What is the Employee Survey and PFW Scale™?
The Employee Survey and Personal Financial Wellness Scale™ (PFW Scale™) is an eight-question, self-report measure of perceived financial distress and financial well-being. Questions on the PFW survey require people to evaluate their current financial situation.
The instrument measures how people are doing along a continuum extending from negative to positive feelings about and reactions to their financial situations. The tool has been scientifically determined to be a valid and reliable measure of personal financial wellness and is considered to be the gold standard of measurement in the industry.
How is the Employee Survey and PFW Scale™ used in the workplace?
The Employee Survey is administered online. At the completion of the survey, the PFW Scale™ will show the scoring result as a number on a scale of 1 to 10 (1 being poor financial wellness and 10 being high financial wellness). The PFW score is a personalized assessment of one’s financial health.
The PFW Survey and Scale™ can be used to benchmark the financial health of large populations, as well as to assess the outcomes of treatments designed to reduce financial distress and improve financial well-being. Employers also make the PFW Survey and Scale™ available to employees so individuals can track their financial progress.
What are the outcomes of financial wellness in the workplace?
Studies show that employee financial wellness can improve morale in the workplace. Benefits of financial wellness programs in the workplace include:
- Improvement in workplace productivity
- Improvement in employee morale
- Improvement in organization loyalty
- Reduced absenteeism
- Reduced turnover
- Reduced workplace distractions
Financial education programs can be a cost effective benefit that can create a more focused, engaged, and productive workforce.