A new workplace investor education program has been successful in the handful of states where it was tested. The program's organizers hope to roll it out to an additional seven states and the District of Columbia.
"Investor Education in Your Workplace," a project of the nonprofit Investor Protection Institute with support from the Investor Protection Trust, is carried out jointly with state securities agencies and the National Credit Union Foundation.
The 10-week program initially was tested in Pennsylvania, North Carolina and Wisconsin. It tries to answer the question, "How do you encourage employees to participate more fully in workplace saving and investing programs?"
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The initial phase of the program saw up to 50 percent increases in short- and long-term saving and investing activities; up to 40 percent improvement in investment knowledge measured through pre- and post-testing; up to 50 percent improvement in participant attitudes and behaviors, including increased financial well-being, setting investment goals, implementing a budget, and starting/increasing contributions to 401(k), IRA or equivalent plans; over 80 percent of participants complete the entire 10-week program; and 96 percent say they would like to participate in additional program
"The answer to the question of how to get more employees to participate in workplace saving and investing programs is much sought after in the world of investor education. The good news here is that we now have a much better handle on what works," said IPI President and CEO Don Blandin. "The real plus of the 'Investor Education in Your Workplace' program is that it is a proven product with measured and fully quantified empirical data spanning thousands of employees in three states. This is an excellent example of how state securities agencies are once again taking the lead in delivering important and effective investor education at the grassroots level in the U.S."
Additional state securities agencies are being encouraged to participate in the Fall 2012 Investor Education in Your Workplace program. Informational webinars about the fall program, including detailed program results, will take place in May. Webinar information is available at www.investoreducationinyourworkplace.org. State decisions on participation should be made by June 15, 2012.
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