Industry News

On April 13, 2020, the Center for State & Local Government Excellence (SLGE) released its survey report, A Focus on Public Sector Financial Wellness Programs: Employee Needs and Preferences.  The report summarizes the results of a national survey of over 500 state and local government employees to assess their needs and preferences related to employer-based financial literacy and financial education programs.  According to the SLGE, the survey indicates that enhancing the financial literacy and financial education programs by public sector employers for their workforce is not only needed, but would be highly valued by state and local government employees.

The key findings include:

• 88% of survey respondents are worried about their finances and financial decisions;
• 29% of respondents are offered a financial literacy or financial education program by their employer;
• Of those, 38% have participated in the program and 67% the majority were satisfied with the program;
• 68% of respondents would likely participate in a financial wellness program if offered;
• 66% of employees are interested in retirement planning, 39% in investments, and 23% in budget and planning; and
• 87% of employees want to be more knowledgeable about finances, 51% want to know more about financial topics beyond those related to their job, and 45% are interested in the rewards or financial incentives offered for participating.

The report is available here.