How financially savvy are North Americans? Just a little over half of Canadians have basic financial literacy, and Americans can’t answer about half of the questions asked to them about simple financial knowledge. This isn’t surprising, given that financial literacy isn’t taught in most schools, and ¾ of parents don’t discuss finances with their children.
It means that many of us aren’t equipped to make financial decisions about things like saving, debt, credit, investing, and more.
As the cost of living keeps rising, this is terrifying if we consider that consumer debt has grown to record levels and savings rates are negligible. What’s more, 60% of us live paycheck-to-paycheck, half of us don’t have access to $1000 in an emergency, and 40% of us couldn’t cover an unexpected expense of $400.
Why should employers care whether their workers are financially literate?
Clearly companies and workers all benefit when workers are financially literate. Knowing this, leaders can go beyond just handing over a paycheck to playing a significant role in showing workers how to make the most of their money.
Here are 8 ways that leaders can help workers achieve financial wellness:
We recognize the importance of showing employees how to make the most out of their money, and we’re here to help. Please contact us at firstname.lastname@example.org so we can work together and create solutions that work best for you and your organization.