2. Seven Characteristics of Effective Financial Education Programs
3. When Women Rise
Cigna's $2 million annual commitment to recruiting and developing executive women is based on business strategy, not political correctness. It's an approach supported by research that says companies with the highest representation of women have better financial performance.
Seven Characteristics of Effective Financial Education Programs
There must be a clearly articulated mission, defining values, priorities and goals.
By Betty Liddick Comments 0 | Recommend 0
ompanies
that want to offer financial education for women--or employees in general--might
want to consider the characteristics of successful programs identified by the
nonprofit Institute for Socio-Financial Studies in Middleburg, Virginia.
The institute developed a list of effective practices from
its study of 90 companies and organizations. "For women’s programs, each
dimension should be shaped both to attract and to meet the special needs of
women participants," says Lois Vitt, the institute’s chair and founding
director. The dimensions included in its report on financial literacy education
nationwide are:
A clearly articulated mission, defining
values, priorities and goals.
Targeted outreach.
Adequate resources to design a course, develop
materials and train instructors.
Evaluation and follow-up to determine
participants’ application of the education and to improve the course.
Accessibility. "In most cases, employees
report that supervisors are very supportive of allowing time off to attend
programs," the institute says.
Relevant curriculum, geared to participants’
level of literacy and sensitive to their cultural backgrounds.
Community partnering, such as enlisting the
help of a commercial bank or mortgage banker to help design the course and
supply teachers.
The institute’s report, commissioned by the Fannie Mae
Foundation, was issued before Weyerhaeuser began its women’s program. Even so,
it lauded the company as one of six nationwide offering outstanding financial
education. A summary of the report is at
http://isfs.org/exec-summ.html.
Workforce Management, January 2005, p. 55
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Betty Liddick is a freelance writer in Dunedin, Florida. E-mail editors@workforce.com to comment.
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ompanies
that want to offer financial education for women--or employees in general--might
want to consider the characteristics of successful programs identified by the
nonprofit Institute for Socio-Financial Studies in Middleburg, Virginia.
