Financial Capability in the Workplace

The Building Financial Capability in the Workplace project connects workers to financial tools and information through their workplace.

Nationally, employers who support their employees with financial education and savings have realized many benefits, including:

  • Cost savings for fewer paper pay-checks with an increase in direct deposit of wages, and fewer costs to delivery of paper paychecks. **
  • Increase in satisfaction of employees:  After workplace financial literacy, 87% of employees said they wanted their employers to be more successful, and 82% said they felt pride in working for an employer who provided financial literacy.***
  • Fewer sick days taken. **

 

Our goals for the program are:

  • Increase the level of financial knowledge of low wage workers through in person meetings and web based information as measured by pre and post surveys, with a higher number of low wage employees who report being able to cover monthly expenses with their income as a result of developing spending plans during the pilot
  • Increase the access of low wage workers to consumer friendly financial products as evidenced by the number of new accounts opened
  • Increase the savings of low wage workers by making savings automatic and providing access to financial products, as evidenced by number of employees making automatic savings deposits
  • Increase the number of worker benefitting from protections provided through direct deposit and absence of paper paychecks
  • Decrease costs to employees as a result of fewer paper paychecks
  • Create communication resource materials which support workers in setting financial goals and savings

 

We are currently looking to accept up to 4 employers, and up to 100 employees to participate in our program. We are targeting employers with low-wage workers, as they oftentimes have few options for gaining financial knowledge from an objective source.

Employers in Wake, Durham, Pitt or Wayne counties are eligible to participate.  The program will take place over 12 months and during that time employees will receive:

  • An invitation to participate through emails
  • Access to group meetings and webinars on: credit, budgeting, financial services
  • Enrollment in the North Carolina Saves campaign for 6 annual newsletters
  • Access to an individual financial counselor
  • Encouraging messages about savings and goal-setting