Three Ways to Boost Employees’ Money Skills
April is Financial Literacy Month, a chance for you to focus employees' attention on creating a solid financial future.
Investopedia defines financial literacy as the "ability to understand and effectively use various financial skills, including personal financial management, budgeting and investing."
Here are three ways you can help boost employees' money skills:
1. Help Increase myVRS Registrations
We've made numerous enhancements to myVRS in recent years that have made it an even more valuable tool for members. The secure online system is essential to member account management. Registering for myVRS is also a security best practice for VRS members.
- VRS Benefits Summary: From the dashboard in myVRS, members can view their retirement eligibility dates, member account balance and other VRS benefits.
- myVRS Retirement Planner: This tool helps members project income and expenses in retirement and gauge their retirement readiness.
- myVRS Benefit Estimator: Members can generate estimates of their VRS benefits in retirement for comparison.
2. Share the Benefits of Financial Wellness
The nationally recognized myVRS Financial Wellness program aims to help VRS members make informed and educated decisions on everyday financial matters while saving for the future. Through their secure myVRS accounts, employees can find tools, tips and time-savers in a variety of formats designed with their needs in mind:
- Educational games
They'll also get a boost learning about topics like:
- Debt and credit management
- Personal budgets
- Spending habits
- Credit cards
- Student loan repayment
- Career-development strategies
- Saving and investing
3. Promote VRS Benefits Awareness
Beyond saving and retirement, VRS administers a variety of benefits that play big roles in how members plan for the future. Our Education and Counseling resources will help them understand more about topics like the health insurance credit, purchasing prior service or hazardous duty benefits.
Our team of counselors are available in person, by phone or virtually to help active and retired members.