July 2022
Abstract: Workplace financial education is crucial for helping working adults improve their financial well-being. This report shows the results of a six-week challenge called Fast Track to Financial Health, a joint project between Edelman Financial Engines (EFE) and the George Washington University’s Global Financial Literacy Excellence Center (GFLEC). The project aimed to gain critical insights into the financial well-being of employees at a Fortune 25 company. This unique initiative created a financial health score (the FinHealth Score) and provided personalized counseling and access to educational resources based on that score. Data gathered prior to the program showed middle-aged employees (35–54) and minorities to be among the groups most lacking in financial well-being. Moreover, female employees are less knowledgeable about financial topics and the most likely to have used EFE’s financial services in the past. Splitting the sample across different levels of financial exposure revealed that EFE users have a higher level of financial literacy and better financial health. Although the employees plan for retirement and have precautionary savings, 38% declared they feel anxious about their finances and retirement savings. This result is persistent even among employees who have used EFE services in the past. The report concludes that offering workplace financial wellness programs can help with employee retention and overall satisfaction.