While nearly all American workers believe financial literacy is important, only about a third of them say know much about financial products and services.
A study conducted by industry research group LIMRA has found that although 95% of workers in the US say that financial literacy is important, just 35% describe themselves as "moderately or extremely knowledgeable" about financial products and services and only 28% are are “very confident” in their abilities to make important financial decisions.
The LIMRA study found that, of the two thirds of respondents who had access to financial education programs through their employee benefits, 72% had taken advantage one. The survey also revealed that 32% of those who attended debt management programs were “extremely satisfied” with the course, compared to just 17% of those who said this about the retirement planning courses they had attended.
There is also a strong demand for online courses, with 49% of employees indicating that they would like to use an online program for their employer-sponsored education. Only about one third of the respondents said they wanted to have one-on-one meetings with financial advisors.