Emilie Shumway | HR Dive

Feb 1, 2023

Again and again, reports have found that employees value financial education in the workplace — and want more of it.

Given the state of American financial education, it may not be surprising that workers are turning to their employers for support. According to a global financial literacy survey by Standard & Poor, only 57% of U.S. adults are considered financially literate, as defined by their knowledge of risk diversification, inflation, numeracy and compound interest. (This rate is higher in Northern Europe and lower across the developing world.) 

Younger workers tend to be less financially literate and also tend to demonstrate weaker longevity knowledge, according to findings from the TIAA Institute and Global Financial Literacy Excellence Center. Given the focus on paying off student loans and other debt — and an apparently poor sense of time to save for retirement — losing focus on the importance of retirement savings may be a risk for such workers.

How can employers help with financial education? Start by…READ MORE