How workplace financial education can benefit your employees

Abstract

Purpose

Financial education is about empowering employees to make their own financial decisions. It is about making people aware of the choices available and the course of action they may want to take – so they can be in the best financial shape for the future.

Design/methodology/approach

When a financial education programme is run, group tutorials are a key component. One particular tutorial focuses on cashflow modelling, with cash flow forecasting at the heart of such a programme. If people can visually see they cannot retire as early as they had hoped, then their focus may shift to increasing their savings. They review how they can cut-back now to set realistic objectives about their future.

Findings

Financial education could help to support employees in understanding how to do more for themselves financially, and to encourage them to assess their options and better plan their future.

Originality/value

This paper talks about how the shift in the retirement age will bring some challenges for companies and looks at how companies can address these changes. It also includes a mini case study.

Citation

Laverty, D. (2016), "How workplace financial education can benefit your employees", Strategic HR Review, Vol. 15 No. 6, pp. 242-246. https://doi.org/10.1108/SHR-02-2016-0014