Salary Finance, the leading global provider of financial education and salary-linked benefits for employees, announced that it has enhanced the US version of its financial education platform, Learn, to increase the confidence that employees have in managing their money and planning for their future.
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Salary Finance has enhanced the US version of its financial education platform, Learn, to increase the confidence that employees have in managing their money and planning for their future.
The COVID-19 pandemic and the resulting economic fallout has brought to light the urgent need for employers to address employee financial stress and employees, unlike in the past when personal finances were a taboo subject in the workforce, are expecting action. In a recent survey conducted by Commonwealth and MetLife Foundation, 81 percent of working Americans believe that financial insecurity is a problem – and 65 percent said employers should be doing more to address financial insecurity. On top of that, financial literacy is at dangerous lows. According to data from the Financial Industry Regulatory Authority (FINRA), when asked basic questions about fundamental finance concepts, only a third of respondents answered three out of five correctly, and only 10 percent could answer all five questions correctly.
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“By any measure, 2020 has been a difficult year that has had, in many instances, a catastrophic impact on the finances of American workers. Financial education alone is not a panacea but, when offered in conjunction with financial products that solve an urgent, critical need, can contribute to getting working Americans back on their feet, out of debt, and into savings,” said Anita Ward, Chief Development Officer, Salary Finance. “Employees are no longer ashamed to seek help in the workplace: according to our recent survey, American workers are most interested in learning more about what to do if they lose income, how to build up emergency savings, and how to reduce spending – all topics that are very relevant as the country continues to be rocked by COVID-19 and the economic uncertainty it has caused.”
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