Employers & Employees See A Growing Need For Financial Literary Training In The Workplace

10/18/2011

In this period of economic stress and company benefit cutting, what does a smart employer do to retain valued employees, as well as maintain and stimulate employee productivity? One answer gaining traction in companies across America is to offer financial literacy courses, according to research contained in "Should you offer your employees basic financial training?" a new white paper produced by Alliant Credit Union.

To help employers evaluate whether this training is right for their organization, and if so, how to best to implement it, Alliant Credit Union researched the topic, interviewed company HR managers and conducted surveys of both employers and employees.

Fifty-seven percent of employers have seen an increase in demand for financial literacy training during the last two years, yet only 36% of U.S. companies offer any kind of financial education, according to Alliant's surveys.

Other findings:

• Financial illiteracy plus today's economic hard times can lead to unbearable financial stress, which diminishes employee productivity. 
• There are indications that financial literacy training can be a great help in building employee confidence and skill in money matters. 
• Some companies have experienced a substantial ROI by providing the training, even with a limited budget.

Nevertheless, not all employers (or employees) are keen to jump on the financial literacy bandwagon or avail themselves of this training, according to Alliant's surveys. In fact, in companies that offer financial training, only 43% of employees participate. Yet, 90% of the employees who do participate found the training to be "very valuable" or "valuable."

Download a free copy of the "Should you offer your employees basic financial training?" white paper at www.alliantatwork.com.

© 2011 Alliant Credit Union. All Rights Reserved.