Why financial literacy should be part of your company’s employee resources | The Rosie Report

Being financially literate does not come with a nest egg or a rainy day fund. It does mean, however, that you are more likely to be better equipped to deal with uncertainty because you know you have to plan for the unexpected. And if 2020 taught us anything, it’s to expect the unexpected.

A Pew Research Center study found that 19 percent of Americans have had trouble paying their bills in full since COVID and only 47 percent could cover their expenses for three months in an emergency. For Black and Latinx Americans, only one third say they could cover expenses for three months; and for those without that rainy day fund, a mere 28 percent could cover costs by borrowing money. When we as a society fail to teach the basics of financial literacy, we not only fail to protect our most vulnerable, but our entire communities also suffer.

So how do we fix this? Destigmatizing money conversations around salaries, how to ask for a raise, understanding your full benefits, and planning for future investments, is a great place to start and doing so within your organization can enhance not only financial literacy but financial equity, too.

Go beyond the old corporate training and think pragmatically:

• Offer smaller group…