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Whether it’s learning about needs vs. wants in elementary school, or mastering more complex topics like investing, credit, and student loans in high school, early financial education is critical. Today, 26 states mandate financial education as a high school graduation requirement, and that number has more than doubled in the last decade.

However, the majority of significant financial decisions happen after high school, and only 48% of adults arefinancially literate. Unlike the requirement to pass a road test to earn a driver’s license, there is no test for opening a credit card, investing in stocks, or even buying a house; actions that can have serious financial consequences if not entered into with forethought and understanding.

So, what’s the solution? It might surprise you, but the answer is there needs to be more engagement from the private sector. Companies are uniquely positioned to help produce high quality financial education programs that can be a net positive for their business while helping their employees, customers, and communities. Don’t just take our word for it though: As we were writing this article, the U.S. Treasury Department released its inaugural National Strategy for Financial Inclusion which includes recommendations for how financial institutions and employers can contribute to fostering financial access, resilience, and well-being.

An Overlooked Opportunity

For businesses, helping their employees by providing financial education resources is more than just the right thing to do. It can also support informed financial decision making, leading to healthier, happier, and more productive workers. For financial institutions it can lend itself to greater financial inclusion and create better, more engaged customers

That’s because deficits in financial knowledge have a real, everyday impact on families. Americans lost an average of $1,506 in 2023 due to financial illiteracy, paying higher credit card interest and fees, overspending more, and falling victim to fraud at a higher rate. That doesn’t even take into account the health impact of financial illiteracy, and its cascading effect on productivity.

Recent research gathered from the American Psychological Association’s Stress in America survey has confirmed what many already know and experience: Money and the economy are a top source of stress, and financial stress has increased significantly since 2019.

With the average American having only $400 in cash savings and living paycheck to paycheck, it’s easy to see how financial matters can cause significant stress. And stressed employees are associated with decreased productivity in the form of lower quality work, reduced motivation, and poor decision making.

Financially educated consumers are better customers as well, with higher financial capability, more disposable income, and higher credit scores. For financial institutions, customers who are more financially savvy not only use more products from their bank or credit union but are more likely to open an account at a bank or credit union to begin with.

But even if they want to learn more about finances, most adults don’t have a definitive resource to turn to for financial advice. Instead, they seek information from friends, family, or rely on the internet or social media. Gen Z, the cohort born between 1997 and 2010, specifically is looking to their employer to fill this void. According to the “Generations in the Workplace” study, 70% of Gen Zers believe it is important or very important that places of employment support employees’ financial well-being through initiatives, programs, policies, and culture.

The good news? With the rise of education technology, it’s easier than ever for financial institutions along with employers of all types to provide high-quality financial education resources optimized for employees, customers, and community. BMO’s recent experience can help serve as a model.

Financially Savvy Customers are More Engaged Customers

BMO, the eighth-largest bank in North America, was interested in using an educational technology platform to build an innovative financial wellness education program that would be available free of cost to any visitor to its website. It wanted to deliver highly accessible, digital-first experiences that could increase engagement and drive measurable, positive change in participant behavior.

Using technology and a national network of resources, BMO created SmartProgress(CA) and SmartProgress(US), free digital education platforms for its customers, employees, and anyone else interested in learning about personal finance. With more than 280,000 users across North America, the educational content is tailored to learners’ specific goals, directing them to different resources such as the basics of banking, homeownership, investing, small business, and retirement planning. It features interactive exercises and real-life scenarios so learners can effectively manage their finances, make sound decisions, and become better stewards of their financial future.

By offering a free, easy to use financial literacy platform, BMO has greatly enhanced customer engagement while reinforcing its commitment to helping its employees and the community achieve long-term financial well-being.

Doing Good is Good for Business

Adult financial illiteracy is an insidious problem that saps money, productivity, and even health from American families and US businesses.

Yet, by stepping up to fill the void of high-quality adult education, companies have a real and often overlooked opportunity to help their businesses by creating more engaged customers, more productive employees, and more thriving communities. With many different avenues to partner with technology platforms, doing so is easier than ever.

Investing in adult financial education is a compelling “win-win” solution that provides companies with a real competitive edge. It’s another great example of how doing good is good for business.

This commentary is from Everfi, a partner of Fortune Impact Initiative. Ellen Patterson is president and general manager, and Ray Martinez is president and co-founder.