Clear connections found between people’s financial situations and their work experienceThe National Financial Educators Council (NFEC) conducts an annual survey to evaluate support for employee financial wellness programs and study how employees’ financial wellness relates to various employment measures. For the full results, visit here.
LAS VEGAS, Sept. 7, 2021 /PRNewswire/ — Companies across the US are becoming ever more aware of the need to raise financial wellness among their employees. Doing so has many advantages – from increased productivity to greater job satisfaction, to lower employee turnover.
Employee Financial Wellness Survey
The NFEC’s annual employee financial wellness survey quantifies the feelings of workers as related to their personal finances. Each year, the data are updated to provide greater insight into the connection between a person’s financial situation and his or her employment.
The results indicate clear connections between people’s financial situations and their work experience. There was a total of 1,747 responses to 3 survey questions and the results were gathered between August 12 and September 1, 2021.
Following is a synopsis of the questions asked on the NFEC employee wellness survey:
Would you have a more favorable opinion of an employer that provided personal finance education training? Yes – 45.6%, No – 54.4%
Would you be more productive at work if your personal financial situation were more secure? Yes – 48.4%, No – 51.6%
Would you be more content with your salary if other areas of your personal financial situation improved? Yes – 50.4%, No – 49.6%
Past Results (September 2020)
Results of this survey demonstrate that personal finances have an impact on people at work. Of the over 2,000 respondents to the survey: 55.2% would be more content with their salary if their finances were in better shape, 53.5% would be more productive at work, 44.9% would have a more favorable opinion of their employer if they offered financial wellness programming and almost 1/3rd (31.4%) said they would attend a financial education program if their employer offered.
The NFEC is committed to conducting financial literacy research to illuminate the connection between financial literacy levels and income. The initial survey results are being collected as part of a research project and to share with others in the financial literacy industry.
The NFEC & Their Survey
As Vince Shorb, the NFEC’s CEO, commented, “These results are consistent with what we hear anecdotally from employees around the US. People are concerned about their money situations, and they think highly of employers that make top-quality financial wellness programs available to employees.”
The NFEC conducts this survey each year near the Labor Day holiday. Labor Day recognizes the workers who keep our country moving forward and make it stronger. Originally established by a group of trade unions, Labor Day became a national holiday in 1894. The holiday offers a chance to honor the workforce for its contributions to building a brighter future, both for Americans and for the global community.
The NFEC is an IRS-recognized Benefit Corporation whose mission focuses on providing top-quality employee financial wellness programming. The NFEC’s social impact-focused enterprise has supported the development of thousands of programs over the last decade to reduce the cost and time needed to develop programming, while providing tools and training that increase program impact.