| The purpose of this study was to examine financial well-being and the need for employer-sponsored financial literacy education as reported by employees at a Texas public research university. The population for this study consisted of all benefits-eligible employees of the Texas A&M University main campus. Survey research methodology was used for gathering and reporting data in this study. Demographic factors considered included gender, marital status, education level, ethnicity, age, and household annual gross income. Statistical procedures used included descriptive statistics, t-tests, analysis of variance, and chi-square analysis.; In examining all aspects of reported financial well-being, the research found that individuals varied in their responses, but relatively few reported a strong sense of financial well-being. Most were meeting their current needs, but many had concerns about the future. Over three-fourths of respondents articulated their desire for employer-sponsored financial literacy education. In expressing their concern for the future, respondents identified the three topics of most interest as benefits, investments, and retirement planning. Higher levels of financial well-being were reported by well-educated, coupled men who were at least 50 and who had a financially comfortable total household annual gross income. Four of the six demographic characteristics considered clearly influenced the desire for employer-sponsored financial literacy education; only marital status and age did not affect the desire. Respondents who desired employer-sponsored financial literacy education reported a lower subjective perception, a lower behavioral assessment, and less satisfaction with their financial situation than did those who reported no interest in such education.; Recommendations included the following: (1) Employers should understand the demographics of their employee population and identify those groups who are at most risk for future security and who currently lack proficiency in personal financial management. (2) Information about benefits offered by the employer especially should be stressed in a personal financial literacy education program. (3) Employers should consider providing education on investing and on retirement planning to employees of all ages, with offerings being tailored to specific life course stages. |
