Understanding the impact of employer‐provided financial education on workplace satisfaction

Abstract

The present study examines the linkage between workplace financial education and workplace satisfaction. Data gathered from a national sample of employees of an insurance company favor the hypothesis that employees who participate in workplace financial education more fully understand personal finances and recognize how financial literacy impacts their future financial expectations. In addition, employees who gain considerable literacy in financial matters and confidence in their future financial situation are also more likely to be satisfied with and supportive of their company. Implications of these results for nonwork settings and for consumers in general have also been developed.

Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly Complex Economy

“…Lusardi and Mitchell (2007) allude to a worldview. In contrast, Hira and Loibl (2005) explain the impact of employer‐provided financial education on a smaller, more private world—the individual's sense of workplace satisfaction.…”

Financial Literacy and Financial Behaviour: Experimental Evidence from Rural Rwanda

“…In support of the first link in that chain, Jappelli () reveals, using survey data from 55 countries that financial literacy correlates positively with proxies for human capital. In developed countries, various studies verify this finding (Danes et al ., ; Greenspan, ; Tennyson and Nguyen, ; Hira and Loibl, ) but no matching evidence exists for developing countries. Research into business training, which perhaps relates to financial literacy, reveals that training can affect knowledge and financial management (Karlan and Valdivia, ).…”

The Effects of Financial Education in the Workplace: Evidence From a Survey of Employers

“…These two studies initiated a strand of literature concerning the effects of adult financial education on financial behavior. Subsequent contributions include Clark and Schieber (1998), Clancy, Grinstein‐Weiss, and Schreiner (2001), Duflo and Saez (2003), Muller (2001–2002), Clark and D’Ambrosio (2003, 2007), Lusardi (2004), Maki (2004), Hira and Loibla (2005), Sherraden and Boshara (2007), and Federal Deposit Insurance Corporation (2007).…”