BOSTON--(BUSINESS WIRE)--Salary Finance, the leading global provider of financial education and salary-linked benefits for employees, announced today that it has enhanced the US version of its financial education platform, Learn, to increase the confidence that employees have in managing their money and planning for their future.
The COVID-19 pandemic and the resulting economic fallout has brought to light the urgent need for employers to address employee financial stress and employees, unlike in the past when personal finances were a taboo subject in the workforce, are expecting action. In a recent survey conducted by Commonwealth and MetLife Foundation, 81 percent of working Americans believe that financial insecurity is a problem - and 65 percent said employers should be doing more to address financial insecurity. On top of that, financial literacy is at dangerous lows. According to data from the Financial Industry Regulatory Authority (FINRA), when asked basic questions about fundamental finance concepts, only a third of respondents answered three out of five correctly, and only 10 percent could answer all 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, 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.”
With the relaunch of Learn, employers and employees can expect:
● Convenient access to Salary Finance’s proprietary Financial Fitness Score Calculator so that employees can measure their current financial health and understand how to improve upon it
● More than 70 pieces of new content aligned with specific Financial Fitness Scores and organized by topic
● An easy-to-use library of interactive money management tools from our partners, including United Way
● In-depth, Smart Money Choices guides on the most important pieces of the financial puzzle, like establishing good credit, buying a home, and consolidating debts
● Ability to request free, personalized referrals to local nonprofit and government financial resources via partnership with SpringFour
● A refreshed user experience that reflects our updated visual brand identity
Learn is available for free to all Salary Finance customers through their Financial Wellbeing Hub, which hosts all of their Salary Finance benefits, including access to salary-linked, low-interest loans that help employees pay down higher-cost debt through their paycheck.
About Salary Finance
Founded in 2015, Salary Finance is an award-winning organization that partners with employers to offer financial wellness solutions that help employees improve their lives by improving their finances. A company underpinned by a social purpose, we're driven by an ambitious mission in the US: to help 10 million Americans out of debt and into savings. Salary Finance is a United Way Worldwide corporate partner and works with over 500 of the world's leading employers. To learn more, please visit www.salaryfinance.com/us. Salary Finance branded loans are offered by Axos Bank®, Member FDIC.