Financial Literacy Month, observed each April, takes on new meaning this year as millions of Americans struggle to cope with the financial impacts of the pandemic. In 2020, 40% of American consumers had trouble paying at least one bill or expense, underscoring the importance of having a solid financial education to navigate these challenging times.
At FinFit, we are committed to creating a more equitable financial future for all. According to a recent study by the Pew Research Center, the wealth gap between America’s richest and poorest families more than doubled from 1989 to 2016. But financial stress affects all employees, regardless of income level. Although a company may compensate its employees well, the rising costs of living and tuition place a seemingly endless burden on families trying to juggle financial responsibilities. Employers can help employees navigate these stressful areas by offering financial education resources.
Employer-sponsored financial education is often the motivation your employees need to take a harder look at their finances. If they know you’re invested in their personal well-being and can trust the resources you share, it’s significantly more valuable than information they could Google (but likely won’t).
Employees are looking for guidance to make more informed, financially sound decisions as they plan for major expenses: purchasing a home, preparing for their children’s college costs, funding their own retirement, and many other financial decisions that they face daily.
One staff member, eligible for our retirement plan, prepared to talk with the representative by logging in to FinFit and researching/learning. When she met with the financial person, she was so knowledgeable, he was really impressed and I think, a little stumped on some of her questions. It was great!
We believe that access to robust financial education can be a catalyst for positive change which is why the premier educational courses within Ready University are a critical component of the FinFit financial wellness program.
Like any benefit, employees must be willing to engage in order to reap the rewards. Create monthly challenges and other fun activities to incentivize employees to participate in the financial education resources. The FinFit platform includes member rewards to encourage employees to take courses and challenge themselves. Weekly trivia, points-based incentives and a member referral program encourage your employees to participate and spread the word.