72% of employees in the US report that they are feeling extreme financial stress in 2023. With inflation looming and whispers of a recession on the rise, many working American adults are realizing that they have no idea how to manage their finances in a way that sets themselves and their loved ones up for success. Not only that – did you know that only 1 in 4 high school students have access to personal finance education? How to manage money in a way that makes money is a skill rarely taught to young people – and therefore they go their whole lives without knowing it. That is, unless someone – like an employer – intervenes.
BizLibrary is thrilled to announce that we’ve added a new Expert Insights series to our library on the topic of personal finance education. Financial Planning and Investing with Debra Ohstrom is a thorough and interactive video course made up of 13 lessons that walks learners through why and how to make a financial plan, where to go for professional financial advice and how much it could cost, and how to invest your money for long-term success. Debra Ohstrom has been featured on CBS, FOX, Business Insider, Market Watch, and Value Investing News for her accessible approach to financial planning and investing. She has over 25 years of experience in the finance industry at firms such as Merrill Lynch, Morgan Stanley and Citi Private Bank.
97% of businesses feel responsible for their employees’ financial well-being. One way that organizations can take a proactive step in ensuring their employees’ wellness overall is by giving them access to quality educational content. Other methods of investing in employees’ financial wellness include offering emergency funds, ensuring that they are offering competitive pay and bonus packages (including quality healthcare), and creating debt reduction programs.
According to a recent report by the Bank of America, 8 in 10 employers agree that offering financial wellness support can result in:
- More satisfied employees
- More loyal employees
- More engaged employees
- Greater employee productivity
- Stronger employee performance
The report also notes that employers who offer wellness education, including financial education, see a significant increase in productivity, employee morale, and innovation/creativity, while seeing a decrease in reported employee stress. Learners will also be taught useful budgeting tools and techniques and how to handle debt with your money goals in mind. There is so much more to this series than we could fit in a blog post – we truly hope that you check it out! If you’d like to learn what other types of wellness education BizLibrary can provide your workforce, browse our library or contact a BizLibrary representative today!