how your business can participate
At this time, the Save It! Loan is only offered to eligible employees of participating businesses and nonprofit organizations.
Do you own or manage a business or nonprofit organization in Kentucky? If so, you might be eligible to participate in the Common Cents Financial Initiative. Participation will allow you to offer the Save It! Loan to your employees as a benefit.
Why Participate? Benefits to the Employer
Financially secure employees are more productive employees! Employees who increase their financial skills will also increase their ability and confidence to make quality financial decisions. Employers receive many benefits from providing a financial wellness program including legal, financial and social impacts.
• Reduced expenses — Human resource expenses will be reduced when employees improve their money management skills and require fewer payroll advances, wage garnishments and 401k loans (Joo and Garmond, 1998).
• Improved productivity — Financial wellness increases productivity and enables employees to focus on work activities rather than financial problems. Work-related factors that negatively impact productivity were documented in 34 percent of all financially troubled employees. Productivity was found to be 30% lower for financially troubled employees (Brown, 1999).
• Reduced employee stress — Financial literacy education helps reduce both financial stress and overall stress levels for employees (Brown, 1999).
• Increased ability to attract and retain satisfied employees — “Despite the economic pressure employers face, 75% name employee retention as their top benefit priority” (Mullaney, 2002). Workers have identified their employers as trustworthy sources of information and almost two-thirds of employees indicate a need for trustworthy financial advice to help them achieve their goals (MetLife, 2002).
More details about what is required to participate and what you can expect from MACED are available in an Adobe Acrobat document. Contact MACED Program Manager Larrey Riddle at 859-986-2373 or
lriddle@maced.org for more information. |
