A little practical guidance can go a long way, whether you’re trying to make a budget, pay down debt, save more, or simply feel less stressed about money. And while that kind of help may seem hard to come by, useful financial tools and assistance may be closer than you think. 

Many employers offer financial wellness and planning resources as part of their workplace benefits. Although these programs can’t guarantee better outcomes, a recent study found that employees who participated in financial education provided by their employer were more likely to report several positive financial behaviors and attitudes.

Feeling confident they could achieve a financial goal. Confidence isn’t only about the size of your paycheck. In the study, 87% of workers who took part in workplace financial education said they felt confident they could reach a financial goal, compared with 73% of those who hadn’t. In fact, 82% of workers earning under $100,000 who participated were just as confident as higher income workers who didn’t participate.

Being satisfied with the state of their personal finances. More than half of participants (55%) said they were satisfied with their current financial situation, compared with 36% of nonparticipants. Among those earning less than $100,000, participants came close to matching the satisfaction reported by higher-earning nonparticipants: 45% versus 50%.

Spending less than they earned. This one key habit is foundational to building financial stability. Forty-five percent of workers who participated said they spent less than their household income during the prior year, versus 38% of those who didn’t. The gap was especially noticeable among workers earning less than $100,000: 40% of participants reported spending less than they earned, compared with 33% of those who didn’t participate.

Understanding everyday money concepts better. Questions about savings, inflation, investing, loans, and mortgages can feel complicated. But workers who participated scored higher on questions covering these topics — even after the researchers took differences in income, education, gender, and background into account.

Explore the Resources Available to You

Workplace financial education can take many forms, from webinars and educational materials to financial apps, group classes and one-on-one sessions. Your employer may offer some or all of these resources.

While these programs can’t promise better outcomes or solve every financial challenge that comes your way, they can provide practical information, help support healthier financial habits, and give you a clearer starting point for making decisions about your money. If your employer offers these kinds of resources, taking a look could be a simple step toward feeling more confident about what comes next.

Source:

https://www.ebri.org/content/full/from-the-break-room-to-the-bank--the-relationship-between-workplace-based-financial-education-and-financial-capability

All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful. This material is provided for general and educational purposes only.  It is not intended to provide legal, tax, fiduciary, or investment advice.  If you are seeking legal, tax, or fiduciary advice, consult an appropriate professional.