Profile of FINRA and the Financial Wellness at Work Program

The FINRA Investor Education Foundation’s Financial Wellness at Work program, administered in partnership with United Way Worldwide (UWW), supports partnerships between community-based nonprofit organizations and employers to deliver financial wellness benefits within the workplace. Financial Wellness benefits may include financial education, financial coaching and counseling, resource coordination, and credit-building financial products.  

The FINRA Foundation and United Way Worldwide began partnering in 2009 to support community-based financial education programs by offering funding, training, and technical assistance. The FINRA Foundation’s resources and research capacities, coupled with UWW’s access to community-based nonprofits, resulted in a strong partnership that supported many financial education efforts nationwide that helped individuals reduce debt and build savings. The FINRA Foundation and UWW observed that workplace-based financial education programs were overcoming access barriers that limited other financial education initiatives, such as participant transportation, childcare, and time. In 2014, the partners narrowed their focus on supporting collaborations among nonprofit organizations and local employers to provide financial wellness services to employees.  

The target audience for these programs comprises low- to middle-income employees experiencing financial challenges that may impact job performance. By partnering with employers, nonprofit organizations can better reach working individuals and families who stand to benefit from consumer-friendly financial wellness services. The FINRA Foundation and UWW also partner with Catholic Charities USA, university Extension services, and other organizations to develop and support these programs.  

Nonprofits have a critical role to play in delivering financial wellness services in the workplace. Employers are often unaware of the financial and related personal challenges that their employees face.  For their part, employees may hesitate to disclose such personal financial difficulties to their employers, but research has shown that they do trust resources provided to them by their employers. Thus, third-party community organizations can serve as intermediaries between the employers and employees, while maintaining the privacy and exercising the discretion and expertise necessary to connect employees to the help they need and want.   

The FINRA Foundation and UWW believe the combination of financial education, credit- and savings-building products, and other financial wellness services make the programs participating in the Financial Wellness at Work network impactful. For example, a community-based financial education program may be paired with a safe employer-sponsored small-dollar loan product. Such loans help employees address an immediate, often unexpected expense while building or establishing credit and savings over the long term. Wrap-around support services (typically arranged by an on-site resource coordinator) help the employee overcome personal obstacles related to financial hardship. And financial education and counseling help the employee create a plan to prepare for future needs. 

“We’re inspired by the many ways the programs in this network improve the lives of hardworking people. These programs are assisting employees in reaching what may otherwise seem like unachievable financial goals, such as accessing safe and affordable credit, overcoming eviction notices and food instability, and buying a first home. It’s a financial wellness benefit that employers can offer to all of their employees.” – Laura Rowell, FINRA Foundation