This archive report was first published on 17 July 2019.
Financial literacy is a fundamental skill that is often overlooked in our personal lives. According to a 2017 PwC Employee Financial Wellness Survey, nearly one in three employees cited personal finances as a distraction at work, spending working hours thinking about or dealing with related issues.
As a result, financial stress affects employees regardless of age, gender, or salary scale. This can lead to decreased productivity, absenteeism, and health issues, ultimately costing employers in the long run.
However, employers can take proactive steps to improve employee financial literacy and well-being. By introducing basic courses in budgeting, debt reduction, and retirement planning, employers can provide employees with a foundation for better money management.
Not only is this good for the well-being of employees, but it also has a positive impact on the bottom line. Employers who demonstrate a deeper interest in their employees' lives and build an employee-centric culture can reap the rewards of being financially fit.
As Ms. Ngala, the head of human resources at Diamond Trust Bank, notes, 'Financial literacy has been introduced in the new curriculum. The aim is to educate children on money management fundamentals and build a culture of responsibility and personal accountability.'
By prioritizing financial literacy, employees and employers can unlock their full potential and reap the benefits of a financially fit workforce.
