More than 450 McLeod Health employees have been through the financial education initiative at the company, which is based in Florence, South Carolina. The results have been strong with over $1,476,000 in debt paid off or new savings generated during the 13-week class! Further, the average financial wellness of class participants has increased over 43% as measured by the Personal Financial Wellness Scale™© assessment tool from the Personal Finance Employee Education Fund. Before taking this course, participants’ average Financial Wellness score was 4.3 out of a possible 10. After the 13-week class, the scores improved over 2 points to 6.3.
“These results are even more remarkable considering the current economic climate at a time when most people in the U.S. are very worried about their personal financial well-being,” said Shannon Carr, Assistant Director of Employee Relations at McLeod Health. “It has been incredible seeing employees, family members, and accountability partners get excited about taking control of their money.”
Here is a quick look at some of McLeod Health’s results since they began the financial education initiative in September, 2008:
• Over 450 participants
• 94% “graduation” rate
• About $1.5 million in overall financial improvement
• More than 500 credit cards destroyed
Most financial education programs are not just about teaching employees how to better manage their money but also about motivating employees to change their behaviors in ways that will impact their entire well-being: financial, personal, and emotional. Here are just a few testimonials from employee participants:
“I have paid off approximately $20,000 in debt. I have a better understanding of what I need to retire and what kind of insurance I need.”
“The envelope system is great! This helped me budget my finances, and I am so happy at the end of the month when I have extra money in my bank account!”
“I am now at peace with my finances. I am grateful for this wonderful program and for McLeod Health’s Leadership Team for caring enough about us to offer it. Thank you McLeod!“
McLeod Health is a not-for-profit health care system located in Northeast South Carolina and employing more than 4,800 employees. McLeod has been intentionally focusing on employee financial wellness since 2008 by offering education, communication, and other services to support employees and their families. As a result of these efforts, McLeod Health has been named an “Exemplary Employer” by the Personal Finance Employee Education Foundation and cited as a best practice recipient, winning an “Economic Stimulus Award” from the Society of Human Resources Management for comprehensive employee financial well-being programs.