The Cost of Financial Illiteracy 'at Work'. The cost to employers of not providing financial education to their employees is substantial. According to the Federal Reserve, American workers spend an average of 28 hours a month researching personal financial issues. This lost productivity across an organization can be translated into real dollars - as much as $5,000 per employee per year. The collective loss across an organization can quickly have a significant negative impact on the financial performance of the company. What's more, there is little doubt that the number of employees spending time in the workplace researching financial issues and seeking guidance will increase given the magnitude of the current financial crisis. As importantly, the 'Great Recession' is affecting everyone. People from all levels of the organization are facing financial hardship or struggling to survive day-to-day, while trying to navigate successfully to retirement.Read more...
