Financial Literacy Month, observed each April, takes on new meaning this year as millions of Americans struggle to cope with the financial impacts of the pandemic. In 2020, 40% of American consumers had trouble paying at least one bill or expense, underscoring the importance of having a solid financial education to navigate these challenging times.
At FinFit, we are committed to creating a more equitable financial future for all. According to a recent study by the Pew Research Center, the wealth gap between America’s richest and poorest families more than doubled from 1989 to 2016. But financial stress affects all employees, regardless of income level. Although a company may compensate its employees well, the rising costs of living and tuition place a seemingly endless burden on families trying to juggle financial responsibilities. Employers can help employees navigate these stressful areas by offering financial education resources.
Employer-sponsored financial education is often the motivation your employees need to take a harder look at their finances. If they know you’re invested in their personal well-being and can trust the resources you share, it’s significantly more valuable than information they could Google (but likely won’t).
Employees are looking for guidance to make more informed, financially sound decisions as they plan for major expenses: purchasing a home, preparing for their children’s college costs, funding their own retirement, and many other financial decisions that they face daily.