Increasing number of organisations happy to fund financial education….
96% of businesses and organisations believe that introducing financial education into the workplace is important, according to Jelf Employee Benefits.
With personal finance education (PFE) now a part of the national school curriculum in secondary schools throughout the UK, employers have been prompted to recognise the benefits of adults learning such skills.
73% of organisations are happy to fund financial education
When questioned by Jelf Employee Benefits, 73% of businesses said they were happy to fund financial education in the workplace; an increase on the 61% who said this in July 2014.
Encouragingly, only 18% of employers refuse to pay for financial education – a drop from 28% recorded last summer.
HSBC have been providing financial education to their staff since the beginning of 2014 and have since recorded an increase in the number of employees contributing to the company’s pension fund.
As HSBC’s employees learned about their finances and new pension schemes they began to realise just how important it was for their future.
Jo Thresher, Head of Money at Jelf Employee Benefits, commented on how this education can benefit members of staff:
“Offering financial education means that employees will be better placed to understand the messages employers are trying to convey and therefore more likely to engage.”
Moreover, providing skills and knowledge on financial matters in the workplace can also further benefit the use of PFE in schools as parents can support the education their children receive in the classroom when at home.
Additionally, the importance of PFE has been brought about due to increasing levels of financial difficulties amongst adults. While PFE lessons will protect today’s children against encountering these difficulties in their adulthood it is important that parents are able to benefit too.
By introducing financial education into the workplace and giving the next generation a helping hand with in-school PFE lessons, we can ensure that family finances are improved overall and this will be good both for the British public and for the national economy.