Nearly one in five workers had access to financial planning benefits in 2017

January 31, 2018

As a new year begins, many people think—or worry—about finances. In 2017, about one-fifth of private industry workers were offered free or subsidized financial planning services from their employers. These services help employees make decisions about savings, borrowing, investing, home buying, education expenses, or retirement. While union and nonunion workers had similar rates of access to financial planning services, access varied based on size of establishment, wage level, and industry.

 

 

Percent of workers in private industry with access to financial planning benefits from their employer, March 2017
Characteristic Percent

All workers

19%

Union status

 

Union

22

Nonunion

19

Establishment size

 

1 to 99 workers

10

100 workers or more

31

Average wage category

 

Lowest 10 percent

5

Lowest 25 percent

9

Second 25 percent

17

Third 25 percent

23

Highest 25 percent

31

Highest 10 percent

34

Industry

 

Information

49

Finance and insurance

47

Utilities

43

Manufacturing

26

Educational services

26

Professional and technical services

25

Retail trade

22

Health care and social assistance

21

Transportation and warehousing

19

Wholesale trade

15

Real estate and rental and leasing

8

Construction

8

Leisure and hospitality

7

Administrative and waste services

4

Employees in larger establishments (100 workers or more) were three times as likely to have access to financial planning benefits as employees in smaller establishments (1–99 workers).

Workers in higher wage groups were also more likely to have access to financial planning benefits as workers in lower wage groups.

Nearly half of workers in the information and finance and insurance industries had access to financial planning benefits. Fewer than one in ten workers in construction and leisure and hospitality had access to financial planning benefits.

These data are from the National Compensation Survey — Benefits program. For more information, see our most recent annual bulletin on benefits.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Nearly one in five workers had access to financial planning benefits in 2017 on the Internet at https://www.bls.gov/opub/ted/2018/nearly-one-in-five-workers-had-access-to-financial-planning-benefits-in-2017.htm (visited May 24, 2018).

OF INTEREST
spotlight

Recent editions of Spotlight on Statistics