances. 100% of users recommend Financial Finesse. 98% say they are better prepared to make financial decisions. 96% say they plan on increasing their savings or changing their investment strategy as a result of the education. Our award-winning content and curriculum has been recognized for quality, innovation and effectiveness. Financial Finesse is a winner of both a 2007 and a 2006 “Profit Sharing/401(k) Council of America Signature Award.” Financial Finesse is well known as an industry leader and often relied upon for its best practices and research and one who offers expert frequent commentary to media. Contact: Nancy L. Anderson, CFP® Think Tank Director Resident Financial Planner Telephone: (877) 576-7278 email: nancy.anderson@financialfinesse.com Liz Davidson, CEO Telephone: (310) 802-6850 Website: www.financialfinesse.com   Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[138]=new Array("http://www.personalfinancefoundation.org/providers/Heartland-Institute.html","Heartland Institute of Financial Education","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Quality Providers The Heartland Institute of Financial Education is a Colorado non-profit organization whose mission is to promote financial literacy across America. We are dedicated to empowering organizations and their people through financial education. This focused education is provided by experienced financial professionals who are recognized by The Institute as qualified instructors. All of these individuals have earned their CFEd® designation - CFE Certified Financial Educator® the first registered credential of its kind. The CFEd™ recognizes the financial professional who teaches others. The Heartland Institute provides financial education programs for companies and organizations that want their people to enjoy a more financially secure future. When employees and members are more sure of their future and working toward their goals through a sound game plan they are more productive in the workplace. The programs are offered through alliances with some of the nation's top educational institutions and are taught by CFEd® instructors who have been approved for membership in the Registry. Contact: Alan Gappinger, CEO Telephone: 303-597-0197 and 888-895-1479 E-mail: agapp@hife-usa.org  Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[139]=new Array("http://www.personalfinancefoundation.org/providers/LFE-Institute.html","LFE Institute","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Quality Providers The LFE Institute has been focused on unbiased Workplace Financial Literacy for over two decades. LFE's unique "Managing Your Money!" workshop has helped over 500,000 employees stretch their paychecks, reduce their debts, ease family conflicts over money, avoid costly financial traps and pitfalls, and find an average of $4,000 - $7,000 extra each year - all using LFE's unique alternative to budgeting! To complement its workshops, LFE provides a weekly online educational series called the "Money Minute!" In just minutes each week, employees will learn how to avoid foreclosures, garnishments, and costly financial mistakes. They will also learn how to save money when they take vacations, pay for college, purchase insurance, minimize debts, avoid identity theft, buy or sell a car or home, reduce healthcare costs, work with credit counselors, avoid the latest scams, save for retirement, make eldercare decisions, plan a wedding, and many other timely decisions throughout the year. This publication is only available through employers and the cost is only $1.00 per employee/month! LFE's also provides a Directory of Approved Money Coach Providers for employers who seek unbiased Money Coaches to answer employees' financial questions via e-mail throughout the year. These experienced Coaches have extensive tax, credit, healthcare, real estate, legal, investment, insurance, banking, retirement planning, accounting, travel, and mortgage backgrounds, but give no advice nor sell any financial products. This educational service not only provides additional Safe Harbor protection for employers under ERISA, but gives employees the "insider secrets," the critical questions to ask, and the costly financial traps to avoid when working with any type of financial advisor. NEW - The LFE Institute has created the first in-depth Certification process of its kind for Workplace Money Coaching. Graduates of this comprehensive course will receive the "CWMC" (Certified Workplace Money Coach) designation. This process includes four levels of study, 30 detailed financial modules and 34 competency tests. Upon successful completion, all graduates will be added to LFE's Directory of Approved Money Coach Providers. Contact: Alice Whinnery, President Telephone: 1.877.LFE.5557 (toll-free) E-mail: awhinnery@lfeinstitute.com Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[140]=new Array("http://www.personalfinancefoundation.org/providers/Money-Management.html","Money Management International (MMI)","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Quality Providers Money Management International (MMI) is the largest nonprofit, full-service credit counseling agency in the United States, and is qualified to do business in all 50 states. Since 1958, we have been helping consumers find the tools and solutions they need to achieve financial freedom. We provide professional financial guidance, free credit counseling services, community-wide educational programs, debt management assistance, bankruptcy counseling and education services, and housing counseling assistance to consumers via phone, Internet and in-person sessions. We are members of the National Foundation for Credit Counseling (NFCC) and The Association of Independent Consumer Credit Counseling Agencies (AICCCA). For employers of all sizes, MMI provides quality financial education programs in workplaces designed to help employees move towards a debt-free future. MMI also partners with financial institutions to design counseling and education programs that will make a difference in the lives of their customers, members, and employees. Contact: Mel Stiller, Senior Vice President Telephone: 617-960-8101 E-mail: Mel.Stiller@MoneyManagement.org   Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[141]=new Array("http://www.personalfinancefoundation.org/providers/Precision-Information.html","Precision Information ","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Quality Providers Precision Information (PI) is a rapidly growing personal finance software company devoted to developing and distributing innovative educational software and online applications for the financial services market. PI provides efficient, effective, and affordable financial education tools and learning systems to serve the needs of financial service firms, financial professionals, students, individual investors, and independent learners alike. The "Encyclopedia of Personal Finance"™ is a comprehensive, interactive financial education tool featuring more than 260 tutorials on a wide range of topics. These tutorials will help you: evaluate your investment options, plan your long-term tax strategies, evaluate your need for estate planning and insurance choose a retirement plan to fit your needs, and much, much more. The Educated Investor Guides™ include content featured in the Encyclopedia of Personal Finance™. They focus on topics of immediate interest to you, such as retirement planning, financial planning, and investing for important life events. Like the Encyclopedia, the guides enable you to test your learning progress and brush up on your terminology. Currently, there are five guides (more under development): Guide to Personal Finance Guide to Long-Term Care Guide to Investing Guide to Tax Planning Guide to Financial Planning Contact: Joe Saari, CEO Telephone: 619-573-1252 E-mail: jmsaari@educatedinvestor.com Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[142]=new Array("http://www.personalfinancefoundation.org/about/advisory-council-roles.html","Board of Trustees Roles","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us About Us Advisory Council Roles The Advisory Council of the Personal Finance Employee Education Foundation informally advises the directors about matters of interest to achieving the purposes of the Foundation. Qualifications for membership on the Advisory Council in this corporation are interested in promoting to employers the importance of providing employees access to basic financial literacy education. Members of the Advisory Council meet informally and occasionally hold conference calls to discuss issues to advance the mission of the PFEEF. They speak on behalf of the PFEEF and sometimes make presentations to employers and professional organizations. They offer their counsel to the PFEEF Board of Directors. Members of the PFEEF Advisory Council are highly respected leaders in their professions. Collectively they represent some of the very best thinkers in the United States on employee education, 401(k) education, financial advice, financial counseling, credit counseling, workplace financial programs, investments, employee benefits, health promotion, and credit and banking. Each is knowledgeable about resources available to enhance the financial well-being of employees.  Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[143]=new Array("http://www.personalfinancefoundation.org/roi/roi-model.html","Return on Investment Model (ROI)","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us ROI Model ROI Research Options and Description of Services Click here to view ROI Research Options and Descriptions of Services (PDF). Return on Investment Model (ROI) Click here to view ROI model (PDF). ROI Calculator™ Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[144]=new Array("http://www.personalfinancefoundation.org/services.html","Services","","Home About Us ROI Model Services Academic Research Industry Research Press Contact Us Services Description of Services - 2010 Option 1. Personal Financial Wellness Checkup (Pre-test and Post-test: Measurement prior to and at some point in time following delivery of financial education.) Option 1 allows employers to determine the baseline for their employees' levels of personal financial wellness and readiness for change at a given point in time prior to the delivery of financial education in the workplace (Pre-test). The post-test provides evidence of changes in employees' personal financial wellness and readiness for change following participation in workplace financial education. We provide a brief written report based on the pre-test, with recommendations for financial education strategies based on the findings. Following the post-test, we provide a brief written report discussing the changes in financial wellness and readiness for change. Option 2. Projected Return-on-Investment (ROI): Includes Personal Financial Wellness Checkup Pre-test + Projected ROI Modeling Option 2 is useful to those needing evidence that the provision of workplace financial education likely will result in a positive return-on-investment for the employer. It includes the Personal Financial Wellness Checkup pre-test as well as projected ROI modeling using client-provided data and industry data (very conservative projections). This option is available prior to the delivery of financial education to employees. Option 3. Actual Return-on-Investment (ROI) [For those who have done a Projected Return-on-Investment*]: Includes Personal Financial Wellness Checkup Post-test + ROI Modeling Option 3 provides evidence for the actual return on investment in workplace financial education one year following the delivery of workplace financial education. It includes the Personal Financial Wellness Checkup post-test, as well as projected ROI modeling using client-provided data. *Note: For Option 3, Pre-test cost is included in Projected ROI Modeling Option 4. Actual Return-on-Investment (ROI): Includes Personal Financial Wellness Checkup Pre-test and Post-test + ROI Modeling Option 4 provides evidence for the actual return on investment in workplace financial education one year following the delivery of workplace financial education. It includes the Personal Financial Wellness Checkup pre-test and post-test, as well as projected ROI modeling using client-provided data. Pricing available upon request. (Contact Judith Cohart, President, at judithcohart@gmail.com) Key Questions Speeches Quality Providers Providers Blog Resources Tools for Your Use Exemplary Employers How You Can Help PFW Scale™ Information Copyright 2006, 2007, 2008, 2009, 2010 "PFEEF is a 501(c)3 nonprofit charitable foundation" Home  |  About Us  |  ROI Model   |  Research  |  Press  |  Contact Us  |  Privacy  |  Site Map  |  Terms of Use");sQ1[145]=new Array("http://www.personalfinancefoundation.org/press/press-releases/Value-of-Workplace-Financial-Education-Programs.pdf","FOR IMMEDIATE RELEASE","","FOR IMMEDIATE RELEASE POSTED MONDAY, JULY 10, 2006 ATTENTION: PERSONAL FINANCE & BUSINESS CONTACT E. Thomas Garman, President Personal Finance Employee Education Foundation, Inc. Professor Emeritus and Fellow, Virginia Tech University 9402 SE 174th Loop Summerfield, FL 34491 Web: www.PersonalFinanceFoundation.org Telephone: (352) 347-1345 PRESS RELEASE ORLANDO, FL, Monday, July 10, 2006 ­ FOUNDATION HELPS EMPLOYERS PROVE VALUE OF WORKPLACE FINANCIAL EDUCATION PROGRAMS The newly created Personal Finance Employee Education Foundation, Inc. subsidizes the employer's cost of conducting research on financial education and the employer's return on investment. Dr. Tom Garman, president of the PFEEF announced the formation of the foundation in May 2006. The PFEEF provides a limited funding program exists to subsidize the employer's cost of conducting research on financial education. The non-profit Personal Finance Employee Education Foundation, Inc. is a private foundation established for the non-commercial charitable purpose of serving the public by informing employers on the bottom-line benefits of providing workplace financial education to employees that improves their financial literacy and personal financial behaviors. The establishment of the Personal Finance Employee Education Foundation, Inc. in May 2006 institutionalizes the efforts and expand the impact of a decade long research and publicity effort of an informal national coalition of academics, businesspersons, financial education providers, and foundations. The work of these experts has been to disseminate research findings to employers on the bottom-line benefits of a financially literate workforce. The Foundation aims to reach thousands of employers and millions of employees by substantially leveraging the number of presentations of research findings and persuasive arguments to better inform employers on the multiple values of providing workplace financial education to employees. The PFEEF creates and distributes materials to help motivate employers to offer employees access to basic financial literacy education, communicates its mission with employers in formal and informal ways, and supports research related to promoting workplace financial education. The non-profit Personal Finance Employee Education Foundation, Inc. recommends employers provide employees access to high quality basic financial education that increases financial literacy and changes employees' personal financial behaviors so financial distress decreases and financial well-being improves. Why? Because research demonstrates that this improves the employer's profits as well as the financial lives of employees. · The PFEEF speaks well of "Recommended Workplace Financial Education Providers" as the very best organizations in the United States of America that emphasize basic financial literacy information and education that results in improvements in employees' personal financial behaviors, decreases in their financial distress and improvements in employee financial well-being. The PFEEF pays tribute to "Best Practices Employers" that provide the very best workplace financial information and education programs for their employees who often make skillful use of their benefits programs and contribute wisely to their employer-sponsored retirement programs. The PFEEF does not provide workplace financial education or conduct research, although the PFEEF does recommend researchers qualified to assist employers in making the bottom-line business case for high quality workplace financial education. The PFEEF maintains a "National Speakers Bureau" of experts qualified to make effective oral presentations, including one-on-one talks, to employers, financial education providers, human resources professionals, trade and professional associations, and academics. · · · The PFEEF provides a limited funding program for human resource directors, financial education providers and researchers to subsidize the employer's cost of conducting research on financial education and the employer's return on investment. The program will be fully mounted in February 2007. Dr. Garman says this to human resource directors, "If your workplace financial education program is successful, keep it; if not warn the provider to improve results in six months or go hire a provider that will do the job right so you can enjoy the thanks of your employees as well as applause of your boss for the improved bottom-line results." ###");sQ1[146]=new Array("http://www.personalfinancefoundation.org/research/efd/vol_21_issue_2_robertnielsen--AFCPE.pdf","vol_21_issue_2_robertnielsen--AFCPE.pdf","","Assessing Financial Wellness Via Computer-Assisted Telephone Interviews Robert B. Nielsen The current study reports on the first use of the Personal Financial Wellness ScaleTM in random-digit-dial computer-assisted telephone interviews. The scale was modified for telephone interviews, fielded in a survey of 515 married adults, then assessed using alternative methods that accounted for missing data common in telephone interviews. Confirmatory factor models verified that the scale was robust as both a single and twoconstruct measure of subjective and objective financial wellness. The modified scale produced low levels of missing data, was not affected by location in the instrument, and exhibited excellent internal reliability under varied assumptions. Recommendations for the use of the scale in telephone interviews, including scale modification, subscale possibilities, and the utility of multiple imputation of missing items, are offered. Key Words: computer-assisted telephone interviews, financial well-being, personal financial wellness Introduction The Personal Finance Employee Education Foundation's Personal Financial Wellness ScaleTM (Prawitz et al., 2006) is an increasingly used measure of financial wellness administered by practitioners who provide financial education, as well as researchers who investigate financial wellness.1 According to the Personal Finance Employee Education Foundation (PFEEF), more than 200 practitioners and researchers are authorized to use the Personal Financial Wellness ScaleTM (PFW) in business, counseling, financial literacy, and academic research settings (PFEEF, 2010). Though in existence only a few years, a growing concern about consumers' financial wellness has heightened the need for a robust measure of financial wellness. The academic community seems poised to address the research needs associated with financial wellness (Burns, 2008; Joo, 2008). The PFW ScaleTM has been used as a paper and pencil assessment of a workplace financial literacy program (Holland, Goodman, & Stich, 2008) and as a component of a mailed survey of debt management program clients (O'Neil, Prawitz, Sorhaindo, Kim, & Garman, 2006). In addition, variations of the PFW ScaleTM that use one or more items inspired by the PFW have been developed by individual researchers for use in mailed surveys that investigated the relationship between financial practices and relationship satisfaction (Britt, Grable, Goff, & White, 2008) and the role that financial satisfaction plays in subsequent divorce (Grable, Britt, & Cantrell, 2007). As noted by Burns (2008), greater use of the PFW ScaleTM among financial practitioners should provide practitioners with information necessary to offer better service. In an economic environment where record numbers of consumers are financially distressed, it is crucial that assessments be conducted with appropriate attention to the methods used and with procedures that allow one to reach the intended respondents. Despite the ongoing effort to improve assessments of financial wellness in settings that allow for paper and pencil or online data collection, the author is unaware of any effort to use the PFW ScaleTM to assess the financial wellness of a random sample of married adults via computerassisted telephone interview (CATI). This paper offers such an assessment and progresses as follows. First, the methods used to collect the sample and the measures included in the interview are reported. Second, the reliability of the measure is evaluated using alternative methods often employed to account for missing data common to telephone interviews. Third, confirmatory factor models assess the quality of the original PFW single factor solution and an alternative 2-factor model of financial wellness. Finally, Robert B. Nielsen, Ph.D., Assistant Professor, 205 Consumer Research Center (House C), Department of Housing and Consumer Economics, University of Georgia, Athens, GA 30602, rnielsen@uga.edu, (706) 542-8885 16 © 2010 Association for Financial Counseling and Planning Education®. All rights of reproduction in any form reserved. recommendations for the use of the PFW ScaleTM in telephone interviews, including specific CATI scale modification suggestions, estimation methods under which the use of subscales would be appropriate, placement of the PFW ScaleTM items in the larger CATI survey instrument, and the utility of multiple imputation of missing PFW ScaleTM data are offered. Methods Sample Between June 11 and August 10, 2007, a telephone survey of married adults in a state of approximately 9 million people was conducted by a major university's survey research center. A CATI instrument was developed to assess respondents' interpersonal relationship behaviors, financial behaviors and well-being, and demographic characteristics. To obtain a state-representative sample of currently married adults, the study required at least 500 telephone interviews from a random-digit dialed sample that was screened to assure that potential respondents were 18 years or older, currently married, and were sharing a residence with their spouse. To equalize the number of male and female respondents, a random selection procedure determined whether the male or female partner completed the interview. Further, because of the possibility of differential sensitivity to questions about respondents' marital relationship and/or financial practices, two forms of the CATI instrument were used. The first instrument asked a series of interpersonal and marital relationship items, followed by the financial wellness items. The second instrument reversed the order and asked the financial wellness items first, followed by the marital relationship items. Respondents were randomly assigned to one of these otherwise identical CATI instruments that took, on average, approximately 20 minutes to complete. To assure that a probability sample was obtained, sampling procedures ensured that all adult residents in the sample had an equal probability of selection. For the current study, three of the 518 cases were dropped due to missing nearly 100% of the data. The remaining cases (515) were retained with varying levels of missing data. Throughout this study, parallel analyses showed the results of alternative missing data strategies, including listwise deletion and multiple imputation of missing data via a 9-implicate repeated imputation inference (RII) (Rubin, 1987). These procedures resulted in sample sizes of 320 when using listwise deletion for the entire set of relevant demographic, relationship, and finance variables, 486 when using listwise deletion for the eight PFW analytic variables, and 515 for the multipleimputed data. Measures The data used by social science researchers often include missing values. To the extent that missing values exist, analysis of those data may result in misleading conclusions. As a result, researchers employ a number of alternatives to account for the loss of precision that results from missing data. Because this was the first formal analysis of PFW data collected via CATI, the effect of missing data on the measure was not known. Therefore, the data were analyzed under the commonly employed listwise deletion strategy and with the use of repeated inference multiple imputation. Multiple imputation typically provides more robust estimates of the variance associated with a point estimate than other missing data analysis methods (Acock, 2005; Fox-Wasylyshyn & El-Masri, 2005; Little & Rubin, 2002). To allow for comparisons, all analyses included estimates from an all-valid-cases strategy, a listwise deletion strategy, and a 9-implicate RII procedure (Royston, 2004, 2005; Rubin, 1987). Demographics. Demographic characteristics of the respondent were collected. As shown in Table 1 for the full sample (N = 515), approximately 41% of respondents were male and the modal educational level was a high school education; 40% had a bachelor's degree, some graduate work, or an advanced degree. On average, respondents were 50 years of age and had been married 22 years. Approximately 80% of respondents were White and 17% were African American. Among the 354 who reported annual household income, approximately 30% were between $10,000-$49,000, 29% were between $50,000-$79,000, and 41% were $80,000 or more. Financial Management Behaviors. Researchers interested in financial wellness are often interested in financial management behaviors and the topical goals of this study required the collection of financial behaviors. Therefore, two financial management measures were collected and are reported (see Table 2). First, the Money Management Systems Assessment (Kenney, 2006) provided information on whether money was pooled, who controlled the money, the amount left over at the end of the month, and satisfaction with the arrangements. Next, the 4-item Frequency of Financial Management Scale (Fitzsimmons, Hira, Bauer, & Hafstrom, 1993) assessed the frequency with which the husband and wife a) planned how to use money, b) wrote a budget, c) evaluated spending, and d) used a written budget. Again, although not used directly in this PFW assessment, these items were part of the overarching research and were reported for completeness. Journal of Financial Counseling and Planning Volume 21, Issue 2 2010 17 Table 1. Demographic Variable Summary Missing n 6 6 Missing % 1.2 1.2 Valid case value (SE)a 50.5 (0.68) 1.6% 4.1% 28.3% 16.7% 8.8% 20.4% 4.7% 15.3% 3.7% 6.2% 9.3% 10.7% 11.0% 9.0% 9.3% 11.9% 6.5% 22.3% 61.6% (2.16) 2.2 (0.05) 22.7 (0.72) 80.4% 16.8% 1.0% 1.8% 40.8% (2.2) Listwise deletion value (SE)b 47.6 *** (0.82) 0.6% 3.1% 28.1% 17.8% 8.8% 22.8% 4.4% 14.4% 3.4% 5.9% 9.4% 10.6% 10.6% 9.1% 10.0% 11.9% 6.6% 22.5% 58.1% (2.76) 2.2 (0.06) 19.6 *** (0.83) 77.5% 20.0% 0.9% 1.6% 43.1% (3.0) Multiple imputed value (SE)c 50.5 (0.68) 1.6% 4.1% 28.5% 16.6% 8.9% 20.3% 4.7% 15.2% 3.5% 6.3% 8.7% 10.6% 11.4% 8.4% 9.1% 12.5% 6.2% 23.3% 61.9% (2.15) 2.2% (0.05) 22.8 (0.72) 80.4% 16.8% 1.0% 1.8% 40.8% (2.2) Variable Mean age Education 0-8 years 9-11 years High school or GED Some college/tech school, no degree 2-year degree Bachelor degree Some graduate work, no degree Advanced/professional degree Family income $0 - 19,999 $20,000 - 29,999 $30,000 - 39,999 $40,000 - 49,999 $50,000 - 59,999 $60,000 - 69,999 $70,000 - 79,999 $80,000 - 89,999 $90,000 - 99,999 $100,000 or more First marriage for both Mean number of times marriedd Mean number of years married Race White African American Asian Multi-racial Male 161 31.3 1 3 1 9 0.2 0.6 0.2 1.7 3 0.6 Note. ***Significantly different from valid case value at 99% confidence level. Significantly different from listwise deletion value at 99% confidence level. a All valid (non-missing) cases. Maximum, N = 515. bListwise deletion, N = 320. cMultiple imputation, N = 515. dOnly asked of those in second or higher marriage, n = 143. 18 Journal of Financial Counseling and Planning Volume 21, Issue 2 2010 Table 2. Financial Behavior Descriptive Summary Missing n Money Management Systems Assessment Who controls money Respondent Spouse Handle money Each keep money separate Some together, some separate Money at end of month More than enough left over Some money left over Just enough to make ends meet Satisfaction with how money handled 1 = very dissatisfied; 4 = very satisfied Use written budget 1 = never; 5 = most of the time Evaluate spending 1 = never; 5 = most of the time Make plans for spending money 1 = never; 5 = most of the time Not enough to make ends meet 3 0.6 Pool all money together 9 1.7 22.5% 53.0% 21.9% 3.7 (0.03) 2.6 (0.02) 3.5 (0.07) 2.6 (0.08) 2.6% 21.2% 55.9% 19.7% 3.8 (0.03) 2.7 (0.09) 3.6 (0.08) 3.1% ** Missing % 1.4 Valid case value (SE)a Listwise deletion value (SE)b Multiple imputed value (SE)c 7 23.6% 19.1% 5 1.0 13.1% 20.6% 66.3% 57.3% 25.0% 19.1% 55.9% 14.1% 20.3% 65.6% 23.9% 19.1% 57.0% 13.1% 20.6% 66.3% 22.7% 52.9% 21.9% 3.7 (0.03) 2.6 (0.08) 3.5 (0.07) 2.6% Both equally Frequency of Financial Management Scale 10 14 10 11 1.9 2.7 1.9 2.1 Write down where money is spent 1 = never; 5 = most of the time 3.4 (0.08) 4.2 *** (0.06) 3.5 (0.09) 4.2 (0.05) 3.4 (0.08) Note. **Significantly different from valid case value at 95% confidence level. ***Significantly different from valid case value at 99% confidence level. Significant different from listwise deletion value at 95% confidence level. Significantly different from listwise deletion value at 99% confidence level. a All non-missing cases. Maximum, N = 515. bListwise deletion, N = 320. cMultiple imputation, N = 515. Personal Financial Wellness. Financial wellness was based on responses to the PFW ScaleTM, an 8-item scale where composite mean scores range from 1 (lowest financial wellness) to 10 (highest financial wellness). To adjust for CATI use, modifications to the original PFW ScaleTM were made, including reordering of questions to take advantage of similarly scaled Likert-style response categories and reverse coding to avoid anchor shifts (see Appendix). Analyses To evaluate the reliability, validity, and factor properties of the PFW ScaleTM, the analyses proceeded as follows. First, Journal of Financial Counseling and Planning Volume 21, Issue 2 2010 19 the eight individual items and Cronbach alpha coefficients for the full PFW ScaleTM were compared across four alternative missing data strategies: using all available data from valid cases (N = 501-511), using listwise deletion for cases based only on PFW items (N = 486), using listwise deletion for cases based on all variables used in the analysis (N = 320), and using multiple-imputation (N = 515). Second, principal axis factor analyses assessed the scales' properties in a manner consistent with the original Prawitz et al. (2006) single-factor solution derived from principal component analyses. Because the PFW ScaleTM contains items that specifically ascertain separate objective and subjective items, it is plausible that researchers might generate separate subscales. Indeed, there may even be good reasons for individual researchers to investigate objective and subjective wellness separately. Therefore, a 2-factor principal axis solution was forced to determine the utility of separate objective and subjective wellness solutions. Again, because this is the first assessment of the use of the scale in a telephone interview, complete listwise and multiple-imputed solutions are shown. Third, two confirmatory factor models were specified to assess alternative measurement models: the single-construct financial wellness model and an alternative 2-factor measurement model that consisted of separate objective and subjective factors. Each was estimated with and without multiple imputation. Fourth, the convergent validity of the PFW ScaleTM and the Revised Dyadic Adjustment Scale (RDAS) (Busby, Crane, Larson, & Christensen, 1995), a scale commonly used by clinicians and researchers that captures relationship quality and well-being, was examined. The RDAS was used because prior researchers found that economic pressure and financial distress are highly correlated with relationship satisfaction (Conger et al., 1990; Fox & Chancy, 1998; Kerkmann, Lee, Lown, & Allgood, 2000). Results The assessment began with the measurement of the eight individual PFW items and Cronbach alpha coefficients for the full 8-item scale. As shown in Table 3, this was done across alternative missing-data strategies: all valid cases, listwise deletion based on PFW items, and a 9-implicate RII multiple imputati