For Employers Only
Why Employee Financial Education?
More and more employers are beginning to see the tremendous benefits of providing their employees with a solid financial education. When employees are distracted by financial worries it diminishes their productivity, brings unnecessary stress into the workplace and puts a damper on company morale.
On the other hand, when workers are in a state of Financial Wellness, they are in control. They are confident, focused and have a greater balance and security. By offering employee financial education, an employer is making an investment in their business.
Just consider the following facts:
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90% of the nearly 128 million workers in the US have difficulty managing their money and are not consistently saving for retirement.
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Up to 50% admit to wasting 21 hours per month while on the job dealing with personal money matters.
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Two–thirds say “They have trouble paying their bills on time and worry about money”.
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Employees regard financial stress as their number one concern, 5 times greater than personal health.
Source: National Institute of Personal Finance Employee Education
What’s more, the Department of Labor places the fiduciary obligation on employers to provide their employees with an unbiased financial education. Great companies have long understood the value of providing a financial literacy education to their workers.
Financial Literacy Education Benefits Both Employer And Employee
By ensuring each team member receives financial literacy training, companies will see marked improvements in the area of productivity and subsequently profitability. With financial burdens lifted from their shoulders, workers will be happier and work harder. They’ll enjoy their jobs more thus decreasing absences, tardiness, and requests to leave early.
The more employers consider the facts, the more likely they are to put an employee financial education in place for their entire workforce. It just makes good business sense.