The new American dream might not be what you think it is. We used to consider the American Dream as the ‘really good life’ – the beautiful home with the white picket fence, the 2.5 kids, the golden retriever, the awesome SUV in the driveway, a swimming pool in the backyard and no real money worries.
But those days are long gone, says Purchasing Power’s Chief Operating Officer, Elizabeth Halkos, in her recently-published California Broker bylined article.
Today’s employees crave a new type of American dream. Rather than it being the ‘really good life,’ it’s simply being able to achieve financial flexibility by finding ways to make the money they do have go further. Employers are in a critical position to help employees realize this new dream, and at the same time, increase both loyalty and productivity. Brokers have a key role in this mission as well.
Financial education benefits are great to help employees with budgeting and debt reduction needs, but employers also need to adopt voluntary benefits that provide employees the opportunity to have some financial flexibility.
Brokers should bring this type of voluntary benefits to the attention of their clients. Voluntary benefits that help get employees on the road to financial flexibility include:
- Low interest installment loans and credit;
- Student loan repayment benefit programs.
- Automated savings programs that encourage employees to save money each month from their paycheck;
- Bill payment programs that empower employees with debt paydown strategies and the ability to make recurring bill payments on-time each month through payroll deduction; and
- Employee purchase programs that allow workers to purchase consumer products and services through payroll deduction when they are unable or prefer not to use cash or credit.