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Financial Education Presentation Financial Education Presentation Presentation Transcript

  • November 2, 2009
    SHRM Poll: Assistance Organizations Offer to Help Employees Manage Their Financial Resources
  • Definition
    • Financial education is defined as any workplace initiative, program or resource designed to provide employees with information on how to manage their financial resources effectively for a lifetime of financial well-being.
    2
  • Does your organization currently provide any kind of financial education to your employees?
    3
    Differences by organization staff size:
    • Respondents from large-staff-sized organizations (75%) were more likely than those from small-staff-sized organizations (51%) to report their organization provided financial education.
    Differences by organization operations location:
    • Organizations with multinational operations (72%) were more likely to provide financial education than organizations based only in the United States (61%).
    Difference by organizational sector:
    • Publicly owned for-profit organizations (76%) were more likely than privately owned for-profit organizations (58%) to provide financial education.
    n = 401
    Note: Small-staff-sized organizations = 1-99 employees, medium-staff-sized = 100-499 employees, large-staff-sized = 500 or more employees.
    Only significant differences are presented.
  • What are companies doing to help employees manage their financial resources effectively for a lifetime of financial well-being?
    4
  • What financial education topics are available to your employees?
    5
    n = 255
    * For example ,budgeting, paying for education, debt reduction or credit card use, homeownership, taxes, etc.
    Note: Asked only of respondents who said their organizations offered financial education. Percentages do not total 100% as respondents were allowed multiple choices.
  • Have you conducted a needs assessment (e.g., surveys, focus groups, etc.) to determine what topics or delivery methods of financial education would be most beneficial to your employees?
    6
    n = 253
    Note: Asked only of respondents who said their organizations offered financial education
  • How do you provide financial education to your employees?
    7
    n = 256
    Note: Asked only of respondents who said their organizations offered financial education. Percentages do not total 100% as respondents were allowed multiple choices.
  • Within the last 12 months, has your organization seen an increased demand for financial education from employees?
    8
    Differences by organization staff size:
    • Respondents from large-staff-sized organizations (46%) were more likely than those from small-staff-sized organizations (20%) to report an increased demand for financial education.
    n = 195
    Note: Asked only of respondents who said their organizations offered financial education. Excludes respondents who answered “not sure.”
  • What is the primary personal financial concern of your employees?
    9
    n= 181
    Note: Asked only of respondents who said their organizations offered financial education. Excludes respondents who answered “not sure.”
  • As you plan your budget for next year (2010), have you requested or are you requesting funds for financial education?
    10
    n = 253
    Note: Asked only of respondents who said their organizations offered financial education.
  • Have your financial education initiatives faced any obstacles?
    11
    n = 256
    Note: Asked only of respondents who said their organizations offered financial education.
  • What is the biggest obstacle your financial education initiatives face today?
    12
    n = 171
    Note: Asked only of respondents who said their organizations’ financial education initiatives faced obstacles.
  • Results by Companies That Did Not Offer Financial Education to Employees
    13
  • Does your organization have plans to provide financial education to your employees within the next 12 months?
    14
    n = 145
    Note: Asked only of respondents who said their organizations did not offer financial education.
  • What is the biggest obstacle preventing your organization from providing financial education in the workplace?
    15
    n = 132
    Note: Asked only of respondents who said their organizations did not offer financial education and had no plans to provide financial education within the next 12 months.
  • Demographics: Organizational Industry
    16
    n = 398
    Note: Percentages do not total 100% due to rounding.
  • Demographics: Organizational Industry (Continued)
    17
    n = 398
    Note: Percentages do not total 100% due to rounding.
  • Demographics: Organizational Sector
    18
    n = 397
    Note: Percentages do not total 100% due to rounding.
  • Demographics: Organization Staff Size
    19
    n = 368
  • Demographics: Organization Region
    20
    n = 391
    Note: Percentages do not total 100% due to rounding.
  • Demographics: Organization Operations Location
    21
    n = 397
  • SHRM Poll: Assistance Organizations Offer to Help Employees Manage Their Financial Resources.
    Methodology
    Response rate = 17%
    Sample comprised of 401 randomly selected HR professionals from SHRM’s membership
    Margin of error is +/- 4
    Survey fielded October 15 - October 22, 2009
    22