Financial
Education Program Checklist
Introduction
Demand for employee financial education is constantly growing. In
order to help plan sponsors prepare their employees for retirement, the
following checklist provides guidance for the various stages of
financial education.
Needs Analysis
Pre-Education Program Preparation
Education Delivery
Post-Program Evaluation
On-Going Education to Encourage Application/Action
- Identify employee education needs
- Assess/collect employee data on current plan
- Participation rates
- Deferral percentages
- Asset allocation
- Correlate plan data with employee demographics
- Age
- Years of service
- Years until normal retirement age
- Amount of plan loans/defaults
- Identify subgroups with unique needs
- English as a second language
- Specific concerns
- Identify retirement philosophy
- Select a financial education model as a guidance framework
- Retirement preparation vs. holistic financial education
- Advice vs. education
- Medical model vs. preventive model
- Event vs. process
- Obtain management support
- Strategic support: upper management
- Implementation support: supervisors
- Identify other internal advocates
- Identify ways your employees learn best:
- Use communication and education resources from existing provider
- Share results of your need analysis and program goals
- Determine how provider can offer additional support
- Communicate with managers and coordinators for their input on
schedules, special needs and environment issues.
- Provide a preview of program material
- Reinforce their informal roles in the financial education
process
- Provide guidelines as to what can be taught about
investments
- Select financial education program
- Maximize learning environment
- Select appropriate sized presentation room
- Ensure best viewing arrangement for visuals
- Follow adult learning principles
- Ensure handout materials are delivered to appropriate locations
- Maintain designated time frames for programs
- Develop evaluation measures based on success criteria identified
in needs analysis
- Measure employee program satisfaction
- Review the success criteria established during the needs
analysis phase and determine level of success achieved
- Thank coordinators, management for support and participation and
request feedback
- Using your corporate model of financial/retirement education,
reassess financial education needs
- Ask employees what they want to learn and how they would like to
learn. Determine if this information fits into your education model
- Determine next goal for financial education
- Begin needs analysis for new financial/retirement education
program
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