Employee Financial Well-Being will roll out an online financial education pilot program called Money Ecademy, which is designed to engage and nudge employees towards better financial habits and health.

The pilot program, which will be around three months in length, will be launched at a number of organizations this month. Each workplace will be made up of 100 volunteer employees. “It’s an opportunity for organizations to evaluate the program, and to measure the level of interest and engagement for employees, starting with a limited number,” said Frank Wiginton, CEO and financial wellness expert at Employee Financial Well-Being.

“We will provide the companies with emails they can send out to get employees to sign up and posters they can put up in lunch rooms or break rooms.”

Read: Tackling the retirement readiness challenge

The pilot program includes:

  • A 45-minute introduction webinar with one of the 15 modules done live to demonstrate the ease of the program.
  • Each month, participating employees will receive three articles covering different topics.
  • At the beginning of the third month, a second 45-minute recorded webinar will share new content and encourage peer-to-peer sharing.
  • At the end of the program, participants will be sent a detailed evaluation and survey to provide their comments and recommendations. Organizations will meet with Employee Financial Well-Being to review and evaluate the program.
  • Employee Financial Well-Being will then work with the organization to launch the Money Ecademy to all employees with the best practices learned from the pilot.

Read: Use plan design to help bridge the financial literacy gap

The program can be easily accessed on any device connected to the internet at any time, allowing employees to engage with the material in their own time.

“It’s something that employees need and want, employers benefit from financially, and that makes the companies look good,” said Wiginton.

Employee Financial Well-Being is inviting employers to participate in the pilot program, and plans to fully launch Money Ecademy around September 2016.

Read: 68% of Canadians are financially literate: report

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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