Why Financial Education at Your Company Needs to Be One-on-One
As a developed nation, the United States has a literacy rate of 99%, according to the World Population Review. However, the financial literacy rate of Americans is nowhere near as high. CNBC states only 57% of US adults are financially literate. A contributing factor may be that only 12 states have personal finance courses as a requirement for high school students. Because of this, there is a growing need for personal finance education at home and in the workplace. But there is no one-size-fits-all solution when it comes to financial education. Personal finances are personal, and should therefore be addressed in individual lessons with a one-on-one instructor.
Taking Initiative at Your Company
Financial education is now a workplace wellness benefit. By offering employees financial literacy classes with an instructor, employers can positively impact employee wellness. As a result, employers will see reduced employee financial stress and increased workplace productivity. To offer this benefit, companies should do the following:
- Establish a financial literacy program
- Set up a financial mentorship system
- Incentivize employees’ efforts made toward financial literacy
- Provide an environment that fosters financial literacy
- Encourage conversations about financial literacy in the workplace
Why Financial Education at Your Company Should Be One-on-One
To get the most out of your efforts in teaching financial literacy, financial education at your company should be one-on-one. Financial courses are personal, therefore they need to be tailored to address each employee’s individual situation, needs, and goals. Consequently, personalized courses can help employees better understand their own budgeting, cashflow, and money management.
Confidentiality
Many people are hesitant to admit they are not financially literate. This hesitation may hinder them from seeking advice or enrolling in a mentorship program. However, employers who offer courses through a neutral third party see a great increase program participation. In other words, confidentiality is an attractive feature. A one-on-one instruction model promotes privacy and confidence in discussing critical financial issues.
Honesty
By providing one-on-one financial education at your company, your employees can be completely honest about their financial situation. A private class with a qualified third-party instructor creates an atmosphere of trust. Therefore, employees can be transparent about their financial issues and goals. As a result, when employees are honest about their financial issues, they are better able to overcome their challenges and achieve financial freedom.
Personalized Financial Solutions
Taking steps toward financial freedom is not a one-size-fits-all solution. Different people have different needs. Therefore, having a one-on-one discussion with a qualified financial instructor is crucial. A third party financial wellness program can help your employees meet their unique financial goals.
Personal Pace
Providing one-on-one financial education at your company allows employees to complete courses at their own pace. This personalized learning pace allows your employees to take their time implementing more complicated concepts. Likewise, they can move quickly through concepts that are already familiar to them. In addition to a personal instructor, employees receive online tools that can help them further strengthen their financial literacy at their own pace.
Financial Workplace Wellness
With the necessary financial resources, employees can maximize their efforts toward building true wealth. Financial strain can take a toll on many employees who are reluctant to share their struggles with employers and colleagues. A personal, confidential workplace financial wellness program can help your employees confidently build their financial literacy. As a result, employees will be less stressed, more productive at work, and more prepared to build wealth.
Find out how 101 Financial’s Workplace Wellness program provides individual lessons with a one-on-one instructor.