Financial literacy and anxious employees

Nowadays, when millions of people have lost their jobs and millions more are facing pay cuts and possible termination if their companies fail, it is inevitable that employees are stressed and anxious. Companies have suddenly woken up to the fact that they need to quickly upskill their employees on personal and life skills like destressing and financial stability.

Financial literacy is an individual’s ability to understand and effectively apply various financial skills, including personal financial management, budgeting, and investing. Financial literacy helps individuals become self-sufficient so that they can achieve financial stability.

According to a study conducted by Standard & Poor, 76% of Indian adults do not even understand basic financial concepts such as insurance, investment, savings, and liquidity.

It is not as if no efforts have been made to increase financial literacy in the past. While it is the responsibility of financial regulatory bodies to educate their customers so that they make prudent decisions, they have failed to do it in an all-inclusive manner. The language they use in legal documents about possible involved risks is so complicated that it is hard for a layman to be able to comprehend it, and therefore they are unable to make a well-informed investment or insurance-related calls.

As a result, most adults end up making incautious financial decisions that lead to economic instability. Economic distress, in turn, impacts their ability to access healthcare, education, and other basic facilities, while also compromising future economic security.

Be.artsy has modelled its financial wellness program on raising financial literacy in an interesting way so that even people who fear maths are able to absorb the information easily.

While many companies have taken Be.artsy’s Financial Wellness program over the past few years, the number of queries for this particular program has shot up in 2020, as the Learning and Development departments of companies are actively searching for programs related to financial literacy. Companies are realising that a financially secure employee is a happier and more productive employee.

Be.artsy has already covered more than 1,20,000 people in financial wellness programs for over 120 companies across India. Be.artsy has also been the Investor Awareness Program partner for the National Stock Exchange since 2016.

Why not try it out for yourself?