New research has shown that employees who participated in workplace-based financial education programs had stronger financial knowledge and capability than those who didn’t.  

The research was published by the Employee Benefit Research Institute and the FINRA Investor Education Foundation.  

Results include: 

• Those who participated in workplace-based financial education programs were more likely to rate their financial knowledge as five or higher on a seven-point scale, with 85% of participants rating their financial knowledge at that level, compared to 63% of nonparticipants.  
• Participants also scored higher on a five-question assessment of financial knowledge.  
• Participants were more likely than nonparticipants to report spending less than they earned, feeling more satisfied with their current personal finances and feeling confident they could achieve a financial goal. 

The positive results held even when controlling for gender, race, educational attainment, and household income.  

“Financial capability affects nearly every part of a worker’s financial life, from managing everyday expenses to preparing for retirement,” said Craig Copeland, director of wealth benefits research at EBRI, in a statement.  

“This research suggests that workplace-based financial education can be an important avenue for helping workers build knowledge, confidence and stronger financial behaviors. The findings also point to a key opportunity for employers: increasing participation in these programs among workers who would benefit the most from them.”