CHICAGO (10/11/11)--Alliant CU in Chicago has issued a white paper on the need for financial literacy training in the workplace, after researching the topic, interviewing company human resources managers and conducting surveys of employers and employees. In a period of economic stress and company benefit cutting, companies nationwide are offering financial literacy courses to help employees gain greater skill and confidence in handling their finances, said the $7.86 billion asset credit union. It is providing findings to help employers get a sense of whether financial literacy training is appropriate for their company and how to go about implementing it, Alliant said. Fifty-seven percent of employers have seen an increase in demand for financial literacy training during the past two years, yet only 36% of U.S. companies offer financial education, according to Alliant CU’s surveys. Other findings include:
* Financial literacy, plus today’s economic hard times, can lead to financial stress, which diminishes employee productivity; * There are indications that financial literacy training can help in building employee confidence and skill in money matters; and * Some companies have experienced a substantial return on investment by providing the training, even with a limited budget.
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