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April was Financial Literacy Month. Coined by the National Endowment for Financial Education, every year, April serves as a time to recognize the importance of financial literacy. It's a necessary observance – in fact, the Global Financial Literacy Excellence Center's most recent Annual Personal Finance Index (P-FIN Index) only saw adults answer 48% of questions correctly, showcasing the massive lack of financial literacy amongst U.S. adults.
Amid record inflation, business leaders are beginning to recognize the importance of financial wellness for their employees. Recent data from Bank of America revealed that 96% of employers view themselves as somewhat or extremely responsible for their employee's financial well-being, and rightly so. Financial strain can have massive implications at work; a 2023 study from PWC revealed that financially stressed employees are less engaged at work, view financial stress as a distraction at work, and are twice as likely to be looking for a new job.
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