Trending: Personal Finance as a Workplace Benefit
Offering personal finance education as a workplace benefit is a win-win if executed in an effective manner. Employees are hungry for this information. Employers see many benefits as well.
The SF Bay Area is a perfect example of the phenomenal job market right now. If you are willing and able to work, there are so many choices available. At the beginning of 2018, the rate of unemployment in the U.S. held at 4.1%. This is only slightly higher than the unemployment rates in the U.K. and Germany. Jobs galore. It’s also a great political and economic environment to start a business as an entrepreneur.
With the many employment choices available, also comes the need to stand out as an employer. Companies should be, and are concerned with attracting and retaining talent. Offering personal finance education as a workplace benefit accomplishes this, while also helping employees to be well and productive.
According to Jump$tart Coalition for Financial Literacy, “Research shows that 30 millionAmerican workers – 1 in 4 – report they are seriously distressed and dissatisfied with their financial matters … and this spans across all income levels.”
Standing Out in the Crowd
I applaud many of the restaurants in the food services industry for offering benefits and working wages that finally support the cost of living. There are still industries with opportunity yet companies large and small can differentiate themselves as employers. Retirement accounts, healthcare and paid time off are often the norm. More progressive companies offer food onsite, flex time, unlimited vacation, lifelong learning classes, gym and daycare memberships.
More and more employers are also providing personal finance education as a workplace benefit.
For employees, “Workplaces that offer financial education are directly helping their employees cope with a major source of stress, leading to happier and more productive employees, ” Canadian government.
For employers, research shows financial literacy in the workplace can lead to:
- Better health via a reduction in stress
- Increased employee retention, morale, productivity and profits
- Lower absenteeism and health care costs
Bottom line, according to the Jump$tart Coalition for Financial Literacy, ” Financial education programs have the effect of contributing to the company’s bottom line between $3 and $4 for every dollar spent.”
Evidence and research shows that well-executed financial education initiatives are a win-win.
Format of Successful Programs
Delivery of education in successful programs include a variety of formats: online, webinar, live coaching, lunch-and-learn, classes, workbooks, calculators.
Personal finance is something employees are usually very interested in, no matter what their level of knowledge or amount of stress around money. Basic to advanced topics can address high to low financial stress and varying levels of knowledge. Surveying to assess employee well-being and which financial topics need to be covered are essential to making the program effective for the audience.
In addition, “Employers with successful programs … measure improvement and behavior changes after the program is in place. Nearly 30% of employers with successful programs have conducted an assessment.” This is according to the ASPPA (The American Society of Pension Professionals & Actuaries, a non-profit professional society).
Where to Start
Would you like your employer to offer financial education as a workplace benefit? Would you like to provide this type of benefit to your employees, but don’t know where to start on designing and implementing a program? Contact The Money Boss today. We are a completely independent education and coaching company.