Seventy-six percent of Americans are stressed about money, according to research by the American Psychological Association, and more than two-thirds of employers say that contributed to higher health costs, employee absences and lost productivity. The President’s Advisory Council on Financial Capability recommends financial literacy education for employees to combat this growing trend.
Regardless of the kind of business you own or the financial benefits you provide, every employee should have access to financial literacy planning tips. By giving employees the tools they need to succeed in their personal finances, you are giving your business the gift of dependable employees who aren’t distracted by personal financial woes.
“Providing your employees with financial tools and counseling is the best way to ensure that your employees won’t need to miss time working due to unplanned financial stressors,” notes Katherine Hutt, spokesperson for the Council of Better Business Bureaus. “By educating employees on their employee benefits, the importance of financial stability, and what to do when life throws you a financial curve ball, your employees will be able to focus on their work at hand and remain stable, reliable workers.”
Employers do not need big budgets to provide financial literacy education. Check with your local BBB to see if they offer financial literacy programs or if one of the many BBB Accredited Businesses in your area can assist (banks, credit unions, financial planners and others in the sector often offer this kind of programming).
BBB also offers “Managing Credit – Made Simpler
” for online learning. The Small Business version helps business owners manage credit and business debt, while the Consumer version offers three tracts depending on your financial situation. BBB has also partnered with FINRA Investor Education Foundation
to provide assistance to consumers on investment issues and avoiding investment scams.
For more business tips you can trust or to check out businesses in your area, visit www.bbb.org