Giving Compass’ Take:
· Writing for Urban Institute, Adaeze Okoli explains that many employers are offering a variety of new benefits to improve the financial wellness of their workers, including financial education and empowerment.
· How can we can foster financial literacy from a young age? What programs have employers adopted to improve their workers’ financial wellness?
The Great Recession may have ended a decade ago, but many US families are still facing financial insecurity. Low wages and rising costs contribute to over a quarter of families finding it “difficult to get by” or considering themselves “just getting by.” As of 2018, 4 in 10 US adults would have difficulty covering an unexpected expense of $400 (PDF).
Experts and policymakers have proposed and implemented several programs and approaches—from universal basic income to individual development account savings—to address this problem. One solution gaining traction is to reach people at their workplaces to improve their financial wellness.
Traditionally, many employers offered options solely for retirement savings. But employers are increasingly expanding their benefit offerings (PDF) to include more options related to financial wellness, education, and empowerment.
One example of an employer-based financial wellness program is Working Credit. Over the past year, the Urban Institute partnered with Janice Nitolli Practitioner fellow Ricki Granetz Lowitz, cofounder and CEO of Working Credit, and her team to better understand the impact of credit on financial wellness.
Read the full article about improving employees’ financial wellness by Adaeze Okoli at Urban Institute.
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