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April 5, 2021

Employee Financial Wellness Program Set to Launch

Employee Financial Wellness Program Set to Launch
The Nebraska Council on Economic Education partnered with the Nebraska State Treasurer’s office to create a new Nebraska employee financial wellness program. Dr. Jennifer Davidson, who serves as president of NCEE, housed at the College of Business, said the program can help lessen financial stressors. A total of 200 public employees who complete all aspects of the program will earn $100.

Through a partnership between the Nebraska State Treasurer’s office and the Nebraska Council on Economic Education (NCEE), a new employee financial wellness program, launching Tuesday, April 6, will assist Nebraska employees in planning their fiscal future. Provided through a grant program and delivered in a series of live webinars, state workers who complete all aspects of the program will receive $100 and are eligible for other monetary awards.

Funded by the Wells Fargo Foundation through a one-year $99,000 grant, the program comes at a time when many of the nearly 19 million state and local government employees across the U.S. continue to serve on the front lines of the COVID-19 pandemic. Many governments are also confronting unprecedented budget shortfalls, and workers are increasingly concerned about family finances.

“Financial wellness is an area that affects every other aspect of life. If you are struggling or unsure about your financial future, it’s an additional weight on your shoulders. We are excited to help bring a financial wellness program to Nebraska public employees that will help lessen financial stressors,” said Dr. Jennifer Davidson, president of the NCEE, assistant professor of practice in economic and Nebraska Bankers Associate Faculty Fellow at the College of Business, which houses the council.

The grant for the program is structured as a collaboration between the Center for State and Local Government Excellence (SLGE), The International Public Management Association For Human Resources (IPMA-HR) and the National Association of State Treasurers’ Foundation (NASTF) and Wells Fargo. A total of 24 state and local government jurisdictions were awarded grants

In a recent national poll conducted by SLGE, 56% of state and local public employees reported that their family has been negatively impacted financially by the crisis, and more than half are worried about their family finances, losing their job, furloughs, and pay and benefit reductions.  

“Based on previous SLGE research, we know that only 29% of state and local government employers offer financial literacy programs to their workforce, while 68% of public employees would participate in these programs if they were offered one. This grant program offers a real opportunity for state and localities like the Nebraska Treasurer’s office to launch financial wellness programs for workers who deliver important public services,” said Joshua Franzel, SLGE president and chief executive officer. 

The six webinars last one hour and include topics on budgeting, savings, and debt reduction; investing and retirement; identity theft and fraud awareness; planning for children and college; insurance; and estate planning. Two-hundred Nebraska public employees who complete all aspects of the program will receive $100, with additional money to be awarded during each separate webinar event.

“Working with the NCEE on this exciting partnership, we will provide a much-needed financial wellness resource for Nebraskans. I’m excited for the potential of this effort,” said John Murante, Nebraska Treasurer.

The first webinar will be held on Tuesday, April 6 at 6:30 p.m. and runs for six consecutive weeks. To learn more and register for the program, visit: http://nefinancialwellness.unl.edu.