Time and time again, research has shown that a financially educated workforce provides countless benefits. From increased productivity to enhanced loyalty, the advantages of financial education services (FES) cannot be understated. However, it’s not always easy to find the right FES, especially if you’re unsure what the services entail.
Additionally, the quality of adult financial education services can vary from one provider to another. Therefore, it is vitally important to understand exactly what to expect with FES — and where to find the best financial education services for your business.
What is FES?
FES is designed to provide employees with essential knowledge related to finance, including budgeting, investing, healthcare, and retirement planning. The exact offerings differ from one provider to another, but FES often takes the form of courses, seminars, online resources, and personalized advisory sessions with trained financial educators. In short, FES addresses the most pressing needs of your employees and shows them exactly how enhanced financial literacy can improve their quality of life and financial future.
The Benefits of Financial Education Services
While the impact of FES on workers is evident, it’s not always easy for companies and HR heads to understand how these services benefit the business as a whole. For this reason, it’s important to look at the data. Though there are dozens of studies on FES and its positive impact on business, here are a few of the most important benefits of recruiting expert financial educators for your staff:
- A 2020 study by GFLEC showed that workers with low financial literacy spend roughly 6 hours per week dealing with money issues; however, workers with high financial literacy spend about 1 hour per week doing the same. As a result, financial education services can help increase productivity by reducing the time needed to deal with financial stress.
- The main goal of financial education services is to improve financial literacy by giving workers the tools they need to better manage their money, thereby reducing financial stress. A 2020 survey by Salary Finance found that financially stressed employees are nearly 5x more likely to deliver low-quality work and 6x more likely to miss deadlines.
- A PwC survey showed that about 3 out of 4 workers would be willing to change companies to find one that cares about their financial wellness. Moreover, research from the Consumer Financial Protection Bureau found that financial literacy programs help increase employee retention, engagement, and loyalty.
Mentoro Financial Education Services
As you can see, investing in FES for your employees has the potential to increase productivity, improve the quality of work output, and reduce high employee turnover. As a result, financial education services can end up paying dividends for your business over the long term. However, the key is finding the best financial education company for your business. Fortunately, Mentoro offers retirement advisors, benefits consultants, FES customer service, and financial educators to help you and your staff get the most with your money.
If you are currently in the market for a financial education company or you want to learn more about the benefits of financial education services, be sure to contact the experts at Mentoro today!