Enhancing an individual and for business benefits, financial education is found to be an essential tool, unlocking financial capabilities and opportunities for employees and increasing job satisfaction and employee retention in a company perspective. The General manager of Zogo Shyam Pradheep informs that financial education benefits are essential especially when confronting economic uncertainty.
For almost every industry the digital age has changed the game, from mobile-order fast food to mobile banking apps. Technology has transformed user experiences across the board. This isn’t only about consumerism and optimizing the buyers’ pipeline but it’s about utilizing technology’s accessibility and engagement features to revolutionize how individuals interact with the world around them.
Our society generally expects individuals by the age of 18 to be financially literate or enter the workforce, but it typically doesn’t offer the resources necessary to enable that knowledge.
Many individuals don’t learn personal finance skills at school or home. Financial education requirements vary across the country for those afforded to learn in school, so pupils in different areas will have different levels of understanding. However, it may not be effective or engaging even if financial education is available. Thus, it prevents pupils from retaining important knowledge. Financial education must advance to meet the new standards of the digital age- boring presentations and dense textbooks are long gone.
Without other personal finance training resources, Gen Z and Millennials turn to their favorite source of information: social media. Unfortunately, while social media is more accessible and engaging than traditional financial education curricula, mostly its content is unreliable and unverified.
Since most employees want to be seen and supported as valued individuals, not just cogs in a corporate machine, comprehensive employee benefits are offered by most companies beyond the typical healthcare and stock options.
Financial education is a perfect complement for mental health efforts. in fact, a lack of financial literacy significantly impacts mental health. This financial burden is often related to the place of work, as inflation overtake salary increases and a potential recession impends job security. However, education is the antidote to this financial anxiety, since it delivers the knowledge and tools employees need to take control of their financial future.
Especially during uncertain economic times, tech-optimized financial education is an important employee benefit. It helps to prepare employees to make responsible financial decisions in the present and future as well as, it facilitates a stronger relationship between employer and employee.
