Back to the Basics: More Companies Offering Financial Education

May 23, 2019 In the Community

Dominium, one of the nation’s largest affordable-housing companies, kicked off its Momentum OnUp program in March with three live sessions and four virtual sessions — to reach employees in other states — to offer an introduction to the courses.

So far, 221 employees — more than 20% of the workforce — have started the modules, Ford said. The eventual goal is closer to 30% participation.

Kathy Rasmussen, vice president of human resources at Dominium, said the feedback has been positive, using comments on the chatbars during online programs and the sign-up rate. When she and others saw SunTrust’s offering, Dominium decided it would create value for employees, adding to financial options such as a 401(k) fund. The company also decided to extend the course to spouses and family members.

Also, “when we look at wellness as a whole, financial wellness is a part of that,” Rasmussen said.

She said all of the lessons are beneficial — learning how to weigh renting or buying a house, leasing or buying a car, setting up a rainy-day fund.

Plus it fits into the company’s philosophy of individual development. For example, Dominium has “lunch and learn” programs on topics, an employee emergency fund and a comprehensive career program. Under a volunteer program, instead of matching monetary donations the company makes donations to an employee’s choice organization based on how many hours that employee has volunteered.

Dominium added some incentive with drawings after certain program milestones are completed.

SunTrust adds $1,000 to its employees’ emergency-savings accounts as an incentive if they complete the program. The company also gives workers a day off to tend to their financial needs.

The growth of financial education programs is evident in Momentum OnUp’s growth, Ford said. The goal this year was to sign on 50 new customers. Already, the company has 45.

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