2023 Global Financial Wellbeing Research Reveals Impact of Employee Financial Education on Business Outcomes

The new data reveals that 63% of employees who participate in financial education daily are more committed to their employers, and 66% feel hopeful about their financial situation.

LONDON, April 11, 2023 /PRNewswire/ -- A new global study from financial wellbeing platform nudge Global reveals wide-ranging positive impacts for organizations and employees that participate in financial education. The data from over 3,000 global respondents, across 46 countries, shows an accelerating trend of people expecting employer-provided financial education benefits amid economic instability.

"Employees want to know that their benefits are working for them, and now expect employers to provide educational resources to help them manage their finances more effectively," said Jeremy Beament, Co-founder & Director at nudge. "It's no longer just a nice to have."

Employers who offer financial education outpace companies on metrics that measure the strength of employer-employee relationships: 70% of employees at these companies believe having diverse benefits helps build employer-employee commitment, and 56% say wellbeing benefits, such as financial education, make them more committed to their employer.

"The research shows leaders are taking note of positive outcomes, such as improved employee loyalty, that demonstrate the business opportunity of financial wellbeing. Now they just need help implementing the right solution," said Beament.

Between 2022 and 2023, the number of people surveyed who wish their employers offered financial education benefits and tools rose dramatically, from 26% to 42%.

The reasons why become very clear when looking at outcomes for individuals who have employer-provided access to personalized, frequent financial education:

• 81% more likely to significantly increase their savings
• 82% less likely to feel overwhelmed by debt
• 50% more likely to be making progress toward their financial goals
• 35% more likely to be hopeful about their financial future

For those that had access to and used an optimal financial wellbeing solution — personalized financial education tools which are interactive and integrated into the work experience — 79% were more likely to have saved over six months of salary.

The research surfaces a disconnect between HR and benefit leaders strategies and actual employer support: While 82% of HR and benefit leaders agree education is very important to financial wellbeing strategies, only 20% currently offer educational resources.

But progress is on the horizon as 35% of leaders said their organization has or is planning to implement a financial wellness program as part of employer-provided benefits.

About nudge:

Impartial, global financial education for all
For employees, customers, members and, well, anyone - anywhere.

nudge provides impartial, global financial education for all. Drawing on behavioral psychology and data, our platform offers personalized, engaging financial knowledge and skills to educate and delight anyone. A global solution that is unaffiliated with conflicting financial products, our inclusive approach is trusted by hundreds of thousands of people across the world.

SOURCE nudge Global