More than one-third of Americans spend between two hours and half a day handling or worrying about personal finance matters each day. According to a new study by McGraw-Hill Federal Credit Union, which surveyed more than 1,000 people about how much time they spend on money matters each year, people spend just as much time worrying about their finances as they do managing them.
“There’s often a great deal of stress associated with personal finance issues. Financial wellness, and the workplace that fosters it, can go a long way towards providing solutions that increase productivity and peace of mind,” said Shawn Gilfedder, president and CEO of McGraw-Hill Federal Credit Union.
April is Financial Literacy Month so it is a perfect time to get people thinking about how much of their workday is spent working on personal finance, like paying bills, applying for loans or appeasing creditors.
“Many people are feeling the pain of financial insecurity and the toll it can take on everyday lives, not to mention the potential loss of time and productivity at work for employers,” he said.
Credit unions like McGraw Hill help consumers achieve financial wellness through monthly financial literacy seminars, employee financial education and new products and services. For example, McGraw Hill offers its members the S3 checking account that features no monthly fees and no minimum balance requirements, as well as a new lifecycle financial advisory service.
“Many people today are also looking to do business with financial institutions that deliver financial education through a caring, needs-based approach,” continues Gilfedder. “We’re seeing that consumers want to do business with financial institutions that have their best interests in mind.”
McGraw-Hill Federal Credit Union, a member-owned cooperative, is a leading and progressive financial institution committed to members and the community at large through financial technology, financial education and literacy and a consultative approach to banking.