Program Teaches Employees About Saving and Investing
HARTFORD, Conn., March 7, 2013 /PRNewswire-USNewswire/ -- The Department of Banking announced today that the agency will make the award-winning Investor Education in Your Workplace (IEiYW) program available to employers in the state.
IEiYW is an online financial and investment education program that will help employers to educate their employees about long-term savings and investment options such as 401(k), 403(b) or related retirement plans. The Securities and Business Investment Division of the Department of Banking was awarded a grant from the nonprofit Investor Protection Trust (http://www.investorprotection.org) to fund the program, valued at $100 per student.
"Our goal in promoting this program is to offer a unique staff development program to Connecticut businesses, including banks, credit unions and insurance companies, in addition to state agencies and colleges, to encourage saving and smart investing," stated Banking Commissioner Howard F. Pitkin. "It is important for everyone to fully understand the saving and investment options that are available to help us make informed financial decisions."
The 10-week-long financial education program runs from May to August of this year. The program is available on a first-come, first-served basis to 500 employees of Connecticut businesses, including colleges and universities, banks, credit unions and insurance companies. Military personnel and their families are also encouraged to participate.
Interested parties can register for an informational webinar online at www.ieiyw.com/webinars. Webinar sessions will be held March 13, March 21 and March 26 at 3 p.m. Eastern Standard Time.
The IEiYW program already has been field tested nationwide by more than 15,500 employees working at nearly 400 companies.
Investor Education in Your Workplace provides investor education to individuals in the workplace. The Investor Protection Trustis collaborating with the Investor Protection Institute, state securities regulators and state credit union associations to provide an online investor education curriculum to employees in participating states. The program was piloted with credit union employees and educators in Wisconsin, Pennsylvania and North Carolina. The pilot programs have shown strong results including a 27 percent improvement in knowledge for teachers in Wisconsin and a 38 percent and 47 percent improvement in knowledge for credit union employees in Pennsylvania and Wisconsin, respectively. The IEiYW program has now been expanded into 14 states, the District of Columbia and Puerto Rico and to additional employer groups. Course topics include: saving & investing, personal finance, investing basics, investment strategies, investment risks, retirement planning, retirement plan options, mutual funds and financial advisors.
ABOUT THE DEPARTMENT OF BANKING
The Department of Banking is responsible for the regulation and examination of financial institutions and various related entities chartered, licensed or registered by the state. The mission of the Department of Banking is to protect users of financial services from unlawful or improper practices by requiring that regulated entities and individuals adhere to the law, assuring the safety and soundness of state chartered banks and credit unions, educating and communicating with the public and other stakeholders, and promoting cost-efficient and effective regulation.
SOURCE Connecticut Department of Banking, Hartford, CT; and Investor Protection Trust, Washington, D.C.