Are you hesitant to offer financial education as part of your wellness programs or employee benefits? You aren’t alone. Many of the employers and HR professionals I talk to are aware of the benefits of providing financial literacy support to their workers, but they are also mindful of the challenges.
A survey carried out by the Personal Finance Employee Education Foundation in conjunction with Employee Benefits News revealed a number of barriers to providing basic workplace financial education, including high costs (54%), interference with employee work time (49%), and too many higher priorities (70%)
While the benefits of a financial education are proven and clear, these three challenges have caused many businesses to focus on other priorities. If you are considering a financial education program for your employees, here are a few ways you can overcome these obstacles.
The 3 most common financial education challenges:
- Cost. One study of corporate wellness programs found that a program can cost $144 per employee per year on average. To lower the costs, consider outsourcing this benefit to a trusted local financial institution. As a non-profit whose mission is about education and community, credit unions provide financial education services for free to both business members and individual members.
- Work time. Employees who are financially stressed are likely to be already using work time to deal with collection calls and other related money tasks. Offer a program that has a combination of on-premise lunch hour workshops and online resources.
- Other higher priorities. For your employees, there is no other higher priority. They think about their pay and bills all the time. Employee engagement has become a huge priority as more organizations are concerned about absenteeism. If you really want to show your employees that you care about them, offer them a benefit that will improve their everyday life.
As you focus on employee engagement and long-term growth strategies, you can improve employee wellness and productivity by offering solutions for their financial distractions and stress.
As a credit union, we are committed to the success of our community. In order for the community to be healthy, active and growing, our businesses need to be healthy, active, and growing, too. Let us prove it to you. Request a free Lunch and Learn session for your employees here.