Weathering the Challenges of Inflation with Financial Literacy
Financial Literacy Month is observed each April. As we turn our attention to financial literacy, it is important to consider how critical relevant financial education is to employees during a time of rising inflation.
Many Americans weren’t privy to an education grounded in the basics:
- Budgeting and smart spending
- Establishing emergency savings
- Responsible use of credit
- Planning for and investing in the future
These key pillars of financial health are all critical elements to helping an individual successfully navigate their finances and maintain financial stability, now and in the future. Giving your employees access to tools and resources that allow them to identify their current financial health in each of these categories is the first step to improving financial well-being. During times of challenge such as we’ve experienced with the pandemic and now rising inflation, employees who understand the basic elements of financial management are better equipped to weather the storm.
In February 2022, 26% of Americans were unable to pay at least one bill. 47% were concerned about paying at least one bill in March.
A solid financial education can help employees who may feel helpless against the rising tide of inflation and empower them to best utilize their available funds. At FinFit, we are committed to supporting the financial literacy of not only your employees, but the next generation of employees as well. Our financial education program, Ready University, offers courses for employees and their children.
Although the focus on financial literacy should not diminish during the other eleven months of the year, take a moment this April to share your company’s financial education resources with your employees. Select courses especially appropriate for managing money during today’s rising costs and encourage your employees to review the material. Ensure they know how important it is to create a budget, spend wisely and establish an emergency savings. Support them by offering employee benefits that allow them to achieve their goals. They’ll appreciate your caring for their well-being.
Financial wellness tools and services give your employees the ability to pursue opportunities due to the stability of having a day-to-day financial system, which includes the capacity to spend, save, borrow, and plan. If you don’t currently offer financial education resources, tools and services, let us give you a hand. Schedule a demo with our team.