Financial Literacy Fact Sheet

Most people have never learned how to manage their money. As a result, 70 percent of Americans are living from paycheck to paycheck (The Wall Street Journal).

How Does This Affect the Workplace?

Employees with money problems may have more frequent absenteeism, spend office hours on the telephone trying to resolve financial matters and be more easily distracted than other employees. Consider these statistics:

More than 40 percent of employees say that stress over personal finances negatively impacts their productivity at work.
- Garman, Leach & Grable

The No. 1 cause of stress in the workplace is personal finance.
- USA Today

Employees waste 20+ hours a month dealing with personal finances.
- Mac Leans

According to the Identity Theft Resource Center, identity theft victims spend an average of 600 hours recovering from this crime.
- ITRC’s 2003 study: Identity Theft – The Aftermath

Why Provide Financial Literacy Resources in the Workplace?

Among 1,000 Florida employers polled, 64 percent said that they feel worker productivity would be enhanced by financial literacy training.
- Florida Chamber of Commerce and Florida Council on Economic Education Survey

Consider the Effects of Personal Financial Stress on Workplace Productivity
Possible employee reactions to financial strain during work hours:

• On-the-job errors
• Problems with co-worker and/or supervisor
• Long lunch breaks
• Taken paycheck advance
• Borrowed money from co-worker
• Frequent personal telephone calls
• Absenteeism
• Poor attitude
• Unenthusiastic about work