In The Worksite

Measuring Employee Financial Wellness

And its impact on productivity & effectiveness on the job

The National Financial Educators Council’s annual survey reveals just how concerned employees are about their finances. Access the full report here.

LAS VEGAS, Sept. 3, 2020 /PRNewswire/ — The National Financial Educators Council has released the results of an annual employee financial wellness survey. This survey is designed to provide data that help quantify the connection between a person’s financial situation and his or her employment.

Results show 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.

Brief overview of the NFEC employee wellness survey questions:
Would you have a more favorable opinion of an employer that provided personal finance education training?

  • 44.9% responded ‘Yes’ and 55.1% responded ‘No’

Would you be more productive at work if your personal financial situation were more secure?

  • 53.5% responded ‘Yes’ and 46.5% responded ‘No’

If your employer offered personal finance education training at your workplace, how interested would you be in attending?

  • 31.4% responded ‘Very Interested’ or ‘Somewhat Interested’, 50.01% responded ‘Not Interested or ‘Not Interested at All’ and 18.5% responded ‘Neutral’
Employees are concerned about their finances and appreciate employers that provide access to high-quality financial wellness programming...

Would you be more content with your salary if other areas of your personal financial situation improved?

  • 55.2% responded ‘Yes’ and 44.8% responded ‘No’

According to Vince Shorb, CEO of the NFEC, “These results echo what we hear from employees across the country. Employees are concerned about their finances and appreciate employers that provide access to high-quality financial wellness programming.”

The results of this survey provide data for employers to consider when evaluating the impact of employee financial wellness programs and the potential benefits for their team.

The survey is conducted annually in conjunction with Labor Day, which is set aside to honor the American labor force and recognize those people who contribute to strengthening our country. Labor Day was initially organized by a collaborative of trade unions and became a federal holiday in 1894. The holiday shines a spotlight on the role of the workforce in building a better tomorrow for Americans and for people around the world.

Access the full report here.

 

 

 

The National Financial Educators Council (NFEC) is a thought leader that provides financial education resources, personal finance curriculum and advocates for the spread of financial literacy. The NFEC is undertaking research efforts to examine financial attitudes, behaviors, and health across the U.S. and worldwide. Previous studies and results of nationwide financial literacy tests indicate strong correlations between people’s financial attitudes and behaviors and their financial aptitude.