/// By Jordan Smith
Throughout the 1970s and 1980s, the teaching of financial literacy disappeared from American public schools, paving the way for three generations of under-educated, and ill-prepared adults to come. Nowadays, financial misinformation propagates online, and finding accurate and meaningful information is hidden behind the paywalls of online courses, professional services, and for-profit writing. The lack of foundational financial learning combined with confusing and conflicting advice online has become a major burden for the nation as a whole.
It has been estimated that as much as 62%* of today’s American workforce lives paycheck to paycheck. Stress in the workplace is a known contributor to productivity loss, with the majority of workplace stress being linked to financial insecurity. That translates to billions of dollars in productivity loss. At the same time, it has been shown that a financially informed and empowered workforce demonstrates improved efficiency, higher company morale, loyalty, and bolstered talent acquisition prospects.
It’s a big story around a big problem that is likely to grow before it gets better. And while there is a renewed push to add financial literacy back into the American school system, this recent push does not remedy the three generations of working adults with no formal financial education.
While some dwell on the shortcomings of the past, many employers now see this as an opportunity for attracting and retaining talent, while simultaneously increasing productivity by decreasing the productivity loss due to financial stress. To do this, many organizations are partnering with targeted education providers to develop Financial Wellness Programs—an employee benefit that bridges the financial literacy gap and empowers employees to take control of their financial wellbeing.
At Sapers & Wallack, we develop financial wellness programs that cater to employees at all levels. By utilizing visual, auditory, and hands on learning tools, our financial wellness programs are designed to maximize engagement across your entire workforce. Through online education portals, targeted webinars, and in person confidential meetings, we provide your employees with a college level financial education while remaining holistic and relevant.
For most Americans, the biggest hurdle to overcome is the simple recognition that a better understanding of their personal finances is attainable. But with a robust learning platform, a dedicated support team, and a step by step approach to education, employers can bridge the gaps and help employees take control of their finances today.
If you’d like to learn more about our Financial Wellness Programs, request a demo, or explore our library of free resources: HERE
And don’t hesitate to reach out directly with any questions you might have for developing a program for you or your organization.
