Today the Consumer Financial Protection Bureau (CFPB) published a report to promote financial wellness in the workplace. The report contains case studies that are designed to educate employers about practices that can improve employees’ financial health and increase worker productivity.
“Financial wellness at work is increasingly important both to employers and to employees,” said CFPB Director Richard Cordray. “A financially capable workforce is a more satisfied and engaged workforce that is also more productive. Today’s report showcases some examples of how employers are helping consumers develop the skills they need to navigate a complicated financial marketplace.”
Research has shown that, particularly since the recession, financial distress is widespread among the American workforce. This distress can have a significant, negative impact on employees’ work. Financial distress decreases employees’ productivity, increases their absenteeism, and may even undermine their health. Companies can use financial wellness programs to reduce that distress and support an employee’s overall financial health. These programs should educate employees to help them plan out their life goals and make responsible financial decisions to meet these goals.
Because of the importance of employees’ financial health, the CFPB is publishing this report on promising practices to promote financial wellness in the workplace. The CFPB reviewed research on financial wellness programs and on the delivery of financial education in the workplace.
Read the report at ConsumerFinance.gov