Financial literacy has become a priority for corporations, multiemployer trust funds and public-sector employers in both the U.S. and Canada, according to a survey by the International Foundation of Employee Benefit Plans.
The survey, conducted in February 2014, found that half of all organizations offer benefits literacy education and nearly half offer retirement security education, but only one-quarter offer financial literacy education.
More than one-third of organizations offering financial education said they have started offering this education in the past five years. Nearly two in five respondents said they feel responsible for educating retirement plan participants about their pension and benefit options. They also want to encourage retirement savings and help participants become financially literate managers of their money.
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