Financial Well-Being: How to Develop a Program and Measure Success

Webinar

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.

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Details

On-Demand

Access: | On-Demand Event Code: WEBINAR-20210414-PLAYBACK

Recorded Event

Please note: Prices are subject to change without notice. All sales are nonrefundable. Access to the live event is limited to the first 1000 participants, so be sure to log on up to 15 minutes prior to the event start time. The live event includes access to playback. Playback and the on-demand webinar are available two business days following the live event, and you can access them for 90 days. If you order the on-demand webinar after the live event, your 90-day access begins the day of order.

HRCI credits will only be granted for attending the live webinar event. On-demand webinars do not qualify for HRCI credit. You may receive a certificate of completion for watching an on-demand webinar. Please contact Customer Experience Team at 877-951-9191 (United States and Canada) or +1 480-951-9191 (other countries) or email customerrelations@worldatwork.org to request this certificate. You'll receive it in two to four weeks via email.

Presenters

Ken McDonnell

Financial Education Program Analyst | Consumer Financial Protection Bureau

Kenneth McDonnell joined the Consumer Financial Protection Bureau (CFPB) as a Financial Education Program Analyst in the Office of Financial Education in August 2013. The Office of Financial Education is responsible for developing and implementing initiatives intended to educate and empower consumers to make informed financial decisions. He is responsible for forming relationships and strategic partnerships with financial education non-profits, libraries, service providers to employers, and organizations within the financial services industry. Prior to joining the CFPB, Mr. McDonnell served as the Director of Research and Outreach at the Insured Retirement Institute (IRI). In this capacity, he oversaw and directed the IRI’s research producing one original research report per month and the IRI’s consumer outreach efforts through the National Retirement Planning Coalition, a group of prominent education, consumer advocacy and financial services organizations to raise public awareness of the need for comprehensive retirement planning. Prior to that Mr. McDonnell was with the Employee Benefit Research Institute (EBRI) where he led and oversaw EBRI’s two financial capability programs, the American Savings Education Council (ASEC) and Choose to Save.

Laura Schlachtmeyer

Senior Content Specialist | Consumer Financial Protection Bureau

Laura leads the development of effective financial education content in the Office of Financial Education, across multiple audiences and media. She arrived at the CFPB with more than 15 years of experience in financial services and employee communication. She’s led efforts to innovate, test, measure, and refine communication programs aimed at helping millions of employees avoid mistakes with their 401(k)s. She’s worked with human resources and benefits executives at Fortune 500 companies to develop comprehensive campaigns explaining pensions, stock and incentive compensation, health and welfare benefits, early retirement, and more. She got interested in behavioral decision-making as an undergraduate at the University of Chicago, where she worked as a research and teaching assistant at the Center for Decision Research. She maintains the Certified Financial Planner™ designation.

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