Financial literacy campaign headed to the workplace

06.23.09
By Nicholas Storie

A number of policy makers and educators have been advocating mandatory personal financial education classes prior to high school graduation.

Now, senior finance and human resource executives say that financial literacy programs should extend into the workplace where employees can easily learn about the benefits of retirement planning.

According to a study by Charles Schwab and CFO Research Services, 66 percent of HR and finance executives at large companies believe that broader financial education at work is more important today than just one year ago.

Over three-quarters (76 percent) of the respondents also believe that easy access to 401(k) planning tools, advice and educational materials will have a positive impact on program participants.

"Executives recognize that their employees are more anxious about their retirement prospects, and not surprisingly, that apprehension is felt more deeply by those who are closer to retirement," said Steve Anderson, head of retirement plan services at Charles Schwab.

In fact, an increasing number of older workers are delaying retirement because they have seen their nest egg savings decline so substantially over the last 18 months. Older workers say worries about the cost of healthcare are another reason to hold onto their jobs.

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Employees may see more financial education resources around the office