November is the month of gratitude, and as post pandemic workplace trends continue to influence workers to search for better employment opportunities, employers continue to seek innovative, meaningful ways to express their gratitude toward their employees. By offering unique employee benefits–like 529 education savings plans–employers can provide their team members with impactful benefits to further their financial well-being while also remaining competitive during recruitment.
“A 529 education savings plan is a meaningful and useful benefit to thank your employees for their hard work and help your business stay competitive with its benefits package,” said Natalie Cordova, Executive Director of Education Trust Board of New Mexico, the state agency that administers The Education Plan® 529 education savings plan. “By offering The Education Plan®, you can support the financial well-being goals of your employees and empower them to meet their future education goals and those of their loved ones.”
82% of workers between the ages of 18 to 34 expect a current or future employer to play a role in supporting their financial security and wellbeing, according to a 2022 Harris Poll Survey. More than 8-in-10 workers would be less likely to look for a new job if their current employer began offering more financial wellness tools, the study showed.
The Education Plan® can be implemented at no cost to employers and requires no government reporting, making it a quick and easy employee benefit to include.
529 education savings plans are flexible, giving employees an option to save for the future—even if they might not have it mapped out yet. 529 plans can be used at vocational or trade schools, professional schools, colleges or universities nationwide to pay for education expenses including tuition, housing, meal plans, books, supplies, computers, and fees. Employees can use the money saved in a 529 plan to pay for their own education, a child’s education or any other loved one’s future education.
“Many parents and grandparents see the steady rise in tuition and want to give their family and loved ones a head-start with funding for college,” added Cordova. “In today’s job market, employees are seeking competitive benefits, and offering your team members an opportunity to save for future expenses can be a huge boost that will contribute to their success.”