Marcia's Blog

How financial education can help you get a raise

Financial difficulties can impact every aspect of your life – including your career. As a matter of fact, learning to better manage your finances can pay off big at work.

I’ve seen people turned down for wonderful job opportunities that could have advanced their careers tremendously because their credit scores were so low.

Not only can bad credit keep you from getting a new job, but money worries can cause you to underperform on the job you currently have. According to a study by Purchasing Power:

• 44 percent of American employees worry about personal finances during work hours.
• 46 percent spend two to three hours per week dealing with their personal finances at work.

If you’re wondering how you’re going to pay the bills when you should be working, you’re prone to making mistakes and simply not performing at the level that you’re capable of. When you are financially healthy, you come to work, you are more productive and you are happier. When you are consumed with stress, you may develop health problems, miss work and lose focus. In short, you could be worrying yourself sick and derailing your career at the same time. 

Some smart companies understand how important it is for their employees to be in control of their finances. According to the Personal Finance Employee Education Foundation, firms that provide their employees with financial education have a happier and healthier workforce.

If you have dreams of moving up in your career, taking control of your finances can give you the leg up over the competition that you need. It can also help you perform better and put you in a better place to secure a raise. Not sure where to start?

Handle your finances at home. Focus on your work responsibilities at work and handle your money issues at home. If you do have to handle financial matters at work, do it during your lunch hour or during a break.
Get professional help. If you’ve stressed out about money, let a counselor with a nonprofit homeownership organization help you to organize your budget and your financial plan.
Pursue financial education. If your company offers classes, take advantage of them. If not, find a class through a nonprofit homeownership organization or sign up for an online class.

Taking control of your finances can ultimately give your career – and your bank account – a boost.