Financial Education Presentation
description
Transcript of Financial Education Presentation
SHRM Poll, November 2, 2009 | ©SHRM 2009
November 2, 2009
SHRM Poll: Assistance Organizations Offer to Help Employees Manage Their Financial Resources
SHRM Poll, November 2, 2009 | ©SHRM 2009
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.
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SHRM Poll, November 2, 2009 | ©SHRM 2009
Does your organization currently provide any kind of financial education to your employees?
Provide fi-
nancial ed-ucation64%
Do not provide financial education36%
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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.
SHRM Poll, November 2, 2009 | ©SHRM 2009
What are companies doing to help employees manage their financial resources effectively
for a lifetime of financial well-being?
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SHRM Poll, November 2, 2009 | ©SHRM 2009
What financial education topics are available to your employees?
Other
Education on financial topics beyond employer-provided benefits and retirement*
Education limited to financial decisions related to retirement
Education limited to use of employer-provided benefits (e.g., retirement, medical insurance, FSA, etc.)
Access to an Employee Assistance Program (EAP) that includes financial counseling/resources
1%
33%
43%
65%
73%
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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.
SHRM Poll, November 2, 2009 | ©SHRM 2009
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?
No,88%
Yes12%
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n = 253Note: Asked only of respondents who said their organizations offered financial education
SHRM Poll, November 2, 2009 | ©SHRM 2009
How do you provide financial education to your employees?
Other
Voluntary seminars outside of work hours
Mandatory seminars/training
In-house newsletter
Voluntary seminars during work hours lead by trained, in-house staff
Information on your organization’s intranet
New hire employee orientation
Voluntary seminars during work hours using outside speakers
0% 10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2%
15%
17%
30%
31%
42%
47%
57%
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n = 256Note: Asked only of respondents who said their organizations offered financial education. Percentages do not total 100% as respondents were allowed multiple choices.
SHRM Poll, November 2, 2009 | ©SHRM 2009
Within the last 12 months, has your organization seen an increased demand for financial education from employees?
Yes, an in-creased demand35%
No increase in demand65%
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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 = 195Note: Asked only of respondents who said their organizations offered financial education. Excludes respondents who answered “not sure.”
SHRM Poll, November 2, 2009 | ©SHRM 2009
What is the primary personal financial concern of your employees?
Other
Concern about paying for children’s education
Living on credit (e.g., increasing level of personal debt)
Lack of basic financial knowledge (e.g., budgeting, using credit wisely, etc.)
Making ends meet - living paycheck to paycheck
Inability to save for future (including retirement)
0% 10% 20% 30% 40% 50%
1%
3%
6%
21%
33%
36%
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n= 181Note: Asked only of respondents who said their organizations offered financial education. Excludes respondents who answered “not sure.”
SHRM Poll, November 2, 2009 | ©SHRM 2009
As you plan your budget for next year (2010), have you requested or are you requesting funds for financial education?
No,81%
Yes19%
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n = 253Note: Asked only of respondents who said their organizations offered financial education.
SHRM Poll, November 2, 2009 | ©SHRM 2009
Have your financial education initiatives faced any obstacles?
No,67%
Yes33%
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n = 256Note: Asked only of respondents who said their organizations offered financial education.
SHRM Poll, November 2, 2009 | ©SHRM 2009
What is the biggest obstacle your financial education initiatives face today?
Other
Lack of need in your workplace
Not sure how to create or find financial education resources
Concern about perceived violation of fiduciary duty if outside presenters are not objective
Lack of support from organization’s leaders
Cost of providing financial education
Lack of interest among employees
0% 10% 20% 30% 40% 50%
2%
6%
8%
11%
11%
25%
37%
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n = 171Note: Asked only of respondents who said their organizations’ financial education initiatives faced obstacles.
SHRM Poll, November 2, 2009 | ©SHRM 2009
Results by Companies That Did Not Offer Financial Education to Employees
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SHRM Poll, November 2, 2009 | ©SHRM 2009
Does your organization have plans to provide financial education to your employees within the next 12 months?
No,92%
Yes8%
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n = 145Note: Asked only of respondents who said their organizations did not offer financial education.
SHRM Poll, November 2, 2009 | ©SHRM 2009
What is the biggest obstacle preventing your organization from providing financial education in the workplace?
Other
Not sure how to create or find financial education resources
Concern about perceived violation of fiduciary duty if outside presenters are not objective
Lack of support from organization’s leaders
Lack of need in your workplace
Lack of interest among employees
Cost of providing financial education
0% 10% 20% 30% 40% 50%
2%
7%
14%
14%
17%
19%
27%
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n = 132Note: 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.
SHRM Poll, November 2, 2009 | ©SHRM 2009
Demographics: Organizational Industry
Industry
Manufacturing 18%
Services—professional, scientific, technical, legal, engineering 10%
Financial services (e.g., banking) 9%
Government/public administration—federal, state/local, tribal 9%
Health care, social assistance (e.g., nursing homes, EAP providers) 9%
Other services (e.g., nonprofit, church/religious organizations) 8%
Educational services/education 7%
Retail/wholesale trade 5%
Construction, mining, oil and gas 3%
Consulting 3%
High-tech 3%
Insurance 3%
Transportation, warehousing (e.g., distribution) 3%
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n = 398Note: Percentages do not total 100% due to rounding.
SHRM Poll, November 2, 2009 | ©SHRM 2009
Demographics: Organizational Industry (Continued)
Industry
Publishing, broadcasting, other media 2%
Telecommunications 2%
Utilities 2%
Arts, entertainment, recreation 1%
Association—professional/trade 1%
Biotech 1%
Pharmaceutical 1%
Real estate, rental, leasing 1%
Services—accommodation, food and drinking places 1%
Other 1%
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n = 398Note: Percentages do not total 100% due to rounding.
SHRM Poll, November 2, 2009 | ©SHRM 2009
Demographics: Organizational Sector
Government sector
Nonprofit organization
Publicly owned for-profit
Privately owned for-profit
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
11%
20%
20%
50%
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n = 397Note: Percentages do not total 100% due to rounding.
SHRM Poll, November 2, 2009 | ©SHRM 2009
Demographics: Organization Staff Size
Small (1-99 employees) Medium (100-499 employees) Large (500 or more employees)0%
10%
20%
30%
40%
50%
25%
43%
32%
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n = 368
SHRM Poll, November 2, 2009 | ©SHRM 2009
Demographics: Organization Region
Northeast
West
South
Midwest
0% 10% 20% 30% 40% 50%
17%
24%
26%
34%
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n = 391Note: Percentages do not total 100% due to rounding.
SHRM Poll, November 2, 2009 | ©SHRM 2009
Demographics: Organization Operations Location
U.S. based operations Multinational operations0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
74%
26%
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n = 397
SHRM Poll, November 2, 2009 | ©SHRM 2009
SHRM Poll: Assistance Organizations Offer to Help Employees Manage Their Financial Resources.
• 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
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Methodology