I have been conducting personal finance education training since 2004 and so far it has been a bumpy ride. Employers tend to question spending on teaching their employees personal finance skills that are not directly related to their work. Plus, many employers feel that giving a salary or wage already fulfills their role of sending their employees on the road to financial freedom. Well if this were so, why is it that of the thousands of people that my company has trained on personal finance, 72% found themselves with money problems in one form or another prior to the training? What is more telling is that 22% considered themselves to be in great financial stress. Studies have shown that employees tend to be less focus at work when they face added stress from financial burdens. The mind wanders from work in what is called absenteeism. Salaries and wages may help in becoming financially free. But money is a double-edged sword that can lead to financial disaster if not properly handled. And this is why personal finance training is needed. Without such training, an employee faces challenges from:
Employee financial stress will manifest itself in more ways than one, such as in the following:
Teaching money management skills and not giving away more money is the answer. Personal finance lessons can:
Personal finance trainers abound from stand alone, independent companies to financial planners embedded with product providers. They are just one Google search away. So think twice about thumbing down a personal finance training proposal. These trainings may just mean time well spent for employees and money well saved for the company. (Originally written by Efren Ll. Cruz, RFP at http://www.savingstips.com.ph)
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