Personal finance can be a scary issue for many people. It can be confusing and overwhelming. To make matters worse, most Australians are so busy juggling work and life that they lack the time to give their personal finances the attention it deserves – which is the reason why most employees are requesting workplace financial education, tools and resources to help them make the right financial decisions, so they can achieve real LIFE outcomes outside of work.
Workplace financial education and advice is now the most sought after employee benefit employees want and leading employers are lining up to align themselves with organisations that can provide a trusted source of education and unbiased advice.
And don’t be fooled. Financial education isn’t designed for employees struggling to pay the bills. It’s designed for employees that have the financial capabilities to get more out of their income and investments. So we’re talking about employees ranging from the CEO down to middle management.
Why introduce Workplace Financial Education
Investing in employee’s financial well-being makes good business sense. Why? Because personal finances impact basically every aspect of your life – from your lifestyle, relationships, attitude to your physical and mental wellbeing. So when employees lack the time or expertise to make the most of their personal finances, it affects their life inside and outside of work.
Employees who are distracted with their finances often find it difficult to focus on their work and spend valuable work time searching for solutions which directly affects their productivity and their employer’s bottom line.
What is Workplace Financial Education?
Financial education isn’t just about providing employees with information about money, taxes, investments, superannuation and so on, because information alone does not produce financial outcomes.
Employees still have to take financial information away and then apply it to their own personal circumstances which can also be very challenging. So workplace financial education won’t mean much to your busy executive if they don’t have the tools and support to help them take action, so financial coaching is also a big part of a financial education program – having quick access to a team of experts at their finger tips.
The upside of Financial Education will far exceed your organisations expectations
Is it time you took a serious look at financial education in your workplace?