Increasing Your Employees Financial Literacy May Boost Your Business

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One of the driving forces behind a successful business is a team of happy and productive employees. If you don’t have the right balance in your workforce, you are doomed to fail before you begin. But keeping employees happy and ensuring they continue putting 110% into the job is pretty tough. CNBC reported that one of the leading reasons that employees suffer personally and, in turn, professionally is financial issues and money worries.

So how can you fix that? Encouraging your employees to strive for financial literacy and helping them access the tools to do so will increase their management skills, improve how they manage their funds, and potentially decrease their stress related to financial matters. Furthermore, them attaining financial literacy can also benefit how they perform their duties at work.


Understanding investments

There are many different ways to invest – stocks, bonds, commodities, CFDs, forex, property, art…the list goes on. But not all investments are shrewd ones. People must learn how to effectively invest money in a way that will keep it safe and ensure the best chances of seeing financial returns in both the short and the long term. For example, knowing how to build a diversified investment portfolio and how to maintain it is an important life skill and can help create long term security for your employees. The most popular way for investors to invest is via online trading sites like Trade 360 which offer a selection of services tailored to traders at all stages of their journey. These include forecasting and projection tools, demo accounts, and other tools that can help increase the financial literacy of users.


Managing debts and credit

One of the biggest causes of anxiety for people today is mounting credit and debit card debt, as per a Frontiers in Psychology study. This combined with mortgages, overdrafts, student loans, car loans and store cards, can be truly overwhelming for many. But there are several ways that these can be managed. Firstly, there are several debt consolidation advisories out there that can analyze the income and outgoings of individuals and help them understand where they are going wrong. These groups make great guests at staff meetings or as a part of regular ongoing training.


Knowing how to save

Does your company provide any guidance on saving, for employees? Providing courses or the opportunity to learn more about how to save can be vital for your staff. This can help them to make saving a habit and be sure to put money away each month, helping to support their wellbeing outside of work.

Not only does teaching good financial habits benefit your employee’s wellbeing and help them to focus more on work, but it also provides soft skills that can be beneficial for their roles. Restraint, responsibility, and understanding how currency markets or stock markets work can help them in various ways at work. As an employer, teaching your staff how to manage their finances is an investment in your business.