Financial Education in the Workplace: Effectively Planning for Retirement

Increasingly, individuals are in charge of securing their own financial well-being after retirement. The purpose of this study was to identify impactful components of financial education programs which could be launched in the workplace to empower employees with a range of tools to help them make informed, effective decisions about their overall financial wellness. In order to answer the research question, the researcher sought the insight and counsel of industry experts through interviews, to learn and understand about personal financial behavior and employee participation in financial education programs which contributed to the recommendations. Results of the data collection indicated that financial stress has impacted a significant portion of the workforce and financial wellness was linked to improved productivity, reduced distractions, increased engagement, and enhanced organizational commitment. Conclusions from the brief Literature Review, and the results of the subjects’ responses indicated that many individuals are ill-prepared for retirement, either through their lack of planning, understanding the basics of financial products and services, and, the heavier burden that has been placed on individuals to save on their primarily through defined contribution vehicles. Based on the project conclusions and the researcher’s professional knowledge, the researcher recommends that business leaders adopt and implement workplace financial education programs as they can lead to higher satisfaction and better knowledge of employer benefits, less physical illness due to lower stress, higher productivity at work and, of course, financial security.Metropolitan School of Professional Studies, Master of Science in Management, Capstone Project, 201