CHICAGO (Sept. 20, 2011) — In this period of economic stress and company benefit cutting, what does a smart employer do to retain valued employees, as well as maintain and stimulate employee productivity? One answer gaining traction in companies across America is to offer financial literacy courses, according to research contained in “Should you offer your employees basic financial training?” a new white paper produced by Alliant Credit Union.
To help employers evaluate whether this training is right for their organization, and if so, how to best to implement it, Alliant Credit Union researched the topic, interviewed company HR managers and conducted surveys of both employers and employees.
Fifty-seven percent of employers have seen an increase in demand for financial literacy training during the last two years, yet only 36 percent of U.S. companies offer any kind of financial education, according to Alliant’s surveys.
- Financial illiteracy plus today’s economic hard times can lead to unbearable financial stress, which diminishes employee productivity.
- There are indications that financial literacy training can be a great help in building employee confidence and skill in money matters.
- Some companies have experienced a substantial ROI by providing the training, even with a limited budget.
Alliant Credit Union, founded in 1935, is an independently operated financial cooperative serving over 140 employee groups with more than 280,000 members and over $7.8 billion in assets, making it the largest credit union in Illinois, and the sixth largest in the nation, based on assets and deposits. As a member-owned financial institution, Alliant exists to foster members’ financial well being and to serve their best interests. With Service Centers in the Chicago, Denver, Houston, Los Angeles, Newark, NJ, San Francisco Bay, Tempe AZ and Washington, DC areas, Alliant is headquartered in Chicago, Illinois at 11545 W. Touhy Avenue. As an Illinois-chartered credit union, Alliant is under the supervision of the Illinois Department of Financial and Professional Regulation. Alliant is an equal housing lender and federally insured by the National Credit Union Share Insurance Fund, which is administered by the National Credit Union Administration, an independent agency of the U.S. Government. Learn more about Alliant online at www.alliantcreditunion.org.
