Tuesday, April 22, 2008
Excerpt: Some
of Minnesota's most influential
companies are leading an important
campaign to shore up the personal
finances of the state's workforce.
The
Itasca Project's new Financially
Fit Minnesota program is designed
to increase retirement savings
and encourage the use of direct
deposit instead of paychecks.
Despite dire warnings of a looming
retirement crisis, fewer than
half of Minnesota workers currently
participate in employer-sponsored
retirement savings plans. In addition,
more than 500,000 full-time workers
in the Twin Cities don't use basic
banking services such as direct
deposit, and a growing number
are using costly money exchanges
and payday lenders.
With
that troubling backdrop, the Itasca
Project today will call on employers
throughout the state to join the
effort to close the gaps in savings
and encourage the use of direct
deposit. Itasca is an alliance
of more than 40 Minnesota chief
executives and elected leaders
formed to address regional issues
that affect economic competitiveness
and quality of life.
Source: Star
Tribune