The Personal Finance Employee Education Foundation, Inc. (PFEEF), a non-profit organization, promotes and facilitates financial education in the workplace (Click here for press release).
The Personal Finance Employee Education Foundation was established in 2006 as a logical extension of research conducted during the previous two decades. Initial research conducted during the 1990s at the National Institute for Personal Finance Employee Education at Virginia Tech demonstrated the employer's return on investment for providing financial education to employees. Additional research in the 2000s by the InCharge Education Foundation and academic scholars around the country further established that workplace education reduces employee financial distress and therefore, improves their financial well-being.
Personal Financial Well-Being (PFW) Scale A major breakthrough occurred in 2006 with the publication and availability of the Personal Financial Well-Being (PFW) scale. The PFW Scale, a 8-question survey, can be used by human resources professionals and financial education providers to make the business case that providing financial education to employees improves the bottom line. PFEEF Research tells us (1) the lack of financial literacy--spending plans, credit management, and savings--is the major reason why employees do not save for retirement; (2) money worries hinder employee job performance; and (3) providing employees easy access to basic financial education programs improves their personal financial behaviors and job performance as well as the employer's bottom line.
What PFEEF Does PFEEF advocates best practices in workplace financial programs to increase employee well-being and employer profits. Support is provided to human resources professionals, financial education providers, academic researchers, and others involved in workplace financial education. We give employers tools and expertise to detail the bottom-line ROI of quality workplace financial programs. PFEEF does not provide financial programs; instead we recommend them.
PFEEF Helps Employers We identify the providers of workplace financial programs and project their value to the employer's bottom line. PFEEF helps top management--one employer at a time--use company data to prove the bottom-line value of providing employees easy access to quality programs that improve personal financial behaviors.
PFEEF Helps Workplace Financial Education Program Providers We help workplace financial providers demonstrate the value of their financial program to employers and therefore build market share in workplace financial education.