Financial Well-Being: How to Develop a Program and Measure Success
Financial literacy. Financial education. Financial wellness. All of these words are buzzing around the workplace. It’s not always easy to pinpoint the goal of this work, or what outcomes can be expected. This webinar will help.
When the Consumer Financial Protection Bureau (CFPB) did direct research with individuals, it led to a definition of “financial well-being,” based on how real people think about money. The definition has been adopted by financial educators and coaches worldwide. In the webinar, the CFPB introduces you to the definition of financial well-being, explains what affects financial well-being, and gives you a straightforward way to measure it.
Financial well-being means how much a person’s financial situation and money choices provide them with security and freedom of choice, today and for the future. The webinar connects financial well-being to related parts of a person’s financial life. One important part is emergency savings. Free materials from the CFPB, from workbooks and worksheets to e-mail boot camps, can help your workforce start up and build on their emergency savings. Then, the webinar walks through the CFPB Financial Well-Being Scale, a way to measure financial well-being in just 10 questions people can answer on the spot. Regardless of the financial benefits offered in your workplace, the Financial Well-Being Scale helps workers measure their progress – and helps you measure the impact of your program.
In this webinar, you will learn:
- The definition of financial well-being.
- The necessity of having emergency savings, a critical component of financial well-being.
- How to access free resources that can help an employer develop a program for the promotion of emergency savings.
- How to administer the CFPB’s Financial Well-Being Scale.
- How to interpret the employee’s financial well-being score.
- How to use the financial well-being score as a metric to measure change and impact over time to an individual, and across workplace populations.