MAP for Employers

Workplace Financial Literacy: Why the workplace?

• The 2009 President’s Literacy Council on Financial Literacy Report (link to report on Resources page) states “many workers today simply do not have the skills, knowledge, necessary to meet their financial challenges.”
• When employees are worried about debt and other financial issues, they have difficulty focusing on their job. They attempt to resolve financial challenges at work.
• Personal economic stress is estimated to cost businesses as much as $300 billion a year in lost productivity, absenteeism, turnover, medical and insurance costs. The quickest way to depression is financial wreckage.
• Financial Literacy Partners LLC found that employee financial stress costs businesses $15,000 per year per affected employee.
• Recent stats from the Federal Reserve found affected employees spend 28 hours per month on the job thinking about their finances.
• A 2008 member survey from SHRM found a 26% increase in employees having their wages garnished, 39% in requests for 401(k) loans, a 20% increase in pay advances, and a 14% jump in employees losing their homes.
• Surveys find the public feels overwhelmed and intimidated by the volume of financial information. The result of this intimidation is paralysis – inaction instead of action.
• Employees appreciate receiving financial education in the workplace because they view their employer as a trusted source. Financial instruction becomes convenient and accessible.
• The availability of financial literacy in the workplace is an affordable benefit that helps retain the best employees.
• Employees who are financially healthy are more productive, absent less, and earn higher job performance ratings.

Money Awareness Program is a “No Blame, No Shame” Solution

• MAP’s philosophy of “No one can take better care of your money than YOU,” sends a strong message encouraging personal responsibility in reducing debt, repairing credit and saving for the future.
• MAP’s broad topics include why people overspend, how to assess disposable income and reallocate it for better use, understanding the complexities of credit and how FICO scores influence daily life.
• MAP is completely unbiased. No financial products of any kind are sold or offered.
• MAP offers a two-hour workshop as follows: Two one-hour sessions with an assignment to try the materials between the two sessions. One two-hour session where materials are distributed in advance.
• If time and space permits, attendees are encouraged to bring a family member to share their materials at no additional charge. Studies show that if a couple or family are on the same page when it comes to their finances, their success is exponential.
• Because it can be awkward to bring up personal matters in a group of co-workers, each attendee receives a certificate for a free 15-minute coaching call in order to talk about his/her specific needs. The attendee decides when and if they want to take advantage of the coaching opportunity.

Money Awareness Program Answers the Need

• Increased employee productivity, more focused on the job
• Decrease in absenteeism
• Increase in job morale
• Higher trust levels between the employee and their employer
• More retention
• Lower medical, legal and insurance expenses
• Happier, more cooperative employees
• More in-house promotions
• Increased profitability
• Fewer number of requests for 401k funds
• Reduction in pay advances
• Less time for employees having wages garnished
• Fewer reports of employees losing their home or having their car repossessed

For more information or to schedule a workshop, contact MAP at the email below. Please provide the name of your company and contact information.  If you prefer, please feel free to contact us by phone at the number below.