In today's challenging financial landscape, an increasing number of employees are resorting to 401(k) loans.
While 401(k) loans can provide temporary relief, they bring long-term consequences that hinder employees' financial stability and retirement readiness.
How can employers support their teams by offering holistic financial wellbeing benefits?
In this resource, we will explore the four ways that 401(k) loans can harm employees' financial wellbeing and share how LearnLux can empower HR and benefits teams to guide their workforce toward better financial outcomes.
We’ll uncover the hidden pitfalls of 401(k) loans and share how LearnLux's robust platform can pave the way to a brighter financial future for employees.
HR and Benefits professionals looking to address the financial stress and administrative headaches caused by 401(k) loans. Consultants who are looking to support their clients with this growing workplace challenge.
Nearly one-third (29%) of Americans who participate in a 401(k) or other defined contribution retirement plan say they have taken out a loan from the savings in their plan.
Employees of all income levels take 401(k) loans for various reasons, including:
While 401(k) loans can provide temporary relief, they bring long-term consequences that hinder employees' financial stability and retirement readiness.
By providing employees with access to trusted financial resources and the expertise of Certified Financial Planner® professionals, workplaces can empower their people to make informed financial decisions around 401(k) loans and navigate unexpected challenges. LearnLux works hand-in-hand with the world's best employers to build a culture of financial empowerment, ensuring that everyone has the tools and support they need to thrive both personally and professionally.
By requesting access to this resource, you may be contacted by LearnLux with relevant information and newsletters about financial wellbeing. You may opt-out of communications at any time. For more information on LearnLux, head to learnlux.com.
