082 Financial Excellence: Financial Literacy in the Workplace

Living In Financial Excellence

19 Oct 082 Financial Excellence: Financial Literacy in the Workplace


Financial Podcast for budgeting, debt free living and investing

Episode 82: Money Smart Week Wrap Up and Promoting Financial Literacy in the Workplace, Oct. 18, 2011.

Last week Kevin Suddick (our lead financial coach) and I attended the Wisconsin Summit on Financial Literacy. Today we recap some of the things we learned.

Don’t forget: Living In Financial Excellence airs LIVE every Tuesday at 10 a.m. CST. You can watch live and join the chat at financialexcellence.net/live-show

Show notes:

Matt & Janelle Recording the Financial Excellence Podcast

  • Money Smart Week is moving to April 2012 and will be a larger, nation-wide push for financial literacy.
  • Financial coaches can and should be a part of Money Smart Week. Get involved at www.moneysmartweek.org
  • Why should you attend a Money Smart event? We give lots of reasons why.
  • The Wisconsin Dept. of Financial Literacy (DFI) is making a concerted effort to promote financial literacy in the workplace. Why is that important? Consider the following stats (from the DFI):
  • 55% of Wisconsin residents spend as much or less than they make.
  • 57% of WI residents have no rainy day fund.
  • 19% of WI residents engaged in some form of high cost non-bank borrowing (payday loans) in the last year.
  • 57% of high school students tested failed a basic financial literacy test.
  • These people are our current and future work force. If they’re living paycheck to paycheck and using payday or title loans, they’re certainly not paying attention to their work. How can the be productive for their employer when their minds are elsewhere?
  • 66% of Wisconsin businesses provide some form of financial education for their employees. The problem is, 90% of these are talking about investing for retirement when 55% of their workforce is living paycheck to paycheck.
  • Kevin and I are putting together a financial boot camp program to fix this trend. If you’re an employer, it’s extremely important for you to help your employees get their finances under control so their problems don’t become your problem.
  • You can influence what we talk about in future shows. Simply fill out this three-minute survey.

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7 Comments
  • Little House
    Posted at 07:40h, 20 October

    The third to the last bullet, about how finance consulting at businesses focus on retirement, yet their employees are living pay check to pay check, is really eye opening. If businesses knew this statistic, I wonder if they’d offer basic money management courses first, then retirement courses.

    I love stats, but the next step is more difficult: what do you do to change those stats?

    • Matt Wegner
      Posted at 10:55h, 21 October

      That’s exactly what the summit was all about – how do we change those stats. We (Financial Excellence) are working to build relationships with businesses and help the leadership understand, first, that there is a problem. Once leaders realize the problem and how it affects their bottom line, we can then offer solutions to them. Easier said than done though…

  • Steve MoneyPlanSOS Stewart
    Posted at 09:28h, 21 October

    Matt, thank you so much for the best show-notes ever! I will be looking for ways to get involved down here in the city of the World Series Champions (you know it’s gonna happen).

    • Matt Wegner
      Posted at 10:55h, 21 October

      Glad I could please… Guess I didn’t realize the show notes were anything special. Thanks for the compliment!

  • Jackie Walters
    Posted at 13:30h, 25 October

    Matt – I would love for you to do a podcast on College Debt. College Debt is expected to reach $1 Trillion Dollars which is more than Credit Card Debt.

    http://www.youtube.com/watch?v=VpZtX32sKVE – College Conspiracy

    http://today.msnbc.msn.com/id/3041440/ns/today-money/

    I agree with Steve – great show notes! I strongly believe that Financial Literacy should be mandatory in schools just as much as P.E.

    • Matt Wegner
      Posted at 16:30h, 08 November

      Thanks for the suggestion Jackie. I’ll have to add it to the list for future shows.

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