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Employee Financial Education Part 4

(This is part four in a series that discusses the value on educating employees in personal finance. Taken from a proposal by Frank Wiginton, submitted and presented to the Task Force on Financial Literacy. To obtain a copy of the complete proposal entitled Educating Employers on the Value of Educating Employees on Personal Finance please send a request to frank@tridelta.ca)

Are Employees Ready to Learn About Personal Finance?

The simple and big answer is YES, and employees want help from their employers! According to a 2008 MetLife Study of Employee Benefits Trends, a national survey of 1,380 full-time employees, more employees than ever before have indicated an interest in obtaining advice and guidance from their employers for their financial problems.

The Shepell·fgi employee assistance program (EAP) Research Group examined the frequency and types of EAP accesses (i.e. requests for services) related to financial issues over the years 2007 and 2008. The findings indicate that accesses for financial counselling and consultation are on the rise, at a rate that is twice that of all other EAP services.

Employees want and value employer-provided financial education and support. Employees who have participated in the few employer –provided financial education programs have shown to have more respect for their employer and manage their money better.

Are employers listening to the call for help? Very few! – A 2008 survey of 329 human resources and employee benefits managers found growing interest from employers in offering financial education to their employees. Specifically, 39 percent of the business managers surveyed reported an increase in the past year in the number of employees asking HR for help with personal financial issues.

Employers need to invest in financial literacy programs and will be rewarded for doing so.

To learn how you can provide your employees more and better benefits or to understand how an employee financial education program can be implemented in your company, please contact Frank Wiginton at frank@wiginton.ca.

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