Salary Finance, a leading global provider of salary-linked benefits and financial education for employees, announced about enhanced US version of its financial education platform, Learn. This platform will help in increasing the confidence of employees in managing their money and plan for their future.
The COVID-19 pandemic and the resulting economic fallout had brought to light the urgent need for employers to resolve the financial burden of workers, with employees demanding action, unlike in the past when personal finances were a taboo topic in the workforce. According to a recent survey by Commonwealth and MetLife Foundation, financial insecurity has aroused as a problem for almost 81% of Americans, while about 65% said employers should be doing extra to address financial insecurity concerns. Additionally, financial literacy is currently at its dangerous lows. Data from the Financial Industry Regulatory Authority (FINRA) showed when questioned regarding fundamental finance concepts, only a third of respondents could answer three out of the five correctly, and only about 10% could answer all the five questions correctly.
“By any measure, 2020 has been a difficult year that has had, in many instances, a catastrophic impact on the finances of American workers. Financial education alone is not a panacea but, when offered in conjunction with financial products that solve an urgent, critical need, can contribute to getting working Americans back on their feet, out of debt, and into savings,” said Anita Ward, Chief Development Officer (CDO), Salary Finance. “Employees are no longer ashamed to seek help in the workplace: according to our recent survey, American workers are most interested in learning more about what to do if they lose income, how to build up emergency savings, and how to reduce spending – all topics that are very relevant as the country continues to be rocked by COVID-19 and the economic uncertainty it has caused.”
The relaunch of Learn brings the following for employers and employees:
- Easy access to Salary Finance’s proprietary so that Financial Fitness Score Calculator will help employees to measure the current financial health and take steps to improve upon it.
- Almost 70 pieces of new content are arranged according to specific Financial Fitness Scores and organized according to topics.
- Easily usable library of interactive money management tools from our partners that even includes United Way.
- Complete knowledge of Smart Money Choices guides focusing on important parts of the financial puzzle, such as maintaining good credit, consolidating debts, and buying a home.
- Ability to request free, customized referrals to local nonprofit and government financial resources via collaboration with SpringFour.
- A modern user interface that represents our updated visual identity of the brand.
Learn is available free of charge to all Salary Finance clients. Through its Financial Wellbeing Hub, which hosts all of its Salary Finance advantages, including access to salary-linked and low-interest loans that help workers pay down higher-cost debt from their paycheck.