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Tuesday, April 1, 2014

CFPB: Workplace Ideal for Financial Education

Integrating financial education into the workplace can be beneficial for both employees and employers, the CFPB said at a field hearing in Atlanta of the Financial Literacy and Education Commission (FLEC). At the hearing CFPB Director Richard Cordray, along with Dr. Katherine Sauer of the University of Colorado, spoke about several reasons why the workplace is ideal for financial education:
  • Many employees are thinking about their personal situation while at work.
  • Employees that move from job to job have a hard time managing multiple retirement accounts and decisions.
  • A growing number of employees need help juggling the financial stress of raising children while caring for aging parents.
  • For employers, about 30 cents of each dollar spent on employee compensation is spent on benefits; helping employees make the most of their benefits is valuable for employers as well as employees.

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