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Employee Financial Education |
Personal finance issues are increasing your employees’ stress levels. And they’re costing your company money.
The current economic situation has many of your employees worried about their personal finances. As USA Today recently reported, “Financial stress is having an impact on the workplace, potentially draining productivity and increasing emotional stress on the job.” Employee stress correlates directly with reduced productivity levels, increased absenteeism, and low morale. In short, employee stress hurts your company’s bottom line.
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Financial stress is widespread. If your organization’s demographics align with the general population, more than half of your employees experience financial stress right now. The Federal Reserve calculated that the average employee spends 28 hours each month worried about, calculating, or stressed over finances, costing employers $5,000 a year per employee in lost productivity.
Studies have shown that financial stress leads to lower satisfaction with pay, lower commitment levels, higher risk of employee theft, unhealthy coping behaviors (such as alcohol and drug use) that spill over into the workplace, and wasted time spent on personal financial issues during work hours. Bottom line: financial strain heavily impacts your employees—both personally and in the workplace. |
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Studies have shown that financial stress leads to lower satisfaction with pay, lower commitment levels, higher risk of employee theft, unhealthy coping behaviors (such as alcohol and drug use) that spill over into the workplace, and wasted time spent on personal financial issues during work hours. Bottom line: financial strain heavily impacts your employees—both personally and in the workplace.
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Solution – Employee Financial Education |
Proactively addressing your employees’ financial concerns can improve their sense of well-being and transform your work environment over time. A comprehensive employee financial education program can also help you comply with ERISA Section 404c requirements.
Money management training is a cornerstone of any workplace wellness program. In fact, the Cambridge Human Resource Group states that a lack of financial education for workers is “the most critical unaddressed workplace issue.” To quote the Met Life report Financial Education—An Essential Component of Your Wellness Strategy, “The addition of a financial wellness component can offer significant advantages for a company’s bottom line and increase appreciation for the benefits they already offer.”
Providing your employees with unbiased financial education can help your staff and improve the workplace. Some employees may feel an instant boost in their financial confidence; often an employee’s stress can be resolved by answering just a simple financial question. Other, more lasting results of an employee financial education program develop over time, as employees translate the lessons they learned into positive life action.
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Employer Benefits |
A workplace financial literacy campaign can lower stress, boost productivity, decrease absenteeism, and contribute to an enjoyable work environment while helping ensure your organization’s compliance with ERISA requirements.
Employers receive short- and long-term benefits when implementing a workplace personal finance solution.
The sooner your employees feel more confident with their finances, the sooner your organization can experience the benefits of a financially “well” employee. Employers benefit through: |
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Return on Investment. According to the Federal Reserve, the average employee spends 28 hours each month worried about, calculating, or stressed over finances, potentially costing employers $5,000 a year per employee in lost productivity. The Personal Finance Employee Education Foundation estimated that employers typically receive a ROI of 3:1 annually when they deliver comprehensive financial education programs to employees. |
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Liability Reduction. Providing a “conflict-free” financial education program helps employers meet ERISA 404(c) requirements. Conflict-free refers to training programs conducted by an independent third party who is not promoting commercial financial products. Conflict-free instruction reduces the employer’s risk of lawsuits and compliance violations. |
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Job Satisfaction. People who complete NFEC courses report feeling more confident, less stressed, happier, and in better control of their futures. These improvements lead to increased feelings of goodwill and loyalty toward the employer. Employers also can expect improved retention rates, higher morale, and greater satisfaction with pay levels. |
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Reduced Expenses. Comprehensive financial literacy campaigns can reduce the expenses and personnel required to handle wage garnishments and payroll advances. |
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Increased Productivity. A Met Life report entitled Financial Education—An Essential Component of Your Wellness Strategy states, “Investing in employee financial wellness can contribute to better physical health and in turn improved productivity.” Employee financial education programs reduce the worries caused by financial problems, freeing your employees to concentrate their energy on work-related activities. |
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The NFEC Employer Financial Literacy Solution |
The NFEC’s workplace financial education campaigns are designed to maximize outreach and impact while delivering a measurable ROI. They engage participants in the financial education process by using fun, motivating instructional techniques that keep people interested and inspire them to take positive action. |
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The NFEC has design a variety of financial wellness programs
from simple “Lunch and Learns” to a comprehensive international project slated to serve 500,000 people. The NFEC has created custom programs for the National Veterans Foundation, Penn State University, Salvation Army, and other highly-respected organizations. |
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The NFEC’s presentations and certified trainers provide real-world financial knowledge that motivates your employees to take positive action toward improving their finances. A team of educators and financial professionals created the coursework to meet the highest educational standards using practical, hands-on learning methods. Our Certified Financial Education Instructors present complex topics clearly and with empathy—a style designed to put participants at ease and give them an immediate increased sense of financial well-being. |
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Other organizations have chosen the NFEC to handle their workplace financial education needs because the NFEC offers: |
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Independent Education. The NFEC is an education company. Programs deliver 100% education; nothing is ever sold and no financial products are solicited. |
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Trained Instructors. NFEC educators have the knowledge, credibility, and confidence to effectively teach financial literacy. Trainers who have graduated from the Certified Financial Education Instructors coursework are among the most qualified personal finance educators in the country.
Quality and Variety of Material. NFEC materials are designed by a team of educators, active financial professionals, and personal finance experts, resulting in a program that combines theory-based financial education with practical application. Live presentations, multimedia learning centers, kick-off events, and on-site counselors are among the options offered as part of the workplace financial education program. |
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Flexible Options. The NFEC offers a wide variety of options that can be customized to best fulfill the needs of your employees and organization. |
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Comprehensive Campaign Approach. Taking a holistic approach to employee financial education programs ensures maximum impact for the participants and hosting employer. The three-step process involves: |
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1. Planning. The NFEC conducts extensive planning when conducting financial education for employee campaigns to ensure that your program aligns with organizational objectives and your educational goals for employees. The NFEC creates a detailed plan that keeps focus on delivering quantifiable results, improving retention rates, and creating measurable changes in your employees’ money skills. Many questions are addressed during the planning phase, but one remains fundamental: What objectives does your organization want to achieve in order to consider the campaign successful?
Clear measurement goals are established in the planning phase to quantify program success for both participants and the organization. Pre- and post-tests, surveys, and measurements to assess long-term behavior change help quantify the program’s success. The NFEC also works with your organization to establish and measure specific objectives that are important to your organization.
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2. Development. The detailed plan serves as a guide for initiative development and execution. The NFEC’s strategic development team works to build a program that maximizes the employee experience. CFEI and top-rated educational material are employed to ensure that time is used efficiently and objectives are met. Presentations are customized to align with your organization’s time constraints.
If the workplace financial education initiative is not mandatory, the NFEC also produces promotional material for your organization. You receive a turnkey promotions package (fliers, emails, letters, etc.) to easily and effectively communicate the importance of the training while highlighting your commitment to employee wellbeing. |
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3. Activation. To ensure that the program meets its goals when the campaign is launched, the NFEC provides services to help organizations activate the financial literacy initiative. The NFEC can be as involved as you like in the internal communication, support staff training, and data collection for the measurement models. The kick-off event production and coordination is handled by the NFEC’s experienced production team. From planning to conclusion, the NFEC ensures campaign success. |
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Sample of Available Employee Financial Education Presentations |
| The NFEC offers a wide variety of presentations that are offered through live training, webcasts and/or virtual learning centers. Each presentation can be customized to best meet your organizational and educational goals. Here are just a few of the educational programs offered: |
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Building Your Financial Foundation: This workplace financial literacy presentation is designed for people who wish to pick up basic financial literacy skill sets and build (or rebuild) a financial foundation. This program is great for those who have experienced financial challenges, young adults, and people who desire to pick up basic skills. Topics include financial goal-setting, automating a savings plan, effectively eliminating debt, insurance basics, preparing to invest, how to qualify for loans, and building a good credit history. |
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Road to Retirement (basic): This employee financial education coursework introduces participants to basic investing and insurance concepts while helping them build a financial foundation. Aligned with ERISA 404c requirements, this presentation provides lessons on basic investment concepts, risk management, insurance needs, and increasing savings. |
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Road to Retirement (advanced): For people who seek to plan out their future financial and insurance needs, the advanced Road to Retirement presentation provides the knowledge they need. This presentation covers key financial principles to make educated investment and estate planning decisions. This employee financial literacy course covers estate planning, risk management, income planning, asset protection, investment comparisons, and creating a long-term personal financial plan. |
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Adult Education Series: This eight-hour training course can be delivered over one full day or via eight one-hour sessions. The adult financial literacy program covers the topics included in the Building Your Financial Foundation and Road to Retirement (basic and advanced) courses. |
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Parent & Teen Workshop: Designed for parents and teenagers, this employee financial education curriculum helps open up the line of communication between family members. The program places emphasis on preparing youth for the financial challenges they’ll face when they move out on their own. |
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Learn More |
If you are interested in receiving a detailed proposal, an invitation to a webinar, or just learning more about how your organization can benefit as you assist your employees along a road to financial security, complete the information below. |
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The NFEC commends your interest in helping your employees achieve a state of financial wellness. Let us know how we can best serve your needs. |
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