April is Financial Literacy Awareness Month and 2021 is an opportune time to demonstrate the whole person approach in proactively supporting your workforce. In the United States, 53% of adults are financially anxious and find it difficult to minimize their debt. Employers have the unique ability to improve the wellbeing of their employees by offering resources to support financial literacy and assisting in crisis. Below is some of the latest data we conducted to understand how the 2020 employee relief grants played a role in your employee's lives.
Last year, America saw a historic rise in unemployment rates, a health crisis, and severe-weather disasters sweeping the country impacting the health and financial well-being of many. As you heard during last week's client webinar, our 2020 impact research was conducted to understand the impact and outcomes of your employee relief fund programs. 34% of the nearly 8,000 grant recipients that responded to our survey stated they had less than one month savings underscoring the financial fragility of the workforce. After receiving a relief grant, nearly all applicants report at least one immediate, positive change including less stress and ability to focus more attention to work. 88% were able to avoid future negative events such as late fees or foreclosure.
Our team at E4E Relief continues to focus on how our work in relief contributes to the overall well-being of employees. We recognize relief is not the whole fix and empowering individuals to gain access to resources that support financial literacy boosts their mental, emotional, and financial health. We want to continue to work with you to make sure grants are sufficient to keep employees housed, fed, and back to work with less stress and more productivity.
Financial literacy awareness campaigns can also strip the unspoken apprehension employees may experience when asking for help during a financial or mental health crisis . Highlighting your company's current relief programs and financial wellness benefits are a great kick-start. Below are a few other best practices to ensure employees are ready when financial emergencies strike.
Check with your benefits provider to see if they provide financial wellness programs - they may be an easy and cost-effective resource to incorporate into your company's overall financial literacy goals.