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Health & Fitness

CCCS SAYS, "FINANCIAL LITERACY AT WORK IS A WIN-WIN FOR EMPLOYEES AND EMPLOYERS"

Did you know that financial issues at home can lead to loss of productivity, absenteeism, and rising healthcare costs at work? CCCS Executive Vice President Lori Jankalski discusses how financial education in the workplace helps address this problem.

This past month, Tara and her family lost their home to foreclosure. This economic blow came at the end of a long financial struggle. For years the family had lived paycheck-to-paycheck never accruing any savings. Then two years ago, Tara’s husband lost his job, and her salary as a clerk typist couldn’t cover their monthly bills and mortgage. Before the family knew it, they were living on credit with no solution in sight.  Lori Jankalski, Executive Vice President at national nonprofit Consumer Credit Counseling Service of Maryland and Delaware (CCCS), says Tara’s story is all too common. “Today financial literacy is more important than ever. Without it, families lack the resources and skills to deal with a financial crisis.  These unexpected money problems not only disrupt life at home. They also lead to trouble at work.”

Studies show that lack of personal finance education can have big consequences in the workplace. When employees experience a financial setback, it may affect their on-the-job performance through absenteeism or loss of productivity. Jankalski says, “Employees who have too much debt are more likely to miss work, because they have to deal with financial emergencies, like arranging to pay overdue utility bills so the lights won’t be turned off at home.  Their attention at work may also suffer, resulting in missed deadlines and an increase in job-related accidents.” 

The stress financially struggling employees experience can also lead to serious health issues. According to recent Task Force on Financial Literacy research, workers who report they are undergoing high levels of stress due to debt also report a significantly higher rate of heart attacks, ulcers, digestive tract problems, migraines, sleep disturbance, and depression. These health issues not only translate to days off and less attention at work, they also contribute to rising healthcare costs.

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Since the economic downturn, employers have become increasingly aware of how employees’ financial situations affect their work performance and the company’s bottom line. Many now recognize that workers who are financially informed are better equipped to make healthy financial choices and deal with economic roadblocks, ultimately saving the organization money and time. As a result, more companies than ever now offer financial education at their work sites.

Jankalski says corporations and agencies that invest in effective on-site financial education see an upsurge in employee morale.  “In this era of diminishing company benefits, this type of on-the-job training is viewed as a plus. Workers are motivated to attend, because they hope to learn new skills and improve their quality of life.” 

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In the past few years, CCCS has ramped up its financial education outreach at job sites throughout Maryland and Delaware. Jankalski notes, “We work directly with a host of different organizations and tailor our presentations to their individual needs.  For example, we participate in wellness fairs and offer ‘lunch and learn’ seminars at corporations like Toyota, Medstar and Johns Hopkins. We help universities and churches educate their members, and supply ongoing workshops to employees at local, state, and federal agencies.  We offer advice and support to military service members and work closely on joint educational efforts with our nonprofit partners. No matter what type of program we present, our goal is still the same: We strive to give participants practical financial information they can go out and use.” 

When CCCS first receives an educational request, it works with the organization’s representative to determine the date, topic, format, and length for the assigned presentation.  It also matches its presenters to the audience and content at hand.  CCCS educators are capable of covering a wealth of financial and housing topics – everything from how to develop a budget, start a savings plan, or understand a reverse mortgage to how to avoid identity theft or purchase a home.  With that said, which topic is the most popular at the agency right now?  Jankalski says, “We’ve been getting a lot of requests for the Understanding Credit Reports and Credit Scores workshop. Employees often come to these seminars because they want to know how to improve their FICO scores.”

In some instances, CCCS also provides confidential on-site financial counseling sessions for workshop participants. Jankalski says, “This makes it possible for us to directly address employees’ questions and concerns.” Employees who need further assistance also have the option to schedule a financial counseling, financial coaching, or housing counseling appointment with CCCS at a later date.  “We have such a broad spectrum of services, we can provide support and resources long after they leave class.”

CCCS has served the community since 1966.  This past year, it presented 254 financial and housing education workshops reaching over 14,000 people. If you’d like to offer members of your organization this same opportunity, here’s your chance to find out more: To learn more about CCCS’s services, visit its website. To schedule an educational workshop or program, contact Lori Jankalski at 1-800-747-2050 or ljankalski@cccs-inc.org.  And remember: When it comes to financial literacy in the workplace, everybody wins!

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Consumer Credit Counseling Service of MD & DE, Inc. (CCCS) is an accredited 501(c)(3) nonprofit agency that helps stabilize communities by creating hope and promoting economic self-sufficiency to individuals and families through financial education and counseling.  CCCS MD State License #14-01

 

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