Research

Data Collection Procedures
Data Collection Suggestions For Employers and Providers

1. Data Collection Online or Using Pencil and Paper
Employers and workplace financial program providers may collect data from employees using the Personal Financial Well-Being scale (1) completing the PFW online, or (2) using a pencil and paper format by making copies of the eight questions. The questions take most respondents about three minutes to complete. The results help employers assess the value of their workplace financial programs.

2. Employee Identifying Information
A. Collecting PFW data WITHOUT any identifying employee information is still very useful. This approach is suggested because the findings will provide the human resources professional and top management a benchmark of the overall financial well-being of employees. National norms for the general population of adults in the United States have been established to provide data for initial norms to interpret scores. The average mean score for the general population is 5.7 on a 10-point scale with 10 being the highest score. Thirty percent of the people scored between 1 and 4 while 42% scored between 7 and 10 and 28% were at 5 and 6 on the continuum. Some employers view the PFW data on their employees and do nothing with it. Others share the findings with their financial program providers. Some employers suggest to their provider that improvements are needed. Other employers immediately seek to find alternative financial program providers who will do a better job decreasing employees' financial distress and improving their financial well-being.

B. Collecting PFW data WITH identifying employee information is the recommended procedure, if company privacy policy permits it. The employee information needed along with the PFW score is a (1) Social Security number, (2) Employee Identification Number, or (3) the last 4 digits of the Social Security Number. (The last method permits matching the PFW scores of perhaps 99 percent of the employees via their full Social Security numbers.) Getting the identifying employee information provides the human resources professional the opportunity to match employee information on demographics (e.g., age, gender, marital status, years with company, income) and job outcomes (e.g., last year's job performance rating and absenteeism). This single data collection (with identifying employee information) also will permit the PFEEF, if desired, to create a projected return-on-investment (ROI) for the employer who implements a quality financial program that is better designed to reduce employees' financial distress and increase personal financial well-being.

3. PFEEF Reports
Using the data collected according to PFEEF formatting guidelines, the Foundation can prepare for the employer and/or provider, if desired, a report of the results and a PowerPoint presentation suitable to present to top management. Ask the PFEEF Research Director for guidance in data collection procedures. Approved users of the PFW must have written permission.

4. Projecting and Proving an Employer-Specific Return-on-Investment
Employers and providers interested in projecting an employer-specific return-on-investment using cost data provided by the employer and/or proving the genuine ROI of the financial program using company data may contact the PFEEF Director of Research for more information.