Financial capability is an important skill that spans managing daily expenses, navigating financial products, planning for major life decisions such as homeownership, and preparing for retirement, ultimately helping Americans achieve financial stability and enabling them to thrive. Financial education may be one avenue by which to improve financial capability skills, and some employers — who have a vested interest in helping their workers reduce financial stress and achieve financial stability — offer financial education programs in the workplace. This Issue Brief, the first in a three-part series using data from the FINRA Investor Education Foundation’s 2024 National Financial Capability Study (NFCS) and supplemented with survey data from the Employee Benefit Research Institute’s 2025 Workplace Wellness Survey (WWS), examines the associations between workplace-based financial education and workers’ financial knowledge and capability.
Key Findings
- Participation in a workplace-based financial education program tended to be concentrated among workers with high household incomes: More than half of participants had household incomes over $150,000.
- Participants in workplace-based financial education programs were much more likely to rate their financial knowledge as five or higher on a seven-point scale than those who did not participate (85 percent vs. 63 percent).
- On a five-question assessment of financial knowledge, participation in a workplace-based financial education program was associated with a higher score. The positive association remained even while holding variables such as household income and educational attainment constant.
- Workers who had participated in a workplace-based financial education program tended to show higher indicators of financial capability than workers who had not.
- Participants were more likely than non-participants to report spending less than they earned (45 percent vs. 38 percent), being more satisfied with their current personal finances (55 percent vs. 36 percent), and being more likely to feel confident that they could achieve a financial goal (87 percent vs. 73 percent). This positive relationship held even after controlling for household income, educational attainment, and other demographic variables.
Analyses conducted for this Issue Brief suggest a link between workplace-based financial education programs and critical markers of financial capability. Other Issue Briefs in this series will build on these findings to explore other potential effects of participating in workplace-based financial education programs.
Figure 3
Figure 5
Self-Assessed Financial Knowledge on a Seven-Point Scale
“Big Five” Financial Literacy Score, by Participation in
Participated in Workplace-Based Financial Education Did Not Participate in Workplace-Based Financial Education
Workplace-Based Financial Education and Household Income
Figure 12, Logit Model Estimating the Likelihood of Expressing Satisfaction With One’s Current Personal Financial
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Workplace-Based Financial Education and Financial
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ascribed to the officers, trustees, or other sponsors of EBRI, Employee Benefit Research Institute-Education and
to ensure their outlays do not outpace their income. We find that 45 percent of workers who had participated in a
12
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Workers who had p 11articipated in a workplace-based financial education program were more likely to express confidence
Figure 2
29%
inc alm om oste a(s lik Figuerly e 9 to ).re port satisfaction with their current financial condition as workers who had household incomes over
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By Jake Spiegel and Craig Copeland, Employee Benefit Research Institute
Figure 14, Share of Workers Reporting Confidence in Ability to Achieve a Financial Goal, by Household Income and
with one being “not at all satisfied” and 10 being “extremely satisfied.” A rating of seven or higher on that 10-point scale was
14
in their ability to achieve a fi Se nalnc ec ia te l g doa Cl. ha rE aight ctey ri-s se tiv ces n p of er W ceo nt rk of ers pa W rtih cipa o Pa nts fe rticlitp the ate yd w ie nre somewhat or very
More than today 10
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$100,000 but had not participated in workplace-based financial education.
proposals. EBRI invites comment on this research.
percent of non-participants (Figure 7). Figure 15
Participation in Workplace-Based Financial Education and Household Income ............................................ 12
2.79
considered “satisfied” and a lower rating “not satisfied.”
15
Workplace-Based Fin Fa ig nu cre ia l9 Education Programs
c onfident in their ability to achieve a financial goal, compared with 73 percent of non-participants (Figure 13).
24%
Logit Model Estimating the Confidence in
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Fi F 13gr uro e m 15, Ltog hite Mod Br el Es eta imk at ing Ro theo Cm onfide to nc et in A he bili Ba ty to n Ack hie: veT ah Fie na R nciae l Gloa alt ................................ ionship Bet ............. wee 13 n
Logit Model Estimating the Propensity to Report
Figure 7
The logit regression modeling the likelihood of person i reporting satisfaction with their current personal financial condition
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Intr2. o 5duction Figure 11
Ability to Achieve a Financial Goal
Suggested Citation: Spiegel, Jake, and Craig Copeland, “From the 2.35 Break Room to the Bank: The Relationship
Figure 13
Workers Workers
Spending Less Than Household Income
Less than today* Propensity to Report Spending Less Than Income,
is given below:
Workplace-Based Financial Education and 19% Financial
Share of Workers Reporting Satisfaction With Current Personal Financial Condition,
20%
Rather than a single skill, financial capability encompasses a broad range of competencies, milestones, and knowledge.
Between Workplace-Based Financial Education and Financial Capability,” EBRI Issue Brief, no. 660 (Employee
Share of Workers Reporting Confidence in Ability to Achieve a Financial Goal,
All 9.1% Education
by Participation in Workplace-Based Financial Education
by Participation in Workplace-Based Financial Educat ' ion and Household Income
Odds Ratio std. err. t P>t [95% conf. interval]
50%
Ca The p 2a Do FIb N no RA ilt ity k Inv noe w st or Education Foundation e (mpowers Ame|ricans ) with the knowledge, skills, and tools to make
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by Participation in Workplace ?? -Based ?? Financial Education
Did not comple ?? te high school 4.8%
Odds Ratio std. err. t P>t [95% conf. interval]
45%
70 10% 0% Figure 1
Non-White*
1.405 0.076 6.27 <0.01 1.263 1.563
sound financial decisions throughout life. Through a combination of research and educational programming, the
of developing financial knowledge, financial capability can enable people to reach their goals, avoid pitfalls such as
Age
High school graduate — regular 4.2%
Non-White* 64% 0.924 0.043 -1.68 0.09 0.843 1.013
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?? Share of Workers Who 87% Have Participated in Workplace-Based
Male* 1.466 0.075 7.51 <0.01 1.326 1.619
90%
Copyright Information: This report is copyrighted by the Employee Benefit Research Institute (EBRI). You may
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1.159 0.053 3.25 <0.01 1.06 38% 1.267
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t ra he tios F 60 . INRA % Investor Education Foundation
Financial Education, National Financial Capability Study (NFCS)
Some College 0.933 0.066 -0.97 0.33 0.812 1.073
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10 80 % % 25–34 8.5% Some college 7.7%
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Some College 1.042 0.074 0.59 0.56 0.9073% 8 1.197
Associate and DegreW e orkplace Wellness Survey (WWS) Estimates
1.182 0.109 1.82 0.07 0.987 1.416
14
a Fi na ston cc kia mutu l educ al a fu tio nd n .”c an be one method of improving financial capability. There are numerous method 50% s of delivering
Rea sny po nd and ents all c we op rey a right ske35–44 d ,a “If nd y ot ohe u w r eare pp to lic a se bt lea not finaic 9 nc .e 4s c ia %l ont goaa A l in sso foe r d ci y o a the urs te r de e elf in, grto ee a dnd ay, yho ou wm co anf y id citee nt 8 or .0 a% re quot you e in sm ya oll p ur a ob rtilions ity to of
70%
Associate Degree* 1.302 0.11 3.11 <0.01 1.103 1.537
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Bachelor’s Degree* 1.28 0.092 3.45 <0.01 1.112 1.473
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fin achie antv c he e ia l e it? re” d puc or Reta s tp pio o rov ns n. ide eSom od ptions teha seconda t w you ered “no r o y so ve s t cahools in t arll b a co tim nf clude id ae nd nt, fin w ” “no it ah p nc t ia r vo l e ep ry e d rc uc o cnf it ata id io tion. e n a nt,s p ” A“ny saor me tus of e w a ha b e m ty ond a co nd nf a id tthe e ed nt, sc c” ur op “v rie e cry ulu of cm tohe nf , id afor nd ent, eso g” oing m “de o n’ t
Bachelor’s Degree*
1.388 0.092 4.94 <0.01 1.219 1.581
60%
True
A T A G L A N C E
2%Postgraduat 2% e Degree* 1.595 0.149 5.01 <0.01 1.329 1.914
2%
1
55–64 10.7% Postgraduate degree 16.6%
critical part of the securities industry—member brokerage firms doing business in the United States. Visit
c kolle nowg ,” es offe and “p r re cla fess r no es t t to o is m ap y.r”ov e the financial knowledge of students. The federal government, through vario 1% us
requires EBRI’s prior express permission. For permissions, please contact EBRI at permissions@ebri.org.
Postgra1% duate Degree* 1.567 0.123 5.7 <0.01 1.343 1.828
40% 1%
0. 50 5 % $50,000–$99,999 Income 0%
1.519 0.088 7.17 <0.01 1.355 1.702
2
False* 65 or older 9.7%
Finan wcw iaw l c .FI ap NaRA bili.or ty g is for an i dm etp aor ilst.a nt skill that spans managing daily expenses, navigating financial products, planning for
agencie 0% s, provides $ e5 d0 uc ,0a 0t 0ion –$9 a9 l ma ,999t e In rc ia ols m a eimed at im 1.p 0r2 ov 3 ing fin 0.0 a5 nc 7ial 0 k.now 41 le 0.d 6g 9e and 0.9,1 ult 8 imate 1l.y 1, 4financial capability.
15
20 40% %
Respondents were $ 1 a0 s0 ke ,0d 0 0 to – $a2s9 s9 e,s9s9 the 9 Inir c o cm onf e*idence in2 a .2chieving 0 .a 1 5fina 5 nc 11 ia .2 l30% go t [95% conf. interval]
m easures examined in this paper, such as “Big Five” scores, self-rated satisfaction with their personal financial
such as household income and educational attainment constant.
coaching or counseling with certified financial educators F. ig These ure 1 2 efforts can also be offered on an ad hoc basis or
2.6
by Household Income and Participation in Workplace-Based
Share of Workers Reporting Satisfaction With Current Personal Financial Con 49% dition,
Well-Being, Behavior, and Objective Situation,” International Journal of Financial Studies 13, no. 1: 44. 2025.
49%
Fi gure 3, Self-Assessed Financial Knowledge on a Seven-Point Scale ......................................................................... 7
50%Don’t know N on-White* 0.572 0.023 -13.7 <0.01 0.528 0.619
condition, and belief in their ability to achieve a financial goal. However, there appears to be a correlation between
• Workers who L ha od g ip t aM rtic oipa delt eEs d in a tim a w ti or nk gp la th ce e -L biak sed eli h fin oo an dc ia of l e Ex duc pr ae tion p ssinr g og Sa rati ms tfa ende ctio dn t o show higher
c ontin 2.uous 5 ly as one component of Fin a ancial broader Educat financial w ion el lbe and ing Hou stratseho egy. ld Income
by Participation in Workplace-Based Financial Education
https://doi.org/10.3390/ijfs13010044.
Male*
1.931 0.076 16.6 <0.01 1.787 2.087
participation in a workplace-based financial education program and improved measures of financial capability. Given
Figure 4, “Big Five” Financial Literacy Score, by Participation in Workplace-Based Financial Education.......................... 7
60 10 % 0% indicators of financial ca W pa ith bil it O yn te h’asn w Cu or rr ke en rs w t Pe ho rsha on da no l F t. in ancial Condition
Prefer not to say
94%
40%
Some College* 55%
1.907 0.108 11.4 <0.01 1.706 2.132
7
Thi tha Th s te tI his 4 s “B 0su % i gr e e F B la ivrte ie ions ” f fina — hip t nc he hold ia lfir lis ts e t ra e in v c e y an w q seri uehil setions s of e hold tw he ing re re e d e st e dudie v uc elop atsion a e le d vbey nd r a Ann ghous ing ama deahold rita a L fr u o inc sm arom d the i a end FI co N Ol ns R iv tA a ia nt I nv Mitc , in est he croe ll ra a E sind d ng uc aa tre a tion Found k c eo -mmo up am nly on a tu ig on’ s eds
• 90% Participants were more likely than non-participants to report spending less than they earned (45 percent vs. 38
8 Fi gure 5, “Big Five” Financial Literacy Score, by Participation in Workplace-Based Financial Education and Household
Workplace-Based Financial Education Participants and Their Financial 82% Knowledge
2 Ass 82% ociate Degree* 1.987 0.134 10.2 <0.01 1.74 2.269
See Angrisani, Marco, Jeremy Burke, Annamaria Lusardi, and Gary Mottola, “The Stability and Predictive Power of Financial
low in fina er-nc inc iaom l lite e ra wcor y k lie te rs raa ture nd .w Th ore ky e ras w re u its h low ed toe e rli e cd it uc un ad tio ers na tal a ndting tain om f e bnt as ic m fina ay 33% b nc eia fr l ui co tful nce fpor ts im and pr thu oving s are the cir ommo finan nly cia p l roxied
2024 National Financial Capability Study (NFCS), along with other surveys from the Employee Benefit Research Institute
50% Odds Ratio std. err. t P>t [95% conf. interval]
percent), being more satisfied with their current personal finances (55 percent vs. 36 percent), and being more
80%
Income ................................................................................................................................................... 8
Bachelor’s Degree*
3.291 0.192 20.4 <0.01 2.934 3.69
I Ln th iterae c y2024 : EvidN enc FCe S, fro rem spond Longe itnt ud s w inae l rDa e a ta sk ,” eNBE d to Rself Wo-rk rain te g tP he apire rfin 28125 ancia,l kn 2020. ow ledge on a scale from 1–7, with 1 being very
for financial literacy. For example, see Lusardi, Annamaria, and Olivia Mitchell, 69% “The Importance of Financial Literacy: Opening
capability. Non-White* 1.157 0.056 3.02 <0.01 1.053 1.271
(EBRI), such as the 2025 Workplace Wellness Survey and the 2025 Retirement Confidence Survey — examines the
30%
likely to feel confident that they could achieve a financial goal (87 percent vs. 73 percent). This positive
70%
Postgraduate Degree*
4.549 0.331 20.8 <0.01 3.944 5.246
low Figur to e 7 b 6, Or eing derv ee dr y L og high it Mod . Sele f- l Es asste im ssed ating fin“a Bnc ig ia 5” l kn Fiow nanc led iagl Li e d te oe ras not cy Sc p or ee rfe ................................ ctly track actual financ ................................ ial knowledge. Some .. 8
9
a New Field,” JournaM l o alf eEc * onomic Perspectives, vol. 37 no, 4, 2023. The “Big Five” question are as follows, with the correct
40 1.% 5 1.659 0.078 10.7 <0.01 1.512 1.82
r eTh lateio ons rdhip ered b e log twit ee re n w greor ssk ion pla mo ce-dbealised ng the fin a “B nc ig ia Fi l e ve d” uc sa co tio ren a of nd pers eo m n pi loy is e ge iv e fin n a bnc elow ial c : apability. Given the specific focus on
relationship held even after controlling for household income, educational atta 36% inment, and other demographic
60% $50,000–$99,999 Income* 1.303 0.061 5.68 <0.01 1.189 1.427
5
may be overconfident in their knowledge, while their actual financial knowledge lags. Conversely, some may be less
Analyses conducted for this Issue Brief suggest a link between workplace-based financial education programs and
responses marked wS ith om ae n C ao st lle eris gek *: 0.677 0.05 -5.28 <0.01 0.586 0.782
Participation tended to skew toward workers with higher incomes. Over 20 percent of workers with a household income
Figure 7, Propensity to Report Spending Less Than Income, by Participation in Workplace-Based Financial Education ... 9
the workplace, all analyses are restricted to workers: those responding in the NFCS that they are working for an
* '
20%variables. $100,000–$299,999 Income*
2.036 0.111 13.1 <0.01 1.83 2.265
50%
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certain and underestimate their financial knowledge. Regardless, research suggests that even self-assessed financial
critical markers of fin Asa sn oc cia ial te c a D p ea gb rili ee ty. Other Issue B1 rie .1fs 79 in this 0. 1 seri 04es w 1.8ill 7 buil 0.0 d6 on t0he .99 se 2 findings 1.40 1 to explore other
30%
between $200,000 and $300,000 participated in a workplace-based financial education program, over twice the share
employer on either a full-time or part-time basis.
$300,000+ Income* 3.368 0.526 7.78 <0.01 2.48 4.574
1) Supp 1ose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think
Figure 8, Propensity to Report Spending Less Than Income, by Participation in Workplace-Based Financial Education
40%
*
knowledge can havB e aa cn i hem lop r’a sc D t e on gre peosit * ive financial behaviors, such as planning steps to stick to a budget, setting
potential effects of participating in workplace-based 1fin .22 a7 ncial e 0d .0 uc 83 ation p 3.04rog