Workplace Financial Education and Job Coaching for Low Wage Hospital Employees

Background and Purpose: Workplace financial education has had mixed results. For low-income employees, offering financial education without ongoing coaching services or instruction on critical financial needs confronted in daily life has not led to positive or sustained outcomes (Anderson, Zhan, & Scott, 2004). To be more effective, financial education must be targeted and meaningful for participants (Hathaway & Khatiwanda, 2008), as well as convenient, with the workplace considered an ideal intervention setting (Edmiston, Gillett-Fisher, & McGrath, 2009). As a way to improve outcomes, this study offered on-site financial education workshops in conjunction with integrated financial and job coaching services for low-wage employees, at three hospitals throughout a large Mid-Atlantic city. This paper presents results from financial education workshop outcomes for three of the six modules being offered.

Methods: The researchers modified the Money$mart curricula from The Federal Deposit Insurance Corporation (FDIC) and provided group financial workshops at the workplace, facilitated by an experienced financial trainer. Using a one-group, pre-and post-test design, data was collected from 62 employees who were recruited by the job coaching program by word of mouth and onsite flyers. Researchers adapted measures from the FDIC national evaluation study in addition to other national surveys. Workshops offered thus far included: Money Matters, Pay Yourself First, and To Your Credit.

Results: This paper presents results from year one of a two-year study. Results revealed that employees reported increased financial knowledge and confidence to manage their finances as a result of attending at least one of the three workshops (p<.001). Additionally, financial stress decreased by the end of the workshops (p<.001).  The majority of employees reported developing a specific financial goal that they intended to work on after the workshop, feeling more in control of their finances after attending a workshop, and felt “somewhat” to “very confident” that they could achieve their goal within the time frame established.

Conclusion and Implications: Over the next year, three additional workshops will be offered and the program will be extended to three additional hospitals. At the conclusion of each set of workshops, the researchers will email a follow-up survey to assess outcomes. While year one results suggest improvements in areas of knowledge, self-confidence, and financial stress, it is important to see if these changes will be sustained over time. Additionally, outcomes related to goal activity and attainment need to be assessed over time. Finally, the workshops are meant to be an entry point into one-on-one financial coaching, offered within the context of a broader job coaching program. The researcher will evaluate if, over time, this integration can be offered successfully, resulting in the completion of identified financial goals and leading to greater financial and employment stability. If employee financial education, coupled with job and financial coaching, is found to be successful; this could offer a new intervention for helping working families to improve their future financial security. Improved financial security would benefit everyone; offering opportunities not only for the employees, but also their children and broader community.