As Congress pushes the debt ceiling debate farther down the road, Americans’ personal finances are worse than ever. According to a new survey by the Personal Finance Employee Education Foundation, only 24% of respondents say they have “little financial stress.” That leaves 76% who would likely benefit from a financial education plan at work. According to PFEEF, a workplace financial fitness program can not only improve productivity, but also boost morale and company loyalty.
Although the current number of financially stressed-out Americans may be at an all-time high, Judith Cohart, an expert on financial education in the workplace and president of PFEEF, says one way to reduce financial stress is to help employers have a conversation with employees about taking care of their finances. Even the simplest education plan that uses questionnaires and other personalized tools can make a difference, according to PEEFE. “When people are financially competent, everyone benefits,” Cohart says.
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