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Innovative Financial Educatio n in the Workplace

Innovative Financial Educatio n in the Workplace. Financial Education in the Sustainable workforce model WorkLife partnership, Nov 2017. Our Approach. FLEXIBLE, FREE, CONFIDENTIAL Resource Navigation Navigators bring resources in-house and personally support employees,

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Innovative Financial Educatio n in the Workplace

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  1. Innovative Financial Education in the Workplace Financial Education in the Sustainable workforce model WorkLife partnership, Nov 2017

  2. Our Approach

  3. FLEXIBLE, FREE, CONFIDENTIAL Resource Navigation Navigators bring resources in-house and personally support employees, addressing a wide range of work/life challenges and opportunities. Communication Career Coaching Transportation Elder Care Child Care Relationships Housing Budgeting Healthcare Mental Health

  4. Our Approach – Fee for Service

  5. Our Success • 250% ROI • 90% Retention over 1 Year • 75% of clients are more satisfied • 80% are more stable as a result of our intervention • 90% Satisfied with WorkLife’s Services, NPS • 90% Employer Members RETAINED

  6. Why Companies are Paying for Financial Education

  7. There are the Facts…. • 47% of Americans Carry a Credit Card Balance • 22% have been contacted by a debt collection agency in the last year (2016) • 1 in 5 Americans have unpaid medical debt • Student loans are the #1 rising debt in America • 1 in 10 American have a garnishment on their wages • Marriage problems? ...money

  8. Then…there are the Facts…

  9. What is the PAIN as it relates to work? BUsiness Employee Can deter from getting banked (ex: Child support/garnishments) Not Present Not focused Totally stressed Can deter from getting more education/training And much more… • Time off work • Calls at work • Garnishments- too many, people jumping jobs • Not familiar with financial systems, therefore inefficiencies on how they work with their workforce • Affecting productivity • Affecting quality of service • Manager SPENDING TIME on these issues either way

  10. FINRA’s Report

  11. Our Model’s Approach to Engaging Employers in Financial Literacy

  12. Approach- Financial Health Institute -Growth -Protection -Growth -Protection - Retirement - Academic Education - Life Education - Civic Education SHELTER Emergency Renting Buying Personal Values Accessibility Environment Community Friends and Family SAVINGS AND INVESTMENT INCOME Nutrition Prevention Management SKILLS AND EDUCATION HEALTH As a function of Time and Energy

  13. Scarcity • Making it Relative to CEOS • Do Poor People just make Bad Decisions? • Why do they buy the truck over paying rent? • Why don’t they just take their medications so they can be at work? Why having so little means so much Book by EldarShafir and Sendhil Mullainathan • Issue of Bandwidth and Brain Science • What Happens, Mr. CEO, when you’re short on time? • Bandwidth • Tunnel Vision • Mind Narrows • Decisions aren’t as bad • But what if you had to decide on two basic needs? • WORK vs SHELTER?

  14. Source: Colorado Center for Law and Policy Self Sufficiency Report 2015

  15. The Cliff Effect When your people don’t accept pay raises or more time When a modest increase in earnings results in a significant reduction in support benefits, the worker experiences a loss in overall economic well-being, increasing the struggle to make ends meet. 60% of people using Colorado’s government benefits system are WORKING

  16. From the Field

  17. OCCUPATIONAL Personal satisfaction and enrichment derived from one’s work. Live Life Well! ENVIRONMENTAL Good health by occupying pleasant, stimulating environments that support well-being. FINANCIAL Satisfaction with current and future financial situations. INTELLECTUAL Recognizing creative abilities and finding ways to expand knowledge and skills. SOCIAL Developing a sense of connection, belonging, and a well-developed support system. SPIRITUAL Expanding our sense of purpose and meaning in life. PHYSICAL Recognizing the need for physical activity, good nutrition, sleep and a positive relationship with your personal physician. EMOTIONAL Coping effectively with life and creating satisfying relationships.

  18. Financial Wellness Integration • Companies need HELP to figure this out: • Workplace Giving Programs • Drowning in Garnishments • Health Insurance Benefits a fail • Pay Advances • Company Values • COMING SOON: • Health Insurance Literacy Navigator: Engaged with Financial Health • Larger financial health trainings integrated with workplace benefits FIND an INSURANCE BROKER FIRM to WORK WITH!

  19. STORIES

  20. Scaling What Works WorkLabInnovations.org

  21. Thank you Liddy Romero, Executive Director of WorkLife Partnership Managing Director of WorkLab Innovations

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