According to Investopedia, “financial literacy is the ability to understand and effectively use various financial skills including personal financial management, budgeting, and investing. [It] is the foundation of your relationship with money, and it’s a lifelong journey.” Employees being financial literate is important because:
1. 58% of employees admit they are stressed about their finances.
2. 76% of Americans spend three hours or more at work each week dealing with personal finance issues.
As more and more American’s struggle with their finances, employers can help their employees by promoting financial education in their workplace. Implementing a financial education program in the workplace can benefit companies and employees by:
- Enhanced Corporate Culture – The workplace is one of the most effective places to administer financial wellness training because it’s where most people spend the majority of their time and it is where they receive their main source of income. Giving their employees the necessary skills to manage their money and save for retirement will simultaneously increase the company culture.
- Increased Personal and Workforce Productivity – It’s as easy as this – employees who are less burdened by financial problems are much more productive, creative, and engaged at work.
- Increase Employee Recruitment and Retention – Financial education is increasingly becoming a top benefit to the overall company package. Employees want to feel in control of their own finances, but most still want some outside affirmation – employers can do that within their financial literacy packages.
Financial Fitness for Life is here to help your organization. Some of our services include a customized education plan, in-person and web-based education, and real-time data tracking and reporting to review the impact of our services. Contact our team today: https://fitrusts.com/contact-
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