Financial stress hurts your people, so invest in financial education.
When people are stressed by money, they can’t thrive at work or home. A 2020 report from the Financial Inclusion Alliance found that people who are experiencing money worries are eight times more likely to be experiencing sleepless nights. Investing in financial education isn’t just the right thing to do, it makes good business sense. Considering the impact on happiness and productivity, the stakes are high – so your investment needs to deliver.
But financial education alone is not strong enough to change financial behaviors.
To improve financial health, you must change behavior. But research – such as Fernandes et al (2014) – suggests financial education can’t achieve this alone. As an organization investing to improve financial health, you need a solution that goes beyond static education to deliver personalized content combined with targeted insight and accountability to drive behavioral change.
In-app financial resources with Wagestream uses personalized insight and accountability to help change behaviour.
Real-time financial education does three things that stand alone education can’t – the content is personalized because the app can be tailored to your employee. Secondly, the content is delivered just-in-time, through the app and initiated by your employee. Finally, the content is structured to create accountability for behavioural change, which is made easier with additional in-app prompts.