Hampton Roads, Va. (PRWEB) May 22, 2010
While Waddell & Reed has been involved in financial planning since 1937, the firm recently achieved a significant, new level of national recognition: the firm was cited as a source in a Federal Reserve research paper.
In October of 2009, Dr. Kelly Edmiston, Senior Economist in the Community Affairs Department of the Federal Reserve Bank of Kansas City (FRB), published the results of his three year research project entitled, “Weighing the Effects of Financial Education in the Workplace.” Using Waddell & Reed’s Financial Wellness Program as a primary source for research, the study asserted that “the programs implemented in our study companies achieved some substantial successes, and results provide evidence that financial education in the workplace provided benefits for the companies that implemented the program, as well as for the program participants.”
According to the study, when offered in the workplace, financial education has been shown to have many positive impacts on the employees’ lives, as well as on the employers’ bottom lines. Such impacts include increases in participation and contributions to employer sponsored retirement plans, greater use of flexible spending accounts, improved employee productivity, and heightened satisfaction with employee financial situations. Additionally, decreases have been observed in requests for 401(k) loans and pay advances, along with decreases in wage garnishments, theft, embezzlement, absenteeism, violence, accidents, and the overall level of financial stress felt by the employees. As it pertains to the Waddell & Reed Financial Wellness Program, Edmiston’s study concluded, “Our results from surveys and interviews show substantial success in the financial education program we surveyed.”
For more information on the FRB study please visit their website at: http://www.kansascityfed.org/publicat/commaffrsrwp/carwp09-01.pdf.
The objective of the Waddell & Reed Financial Wellness Program is to help employees build awareness of where they are financially, provide them education for establishing financial goals, and empower them to change their behavior to achieve those goals. During a time when many employees are experiencing a reduction in benefits and are generally stressed by their financial circumstances, many employers are investigating the potential benefits of such Financial Wellness programs.
Founded in 1937, Waddell & Reed has grown to more than 250 offices nationwide. The company offers a wide array of investment products and services as well as a variety of insurance products through sales arrangements with insurance companies. For more information about Waddell & Reed’s Financial Wellness Program, contact Neeraj “Raj” Agarwal, MBA (http://www.rajargawal.wrfa.com) or Larry Garletts (http://www.larrygarletts.wrfa.com) at 757 431 2929.
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