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Retirement savings rate improves when workers get help with whole financial life, study suggests

Retirement savings rate improves when workers get help with whole financial life, study suggests

Finance
Workers who get advice on all money matters impacting their lives do a better job saving specifically for retirement, a new report suggests.Among more than 2,400 employees who have had access to ongoing coaching for all aspects of their financial lives, the average retirement-plan contribution rate climbed to 9.4% of pay in 2018 from 6.3% in 2013, according to research from the Financial Wellness Think Tank, which is sponsored by financial-wellness benefit provider Financial Finesse.Additionally, the share who said they are on track to reach their retirement income goal jumped to 57% in 2018 from 21% in 2013.Jason York | Getty ImagesOverall, financial wellness among the financially coached workers improved during that five-year period to 6.4 from 5.0 on a scale of 1 to 10. That compares to...
Number of low-paid workers at lowest level since 1980 – but why?

Number of low-paid workers at lowest level since 1980 – but why?

Business
By Sharon Marris, business reporter The proportion of low-paid workers in Britain has fallen to its lowest level since 1980, according to a report.The number of low-paid workers fell by almost 200,000 last year, including more than 130,000 women and 120,000 people aged 21 to 30, research by the Resolution Foundation suggests. Retail, administrative and support services saw the biggest fall.The study praised the introduction of the national living wage three years ago for "significantly" reducing low-paid workers from 20.7% of the workforce in 2015 to 17.1% last year."Low pay" was calculated as being less than two-thirds of the typical hourly wage (£8.52). Advertisement
The firms turning their workers into owners

The firms turning their workers into owners

Business
In the past few weeks a few employees have suddenly found they didn't just work for their company, they owned a bit of it too.The owner and founder of Richer Sounds, Julian Richer, used a special trust to give his 500 staff a 60% stake in the business and a £3.5m handout.Engineering company Weir is giving all 15,000 staff £300 each in shares this year and next.Meanwhile telecoms group BT has said it will distribute £50m of shares between staff annually starting in 2020.All this generosity may come as a bit of a shock in our dog-eat-dog world of corporate capitalism.But aficionados of employee ownership say it makes perfect business sense. Richer Sounds boss wants 'to do the right thing' BT staff to get £500 in shares every year T
Workers want those hard-to-find socially responsible investments in their 401(k) plans: Survey

Workers want those hard-to-find socially responsible investments in their 401(k) plans: Survey

Finance
If you're looking in your 401(k) plan for investments that back clean energy or gender and racial diversity, you may have a tough time finding them. A recent survey from Natixis Investment Managers finds that many workers would be more likely to save for retirement if their employer-sponsored retirement plan offered socially conscious investments. Of the 1,000 workers surveyed, 61% of employees said they would start saving or increase their investments if that also meant doing social good. Millennials, 66%, were even more likely to agree with that statement. ...