Page Section Navigation
Go to: Header
Go to: Utility Navigation
Go to: Primary Navigation
Go to: Content
Go to: Footer
 

 

Money Management International Improving Lives Through Financial Education
SUCESS NewsletterFinancial Education Newsletter
 
Value of financial education in the workplace

MMI Community Manager

By Kim Mcgrigg, MMI Community Manager

Employers have always known that financial education is important to their employees’ personal lives. But up until recently, employers had to speculate about the direct benefits of offering financial education in the workplace to the bottom line of their business.

Now, employers can know the true value of financial education thanks to technology and research from the Personal Finance Employee Education Foundation. The Employer’s Projected ROI for Quality Financial Education Program Calculator is a free calculator that allows employers to weigh the costs and benefits of offering financial education in the workplace.

Bringing financial troubles to work

While employees may try to keep work separate from their home lives, doing so is not always possible. Distress over personal finances manifests itself in many ways, including decreased job performance, increased absenteeism, and higher turnover rates; all of which negatively affect an employer’s bottom line.

Benefits of personal financial education

Studies have proven that providing quality workplace financial programs, like Money Management International’s (MMI) Financial Education Workshops, improve employees’ personal financial behaviors and increase employer profits. An employer who invests in quality financial educations often sees these, and many more, benefits:

  • Less work-time spent on personal finances
  • Less absenteeism
  • Reduced turnover
  • Improvements in job performance
  • Lower health care costs

How the ROI calculator works

The ROI calculator is a free resource that allows employers to weigh the costs and benefits in a few easy steps to determine if a financial education program is right for their organization. Once the employer has entered a few numbers in the calculator, a free report is generated projecting the ROI for the company. Twelve work outcome factors are included in the projected ROI calculation:

  1. Turnover and retaining costs
  2. Health care costs
  3. Absenteeism
  4. Average Personal Financial Wellness (PFW) score
  5. Work-time wasted
  6. Job performance rating
  7. Health care premium savings
  8. Health care spending plan
  9. Dependent care spending plan
  10. Worker’s compensation
  11. Garnishments
  12. Percentage of employees impacted

The calculator makes reasonable and conservative assumptions about the 12 factors based upon empirical research and industry and employer-specific data. Improving finances can improve all areas of a person’s life.

Increasing financial knowledge can motivate employees to make necessary financial change resulting in an improved state of mind both at home and in the workplace. Thanks to the Employer’s Projected ROI for Quality Financial Education Program Calculator, an employer can more easily weight the benefits of financial education and determine if a financial education program is in the best interest of their employees and their business.

Comment on this post

 


Financial Resolutions for the New Year

New Beginnings

The MMI Guide to getting your fianances in order for the New Year

As a new year approaches, we look to the past and forward to the coming year and reflect on the changes we want to make in our lives. With January 1st as an easy starting point, we resolve to follow through on those changes we decide are the most important to us.

Frequently we hear about people’s resolutions to lose weight, clear clutter, get organized or get out of debt. In fact, these resolutions do not need to be separate commitments, but might be more easily achieved in combination. For example, losing weight and trimming the fat off your budget might be accomplished with the same starting philosophy. A resolution of clearing clutter might include a component of reducing financial clutter as well, thereby helping you achieve your goal of getting out of debt.

We are also used to hearing the old story of a resolution that didn’t make it past the month of January. Most often the reason for a resolution’s failure was that the resolution was not realistic: it was either too broad, too aggressive or there were too many of them competing for your attention at the same time.

In this guide to getting a grip on your financial life for the New Year, we hope to present you with viable ways to clear financial clutter, set up systems to accurately track your finances, set realistic financial priorities and goals, and be successful in moving toward a healthy financial life in the New Year.

Download the New Beginnings eBook


Financial Education learn more

Sharpen Your Financial Skills with Free Online Courses-

The goal of our highly trained professionals is to arm you with the knowledge necessary to take control of your financial situation. Our online seminars stress the development of skills that can assure long-term success. You will gain the peace of mind that comes from improved spending habits, increased savings, and the wise use of credit. Take the first step toward financial wellness by enrolling in a web seminar today!

Learn More

In-Person Workshops Are Also Available In The Following Areas:

Arizona | California | Connecticut | Colorado | Illinois | Louisiana | Maine | Massachusetts | New Jersey | New Mexico | New York | Pennsylvania | Rhode Island | Texas - Fort Worth Area | Texas - Houston Area | Virginia | Greater Washington D.C. | Washington State

View upcoming financial education workshops

 


What’s in your credit card statement?

 

Each month, you receive a statement from your credit card company—whether through the mail or via the web. But do you really take the time to read it? If you did, would you know what to look for?

There’s a lot of fine print included in most credit card statements, so it can be tempting to skim the details. However, savvy consumers know that it is well worth the effort to review each and every credit card statement—no matter how little time you have. Reviewing your statement doesn’t have to be a daunting task. In fact, if you know what you’re looking for, it could be a simple task that takes less than two minutes. The experts at Money Management International (MMI) offer the following three steps to help you navigate your credit card statement:

  1. Look for the account summary. If you have time for nothing else, look at this section to determine: your total amount owed, due date, and minimum payment amount. This section will also tell you your available balance—important to know so you don’t go over your limit—and the amount of your last payment, which is where you’ll want to make sure you were properly credited for your previous payment. Remember to review your transactions. This is important to help you get an idea of where you are spending your money and to keep an eye out for signs of identity theft.
  2. Look for the finance charge information. This is very important information because it dictates the cost of using credit. Generally, people are most concerned with their Annual Percentage Rate—usually listed as APR. Again, do not assume you know your APR. Your credit card might carry different interest rates depending on how you use the card. Interest rates fluctuate depending on economic conditions—even if you have not made a late payment on your card. Notifications by mail regarding changes in terms are required, but it’s easy to mistake them for junk mail.
  3. Know what’s in the fine print. You do not have to read all of this every single month. However, you should read it all at least once. And, if you have questions about anything you have read in your statement, you might find the answers in this fine print. Items usually found in the fine print include:
  • How to report your card lost or stolen.
  • Your grace period – or the amount of time you have before interest begins to accrue.
  • How to report errors found on your statement.
  • Purchase protections – some purchases over $50 might qualify for protection if you’re dissatisfied with the quality of your purchase.

Even with all of this information, there are still a few things that may be left off your credit card statement that are worth knowing. Some statements may not include information about late fees, which is important to know, as some creditors charge a fee if you are even one day late. Same goes for over the limit fees. To get to this level of detail, refer to your original card member agreement or contact customer service. For more information about reading your statement, visit our personal finance blog and check out the How to read your credit card statement video.


MMI Debt Management Plan Client Corner
Tips for Success

Don't risk missing a payment-sign up for DepositDirect. DepositDirect Authorization allows us to withdraw your deposit from your bank account and save time and money each month. It's secure, convenient and easy! Enroll online today!

Update your account balances online. When you receive your monthly statement from your creditors, login to your MMI account and update your balances. It is important that we have the most accurate balance information possible on file. 

If you would like more information about signing up for a Debt Management Plan through Money Management International, visit MoneyManagement.org.


Tweet for Change

Tweet for Change

Interested in following trending twitter topics about all things financial? If so, check out the popular feeds on TweetForChange.com. In just once click, you’ll be able to see what is on people’s minds right now (in 140-characters or less!).  Social media expertise is not required!


About Money Management International

Money Management International (MMI) is a nonprofit, full-service credit counseling agency, providing confidential financial guidance, financial education, counseling and debt management assistance to consumers since 1958. MMI helps consumers trim their expenses, develop a spending plan and repay debts. Counseling is available by appointment in branch offices and 24/7 by telephone and Internet. Services are available in English or Spanish. To learn more, call
800-762-2271 or visit moneymanagement.org.


© 2010 Money Management International - All Rights Reserved
Money Management International 9009 West Loop South, 7th Floor, Houston Texas
www.moneymanagement.org