SHRM_TLB_1.4.19

Questis Releases New White Paper On The Failure of Workplace Financial Education

Press Release from Questis

Today, workforce financial empowerment company  Questis  announces the publication of the whitepaper, ' Financial Education Gets an F '. The research provides a highly critical overview of the history and ineffectiveness of financial education and offers concrete suggestions for employers who are considering financial wellness or personal finance coaching programs as a benefit.

"Simply put, financial coaching is a way of empowering people to make decisions and take action to increase their financial well-being," said  Dr.  Martha Menard , Director of Coaching at Questis and lead researcher on the Financial Literacy white paper. "There is valid and reliable evidence that personalized financial coaching is one of the most effective approaches for influencing behavioral change and reducing financial stress in people's lives. Information alone simply isn't enough–most people already know what they need to do. What they struggle with is  how , and that's where coaching can make an enormous difference."

Some key takeaways from the white paper include:

  • Roughly two-thirds of Americans live paycheck to paycheck–with low personal and retirement savings.
  • Financial Education and Literacy programs have low rates of success due to rapid change and information obsolescence.
  • Personal financial coaching focuses more on sustainably building positive habits to achieve goals rather than traditional financial advising that merely recommends what people should do under ideal circumstances.
  • Businesses are realizing the extent of the financial stress crisis affecting both their employees and their balance sheets.

"Understanding the need for financial empowerment in the workplace is only half the battle," said  John Tabb , Co-Founder and CEO at Questis . "The research embodied in this white paper sheds light on the shortcomings of historic financial solutions. Its findings directly benefit businesses—and we believe that research is a critical step in the process. Employers now have the opportunity to improve their employees' financial health and well-being and that's exactly why we built Questis."

The full white paper is available for download on the  Questis website .

About Questis

Questis helps businesses become life-changing employers by solving the root causes of employee financial stress. Its mission is to replace feel-good Financial Wellness programs with proven solutions based on solid behavioral science, coaching, community, and cutting-edge technology. Their proprietary platform and relationship-driven approach are purpose-built to make Financial Empowerment affordable and effective at scale.

For more information visit  questis.co .