Knowledge and Insights
We all need better ways to connect with and understand financial information; luckily, big change is underway. The Mercadien Foundation sponsored a roundtable discussion at its office in early February 2016, bringing together several business, nonprofit and community leaders to tackle workplace issues related to financial capability and education. From the discussion, the Mercadien Foundation will launch the $martWorkplace program in 2016-2017. In the world of financial capability, bringing community members together to share ideas – currently an infrequent practice – is a key component in the creation of substantively beneficial programs statewide.
The Consumer Credit Counseling Service (CCCS), a national organization accrediting educators and educating those in need of financial counseling, reports that financial stress is the number one cause of workplace stress for more than 70 percent of employees in the United States. The CCCS also reports that employees experiencing financial stress spend 13 percent of their work day dealing with their money. For a full-time, 40-hour-a-week employee, that’s nearly 300 hours a year in productivity lost to financial stress.
The roundtable discussion focused on strengthening employees and employers by developing an assessment of support levels and developing best practices for strong and supportive financially-capable workplaces. Mercadien Foundation’s goal is to illuminate current gaps and identify solutions to strengthen regional workplaces. From this community leader roundtable for the $martWorkplace program, The Mercadien Foundation and its partners are developing an innovative workplace program to meet some of the most significant needs of employees and employers in New Jersey.
The $martWorkplace program will be:
An annual assessment of employer financial education activity and benefit implementation. The program will seek to enhance the information and benefits already provided to employees and to improve workplace productivity while furthering financial education and support of employees in the workplace.
For more information on $martWorkplace click here.
The Mercadien Foundation is a 501(c)(3) nonprofit organization whose mission is to create philanthropic and innovative financial capability programs to benefit New Jersey.