{"id":4538,"date":"2024-10-06T17:10:19","date_gmt":"2024-10-06T15:10:19","guid":{"rendered":"https:\/\/www.rivistaeco.com\/?p=4538"},"modified":"2024-10-06T17:10:51","modified_gmt":"2024-10-06T15:10:51","slug":"financial-education-at-work","status":"publish","type":"post","link":"https:\/\/www.rivistaeco.com\/en\/2024\/10\/06\/financial-education-at-work\/","title":{"rendered":"Financial Education at Work"},"content":{"rendered":"

In finance, as with health, prevention is almost always preferable to a cure. Often, it is also less costly. That’s why it is useful to provide financial education courses for adults in the workplace. If a few simple rules are followed, the benefits extend not only to individual workers but also to the entire company and society as a whole.<\/span><\/i><\/p>\n

With the law on financial education in schools now approved, it is useful to turn our attention to financial education in the workplace. In Italy, lack of financial knowledge affects not only young people but also adults. For example, according to the latest data on the financial situation of families, collected by Doxa in collaboration with the Edufin committee, only 44% of Italians understand three basic concepts: compound interest, the effects of inflation, and risk diversification. These are the “Big Three” I discussed in the May article of this column. Data collected by the European Commission in 2023 on financial knowledge also show unsatisfactory (and below average) results for our country when compared to the other 27 European Union countries. If schools are the best place to design financial education programmes for young people, the workplace becomes the ideal venue to reach adults.<\/span><\/p>\n

Benefits for Workers, Companies, and Society as a Whole<\/b><\/h3>\n

Many studies indicate that financial knowledge has implications for financial behaviours that are important for employers: for example, financial planning, the ability to handle unexpected expenses, and even financial anxiety. Why are these important for employers? Because they can influence the time workers spend managing personal finances at work and their productivity, or simply affect retirement choices, including making good use of incentives that employers offer to workers. With an aging population, making sound retirement choices has become increasingly essential. In fact, workers’ behaviours can have an impact on society as a whole. In other words, society may have to bear the costs of low financial knowledge among adults. Typical examples include inadequate retirement preparation or long-term investments in low-risk, but also low-return, financial instruments. In this case, it would be useful and desirable for the state to promote adult financial education, for example through incentives to businesses or by supporting financial education programmes in the workplace. There are also potential and significant economies of scale that characterise financial education in the workplace. For medium or large companies, it is possible to reach a good number of workers at relatively low cost, especially for programmes with a fixed cost component. Empirical evidence from a recent analysis of various programmes implemented in many countries worldwide, including Italy, has highlighted that financial education is not only effective in influencing behaviours but can also be delivered at relatively low cost. International organisations like the OECD, which have long been involved in this issue, have also provided recommendations and best practices for financial education in the workplace.<\/span><\/p>\n

Suggestions for Effective Financial Education<\/b><\/h3>\n

From the analysis of all these programmes, various suggestions can be drawn on how to increase their effectiveness. Here are a few:<\/span><\/p>\n

    \n
  • It is useful to conduct a preliminary test of financial knowledge to differentiate between workers who have basic knowledge and those with more advanced knowledge, ensuring programmes that meet different needs and levels of financial sophistication.<\/span><\/li>\n
  • Even when the goal is to increase retirement savings, it is useful to have holistic programmes that address many behaviours and needs. In other words, it is useful to perform a financial check-up that considers the many behaviours that can impact future financial security.<\/span><\/li>\n
  • Financial education programmes tend to be more effective at specific times, such as when workers are more likely to make financial decisions. Specific examples include hiring times, times when workers receive salary increases or promotions, and times when family changes occur, such as the birth of a child, a divorce, or other events.<\/span><\/li>\n
  • It is useful to involve the family\u2019s financial decision-maker or, better yet, the entire family, not just the worker, in financial education programmes.<\/span><\/li>\n
  • Due to the lack of financial knowledge, very short programmes or those with little content, or conversely, those too complex to implement, tend to produce poor results. In an increasingly complex financial world, taking care of workers’ and citizens’ financial well-being can be a winning choice for everyone. As with health, in finance, prevention is often better and less costly than cure.<\/span><\/li>\n<\/ul>\n

    Bio<\/p>\n

    Annamaria Lusardi is a senior fellow at the Stanford Institute for Economic Policy Research and a professor of finance at Stanford’s Graduate School of Business. She was the director of the Committee for the Planning and Coordination of Financial Education Activities.<\/span><\/em><\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

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