According to recent research, only 57% of American adults are financially literate. This means many of today’s employees lack the financial acumen they need to live their best lives.

In today’s complex and uncertain financial landscape, the importance of building your employees’ financial literacy and resilience has never been greater. Many companies have gone beyond traditional benefits to offer innovative new perks, like pet insurance and paid gym memberships. However, how can employers equip employees with the knowledge they need to manage their money wisely?

Read on for some innovative—and fun—ideas for building financial education in the workplace that you may not have considered.

Embrace Interactive and Engaging Learning Methods

Augmented reality (AR) and virtual reality (VR) are immersive technologies that integrate virtual content with the physical environment. They’re increasingly being recognized as effective and engaging ways to help employees:

• Gain a well-rounded understanding of financial concepts.
• Learn and adopt responsible financial habits.

The immersive nature of AR and VR allows employees to engage in realistic training scenarios and experiment in a safe, simulated environment. These technologies provide a “learn by doing” approach that helps users transfer theoretical knowledge into practical application. And because they’re fun to use, these tools keep users engaged with training applications for longer periods.

Gamification can go one step further with role-playing games. Imagine an avatar issuing users virtual funds (with no real-world value). With their “dollars,” they can practice real-world financial tasks, like opening savings accounts and withdrawing, spending, and investing money.

What users learn in the metaverse prepares them to make smarter everyday financial decisions.

Build a Financially Supportive Community

Have you ever noticed how discussions about money can quickly become hushed whispers, even among close friends and family members? It’s a cultural norm that needs to change, especially in the modern workplace. The taboo of talking about money can make it difficult for workers to seek the help they need. It can also lead to financial stress that spills over into their work lives.

By promoting a culture of open dialogue about personal finances, you can help break down these barriers and allow employees to share tips and experiences, learn from one another, and support each other in their financial journeys. This will foster a sense of connection around a topic that’s often perceived as “off-limits.”

Here are some ways to nurture this open culture in your workplace:

• Assure employees they can discuss their financial concerns without fear or judgment.
• Encourage managers and supervisors to be open about personal financial topics and share their favorite articles, blogs, and podcast episodes.
• Organize informal financial wellness workshops that can spark conversations about money matters.
• Invite employees who have improved their financial health to share their stories.

Promote Educational Consumer Podcasts

Why not encourage your workers to sign up for free consumer podcasts designed to help them build their financial knowledge? For example, Payactiv’s free “Good Cents” consumer podcast helps people reach their personal finance goals by sharing money tricks and tips many of us weren’t taught in school.

Anyone can sign up to listen to stories from real people, financial experts, and Payactiv users about maximizing their time and money so they can live the life they’ve earned.

Use Earned Wage Access as an Educational Tool

Earned Wage Access (EWA)¹ is gaining traction as a valuable financial wellness benefit. It allows employees to tap into their wages as they earn them rather than waiting for a fixed payday. This flexibility can be a game-changer for many workers, providing a safety net for unforeseen expenses and reducing their reliance on high-interest credit options.

And EWA’s benefits go even further. If your company offers EWA, you have an opportunity to highlight its value in helping your employees master the disciplines of budgeting and sound money management.

For example, emphasize to employees how incorporating EWA funds into their monthly budget planning can help them build and maintain financial stability. Your guidance can include:

• Planning Ahead: Employees could include the potential use of EWA in their budget and allocate funds for essential expenses and savings before considering discretionary spending.
• Prioritizing Usage: Encourage workers to avoid using EWA for non-essential or luxury items that can wait until their regular payday.
• Tracking Usage: Your workers should keep a record of how often they use EWA and the amounts withdrawn. This will help them understand their cash flow better and avoid overspending.
• Adjusting Accordingly: If your employees find themselves relying heavily on EWA, it might be time to reassess their budget and identify areas where they can cut back.

Free 1:1 Financial Coaching

In addition to EWA, Payactiv users benefit from free 1:1 financial coaching from KOFE, all in the handy Payactiv app². KOFE counselors are just a phone call away to answer your workers’ financial questions on topics such as:

• Budgeting and savings strategies
• Building credit
• Debt management
• Loss mitigation
• Reverse mortgages

KOFE is also HUD-approved to help first-time home buyers.

A Journey of Lifelong Financial Learning

Unlike the linear progression through primary, middle, and high school, financial literacy is a journey without end. As the economic landscape changes, so too must your workers’ knowledge. By getting creative about helping them master the art and science of money management today, employers can help workers enhance their financial well-being—and, in turn, their lives.

In addition to EWA, Payactiv provides companies with a means to put their employees on a path to financial stability and security. With our budgeting, savings, and debt support tools—all in the Payactiv app—your people are empowered to control their financial futures.

Interested in learning more about Payactiv’s Service? Book your demo now.

¹Earned Wage Access requires employer participation. Employees can only access a portion of the wages they have earned to date.

²Standard data rates from your wireless carrier may apply.

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