Financial stress, mainly due to a lack of financial literacy, is a common dilemma among many people at home or at work. According to a SHRM study, 83% of HR professionals reported that personal financial challenges had a large impact or some impact on overall employee performance.

In the PWC 2020 Financial Wellness Survey, Financial matters is the top cause of stress. Employees who are stressed about their finances are more likely to be distracted at work. Some key insights are 54% of employees responded they are currently facing financial or money matters/challenges. The workforce that is more distracted will be less productive and likely to experience physical & mental chronic stress. 2 out of 3 employees will need guidance as they recover financially and strive to protect themselves from future financial issues.

Employees often look to their employer to help navigate their personal financial issues. This create an opportunity for company to embark on financial literacy program to enhance financial literacy among employees. The organisation can help employees avoid financial pitfalls, reduce their financial stress and thus spend less time worrying about money at work.

With financial literacy programs, companies have the power to raise their bottom line. In fact, it can do beyond improving financial literacy level; it increases productivity, boost job satisfaction, and save on the costs of health care and turnover. There are simply too many benefits to ignore.