Financial Education in the Workplace Could Prove Beneficial for Employers and Employees

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Based on a survey conducted by Axa Insurance and its experience with its employees, employers that provide employees with personal finance education and work time and tools to manage their finances could benefit from fewer absences and greater retention.

The survey results show that 5% of respondents stated that they had missed work during the past year because of personal financial difficulties. Seventy-percent of those surveyed declared that they thought about their finances when they should have been focused on their work.

Axa’s employee personal finance program allocates 15 minutes every week that employees can use, in conjunction with Axa’s free “My Budget Day” online tools, to manage their personal finances.

Other experts suggest that when employers help employees improve their financial literacy and personal financial management, more employees will be “rescued” from the difficulties caused by the recession and prevent employees from making the same poor financial choices that contributed to the weak economy.

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