Toronto (January 23, 2013) – Survey results from the Employee Financial Education Division (EFED) show that more than 60% of employees are dissatisfied with their personal financial situation. The Financial Education in the Workplace Survey also shows that one in four employees feel financially distressed. This leads to reduced productivity as these employees are spending an hour each day at work dealing with personal finances.
“Employers need to be concerned with the financial wellness of their employees as it directly impacts the productivity and profitability of the company,” says Frank Wiginton, CEO of EFED, speaking at the Human Resources Professionals Association Conference in Toronto. With 87% of employees wanting financial education, employers have an opportunity to provide a real, meaningful benefit to their employees. “Financial education, not just information, proves to be an important and effective benefit for employees. By including financial topics beyond pensions and retirement employees will be able to have greater understanding and context around their finances”
Issues such as setting and achieving goals, building a net worth statement, and income and debt management are key to helping employees reduce their financial stresses. “45% of employees feel their level of financial stress today is high to overwhelming. With a comprehensive employee financial education program, employers can reduce the stress of employees, increase their wellness and productivity, and give them a better quality of life,” adds Wiginton.
When implementing a financial education program for employees, employers need to ensure they:
- Get senior level support
- Identify the proper delivery method
- Identify resources for programs; and
- Build a plan to engage employees
For more information on the Employee Financial Education Division and to download guides and white papers explaining what financial education in the workplace is, why employers should provide it and how to go about implementing it visit www.employeefinancialeducation.ca.
About Employee Financial Education Division (EFED)
The Employee Financial Education Division provides flexible, customized, personal finance courses for employees and executives in Canada. EFED works with companies to help determine the most effective way to deliver an employee education program in a cost-efficient manner. CEO, Frank Wiginton is the author of How to Eat an Elephant: Achieving Financial Success One Bite at a Time,holds six personal finance designations, is a sought after speaker and coach, and an advocate of financial literacy.
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