Banking Department and PSECU To Provide Free Financial Education To Workers
Pilot Program to Bring Financial Education to Commonwealth Workplaces
Harrisburg, PA - The Pennsylvania Department of Banking, in conjunction with the Pennsylvania State Employees Credit Union (PSECU), today launched a pilot program to help several hundred state employees learn more about money management and personal finance.
"According to a university study, one financially-stressed employee can cost abusiness up to $400 per year in lost time and productivity," said Victoria Reider, acting secretary for the Department of Banking. "When you consider that nearly a third of all workers fall into this category, there is a clear incentive for businesses to make personal-finance education available to their workers.
"And, the same challenges exist for public employees. Since taking office, Governor Rendell has worked to improve the operations and performance of state government. This is another way we're working to meet that goal and ensure that Pennsylvanians are getting the most from their hard earned tax dollars."
More than 750 state workers have registered for the sessions. Classes will be offered from now through November at the departments of Environmental Protection, Treasury, Banking, and the Board of Probation and Parole.
Reider says the curriculum is based on survey responses and suggestions from workers at the agencies. Financial professionals from PSECU will deliver the training on topics such as getting out of debt, creating a spending plan, investing, preparing for retirement, buying a home, avoiding identity theft, navigating long-term care and planning wills and estates.
"Employees can trust the information because classes are being provided through their employer. There's no sales pitch involved," said Barb Bowker, PSECU's vice president of marketing. "Employees can pick and choose the topics that interest them and participate when it's convenient. And, if the scheduling works for them, they can bring members of their family, too."
Reider added that the Office of Financial Education is coordinating the pilot program to learn how to best deliver financial education in the workplace, and will evaluate the program so that it may grow and help private employers implement similar initiatives.
About the Pennsylvania Office of Financial Education
Established in April 2004 by executive order of Governor Edward G. Rendell, the Pennsylvania Office of Financial Education seeks to increase the availability and quality of financial education in Pennsylvania's schools, communities, and workplaces. The Office is sponsored by the Pennsylvania Department of Banking and, among other activities, manages the consumer-oriented website www.moneysbestfriend.com.
About PSECU...
PSECU is a full-service, not-for-profit institution that provides convenient, electronically delivered financial services at no or low cost. Chartered in 1933, PSECU is one of the nation's largest credit unions. It serves more than 325,000 members and has over $2.48 billion in assets. All members of the following groups, along with their immediate family, are eligible to join PSECU: state and local government employees; faculty, staff, students and alumni of the Universities within the State System of Higher Education and Harrisburg Area Community College; students, faculty and staff of Elizabethtown College; employees eligible for membership in the Public School Employees' Retirement System (PSERS) or the State Employees' Retirement System (SERS); select school districts; and members of approved associations and employee/occupational groups.