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Retirement Planning > Retirement Investing

More Workers Get One-on-One Financial Advice: SHRM

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U.S. employers may be offering workers more access to several different types of financial advice, including one-on-one financial advice from live humans.

Analysts at the Society for Human Resource Management have published data supporting that possibility in a new summary of results from SHRM’s latest human resources professional survey.

About 49% of the participating employers now offer workers some kind of financial advice, up from 37% in 2013.

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The percentage that offer online financial advice jumped to 36%, from 24%.

Access to live humans also grew: Use of group financial advice services increased to 28%, from 20%, and use of one-on-one sessions increased to 34%, from 25%.

The sample included 3,227 randomly selected human resources professionals. The results are not completely random: The participating companies were big enough to have human resources professionals, and interested enough in human resources issues to fill out SHRM survey questionnaires. Only 33% of the participating employers had fewer than 100 workers.

Although the participating employers report offering more general financial advice, they may be offering less access to retirement advice.

The percentage offering retirement advice online fell to 50%, from $59%, while the percentage offering one-on-one retirement advice fell to 48%, from 53%.

About half of the participating employers offer either online or in-person, one-on-one advice.

The SHRM team asked human resources professionals about retirement plan asset annuitization help for the first time this year.

Only 9% of the participating employers offer an in-plan feature that helps workers convert the assets in 401(k) plans or other defined contribution plans into a lifetime stream of income.

Just 2% of the employers help workers use defined contribution plan assets to buy out-of-plan annuities.

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