Financial Literacy Programs in the Workplace

Good for Employees and the Bottom Line

Shele Bannon, CPA, and Kelly Ford, CPA, and Linda Meltzer, JD

While current economic conditions appear to be showing signs of improvement, 83% of American workers continue to be impacted by personal financial issues (“2013 Research Report on Employee Financial Stress,” Financial Finesse, June 2013). They often look to their employer for help in navigating their personal financial issues. As trusted advisors, CPAs are in an ideal position to help their clients educate their employees. In a 2013 survey by Pricewaterhouse-Coopers, 23% of employees admitted that financial issues have been a distraction at work, and 19% had spent five hours or more per week dealing with their personal finances (Kent E. Allison, “Employee Financial Wellness Survey 2013 Results,” June 2013). This impacts employee productivity; employee financial stress can cost up to $5,000 per employee per year (Dan Kadlec, “Proof That Workplace Financial Education Works,” Time.com, July 2012).