Employers
Why workplace financial education from CFEB
Back in 2006, when we were part of the Financial Services Authority, we recognised that, if our National Strategy for Financial Capability was going to influence as many people within our target audience as possible, we would need to reach employees in their place of work. That's why we developed 'Making the most of your money' – a free programme of financial education designed to be delivered easily and effectively in the workplace.
In the current economic climate, this route to our audience is proving even more important but for different reasons. As the recession continues, many employees are unable to switch off from personal financial worries when they come to work. And this can have a detrimental effect, both on their health and their work. If employees are given the means to help themselves and their financial position, this will help alleviate their anxiety – thus preventing any long-term damage, both to their health and their ability to do their job.
And there is clear benefit in CFEB leading this initiative. Several financial services companies are already delivering seminars in the workplace, but sometimes employees and employers can be sceptical. They fear that presenters will concentrate on selling products rather than providing financial education. Our involvement provides reassurance that all our presenters are trained, that a carefully prescribed format is followed, and that quality controls are in place to ensure presenters do not use the opportunity to sell.
Our programme is genuinely educational and it works. So far, we’ve reached over three million in the workplace and independent evaluation shows that, of those who attended a presentation:
- 86% took action following the presentation
"After the seminar I checked my credit report, which was found to be incorrect. Once corrected I was able to re-mortgage to a better deal, saving myself £250 a month" - 97% felt the seminar useful
"It gives information face-to-face of things people may not be aware of and we could ask questions" - 97% felt it was a valuable part of their employer’s benefits
"It proves they are thinking of staff welfare"