Financial Education in the Workplace

Financial Education in the Workplace
87%
of employees WANT financial education
3:1
$
a year employers can save
from a financially healthy
employee
or more ROI for employers who
offer employees quality financial
programs
86%
48%
of employees will
participate in
financial education
86%
80%
$2,000
have not sought
financial advice in
the last 24 months
are willing to
pay some or all
of the costs
feel that it is very to extremely important to have
an EXPERIENCED financial educator providing
financial education
Preferred formats for receiving financial
education:
EMPLOYEE
PREFFERENCE
1
#2
#3
#4
#5
#6
#7
#8
#
feel it is very to extremely
important to have an
ACCREDITED financial
educator providing the
education
Preferred times to participate in a financial
education program are:
during work hours
right after
work
at home on my own time
51%
on the weekend
during
lunch break
COST
LEARNING
EFFECTIVENESS
in-person seminars
one-on-one coaching
live webinars
self-study/video tutorial
self-study workbook and guides
recorded webinars
social media and short clips
blogs/e-mail/newsletter articles
How employees are currently receiving their financial education:
50%
of companies currently offer
some sort of financial education
25%
live webinar
64%
live seminar
receive it
through
online/self
taught or live
webinars
find the
financial
education
provided to be
very useful
said their
financial
education came
directly from
their employer
1 hour/day
employees experiencing
financial stress spend 13%
of their workday dealing
with money
<40%
29%
suffered severe
anxiety, compared
with 4%
23%
had severe
depression,
compared with 4%
51%
FoxPlan
FoxPlan Ltd
Group Ltd
Frank Wiginton,
CEO
Smarter
Smarter Financial
Financial Decisions,
Decisions together
A Better Quality of Life Financial Consulting
30%
one-on-one coaching
feel their level of financial stress
today is high to overwhelming
cited money as their # 1 stressor
indicated distress over financial
matters contributed to irritability,
anger, fatigue and sleeplessness
People with high debt stress
are satisfied with their present
financial situation
To learn more about employee financial
education for your business please contact:
online self-study
45%
61%
52%
Employees whose company provides
financial education:
70% 68% 65%
45%
had muscle
tension, including
lower back pain,
compared with
31% of those
with low levels of
debt stress
44%
had migraines or
other headaches,
compared with 15%
6%
reported heart
attacks, double the
rate for those with
low debt stress
27%
had ulcers or
digestive tract
problems,
compared with
8% of those
with low levels
of debt stress
W:
www.foxplan.nz
www.foxplangroup.co.nz
www.employeefinancialeducation.ca
E:
[email protected]
[email protected]
[email protected]
P:
0800
NO STRESS
0800
FOXPLAN
Studies are are
from: from:
US, Canada,
and Australia
Studies
US,UKCanada,
UK and Australia
© 2012 A Better Quality of Life Financial Consulting
Sources: Employee Financial Education Division – Financial Education in the Workplace Survey (Dec. 2011). Employee Financial Education Division – Whitepaper: Increase Profitability Through
Employee Financial Literacy – Restore Productivity and Regain Organizational Commitment Through Employee Financial Education. Proposal to the Federal Task Force on Financial Literacy:
“Educating Employers on the Value of Educating Employees on Financial Literacy”
Financial Literacy for Employees
72%
of companies believe employee financial eduction will benefit them
Companies top concerns regarding employees and their benefits:
ABSENTEEISM
PRESENTEEISM
WORKPLACE VIOLENCE
ENGAGEMENT
69%
of COMPANIES say they offer
financial education
SALARIES
PRODUCTIVITY
BENEFITS ORGANIZATIONAL COMMITMENT
DRUG BENEFIT COSTS
vs
MARKETPLACE COMPETITIVENESS
HARASSMENT
TURNOVER
MENTAL WELLNESS
50%
Companies want education from a third-party educator to be:
88%
87%
82%
Unbiased
Experienced
Accredited
of EMPLOYEES say their company
offers financial education
When do companies provide
financial education?
during work hours
weekends
How companies are providing financial education:
59%
live seminar
42%
online self-study
39%
live webinar
on employee’s
time
32%
one-on-one coaching
lunch
breaks
Who provides the financial education?
right after work
companies feel the
59% ofeducation
provided is useful
57%
company HR
38%
independent
3rd party provider
28%
benefit provider
27%
employee assistance
provider
<31% of companies measure participation and engagement
Top 3 ways companies
56% NEVER plan to measure participation and engagement
Reasons for offering employees financial education:
46%
42%
39%
37%
33%
24%
18%
are TRYING
to improve
participation and
engagement
WANT to
improve
participation
and engagement
improve employee and company performance
improve morale
67%
35%
33%
37%
30%
25%
increased communication
it’s the right thing to do morally
improved program offering
demand from employees
increase participation in pension and benefits
change delivery methods
improve bottom line
Companies agree that employee
financial education is a valuable
benefit to the:
benefit requirement
Barriers to offering employee financial education:
BARRIER
cost
effort to implement
employee time off
understanding
what is available
DO OFFER
DON’T OFFER
39%
28%
25%
23%
42%
24%
29%
30%
Employees
88%
Employees’ Families
87%
Company
72%
Economy
72%
Companies believe financial education could:
reduce employee stress
increase participation in pension and benefits
increase organizational commitment
reduce turnover
increase productivity
increase bottom line
78%
of companies would
provide separate
financial education for
their senior executives.
75%
75%
72%
62%
60%
52%
$
84%
of companies would
consider offering
financial education with
a government tax credit
or incentive.
$
81%
of companies believe
the company should
pay for a financial
education program.
To learn more about employee financial
education for your business please contact:
FoxPlan
Ltd
Foxplan
Group
Ltd CEO
Frank Wiginton,
Smarter
Smarter Financial
Financial Decisions,
Decisions together
Employee Financial Education Division
W:
www.foxplan.nz
www.foxplangroup.co.nz
employeefinancialeducation.ca
E:
[email protected]
[email protected]
P:
0800
NOSTRESS
[email protected]
0800
FOXPLAN
Studies are from: US, Canada, UK and Australia
© 2013 Employee Financial Education Division. Source: Employee Financial Education Division – Financial Literacy for Employees Survey (November 2012).