Source: Rivka Liss-Levinson, Joshua Franzel, Center for State and Local Government Excellence, January 2019
From the press release:
A new report provides an in-depth analysis of local government financial literacy programs across the U.S. The report finds that only about one in four local government employers offer financial literacy programs to their workforce, according to a new survey of human resources directors. ….
…. Key findings from the report include:
• Only 26 percent of local government employers offer financial literacy programs to their workforce. A lack of prioritization by leadership (45 percent), internal resources (30 percent), or financial resources (30 percent), are the main reasons that governments do not implement financial literacy programs.
• Of those governments that do offer financial literacy programs, more than three-quarters cover planning for retirement, budgeting and planning. More than half address debt and investments.
• However, efforts to address different populations – particularly those with limited formal education, those for whom English is not their primary language, or those in different age groups – are generally not widespread.
• Only three percent of programs use mobile technology, text messages and social media. No programs report ensuring that materials are culturally relevant to diverse communities. ….