Financial literacy is a growing concern for both businesses and employees. While many companies offer 401(k) plans or ESOPs (Employee Stock Ownership Plans), their employees often struggle with the basics of saving and investing for the future. This gap in employee financial education can lead to uncertainty, poor decision-making, and increased stress.
Why Employee Financial Education Matters
Lack of financial education can negatively impact both employees and businesses. According to PwC’s 2023 Employee Financial Survey, 57% of employees cite finances as their top cause of stress.
Similarly, a study from Bank of America cites that 85% of Gen Zers, the generation most recently entering the workforce, feel they face barriers to achieving financial wellness, with the worry of keeping up with the increasing cost of living at the top of that list at 53%
What is NorthStar’s Financial Fitness Program?
Our Financial Fitness Program provides trusted, unbiased employee financial education for employees, ensuring they receive expert guidance without placing liability on employers. Often, HR professionals and business owners are the first point of contact for financial questions—but giving advice without proper credentials can be a legal risk.
"Owners and HR professionals aren’t licensed financial advisors. If they try to help, they could inadvertently give investment advice, which is a liability risk. We step in to provide fiduciary guidance, ensuring employees get the right answers—without putting the company at risk."
Key Features of the Financial Fitness Program
- Consultations with business owners – We assess employee benefits and identify gaps in financial education.
- Flexible education formats – We provide video snippets, in-person lunch-and-learns, and live webinars.
- One-on-one financial consultations – Employees receive tailored advice on savings, investments, and retirement planning.
- Comprehensive financial planning – From basic roadmaps to advanced wealth-building strategies.
- 401(k) and ESOP consulting – Employees gain a deeper understanding of their options and maximize their benefits.
The Employee Perspective: Why Financial Fitness Matters
Many employees feel intimidated by financial planning, assuming wealth management is only for high-net-worth individuals. This misconception prevents them from taking the necessary steps to secure their financial future.
"A lot of people don’t understand how their 401(k) works. They don’t learn it in high school or college. I’ve helped employees who didn’t even know how to enroll, let alone what funds to choose. Educating employees early makes a huge difference and helps them achieve their goals."
By providing accessible and practical financial education, our programs help employees feel more confident about their future—whether they’re fresh out of college or nearing retirement.
The Employer Perspective: Reducing Risk & Increasing Retention
- Reduces legal liability – Employers no longer need to worry about unintentionally providing financial advice.
- Improves employee retention – Financially secure employees are less likely to leave due to money-related stress.
- Boosts productivity and engagement – Less financial stress means more focus on work.
"An employee who is constantly worried about money may start looking for a job that pays slightly more, even if they love their current job. Educating employees about their financial future increases job satisfaction and long-term retention."
What About Your 401(k) Provider?
"We’re here to provide ongoing education. "Most 401(k) providers come in once a year, ask if there are any questions, and leave. We ensure employees have access to financial education throughout the year."
A Mission-Driven Approach to Financial Wellness
At NorthStar, we’re passionate about helping employees achieve financial success—not just for retirement, but for life.
This isn’t about making a quick buck. We want to help people retire comfortably, give to their families and communities, and enjoy life. That starts with education.