ROI: Financial Literacy Training for Employees
The Growing Importance of Personal Financial Literacy
As employees become increasingly responsible for their own financial future, it is more important than ever for them to become financially literate.
With the future existence of Social Security questionable, the growth of 401(k) and other portable employee-driven alternatives to provide a survivable retirement, combined with a demonstrated lack of basic financial knowledge and understanding on the part of today’s workforce, it is no longer possible for employers to ignore what has become, in effect, a new fiduciary responsibility.
The number of companies and consultants eager to offer advice and guidance to a company’s employees on how to handle their own finances is continually growing. Even the Federal Reserve Bank has a formal program in place to advise the nation’s employers on how to provide their employees with financial training that’s on a par with other company training initiatives.
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