Diverse paths to financial confidence: Why learning styles and communities count
2 min read
Understanding personal finance is a unique journey for everyone, and that’s why personalized financial education and different learning approaches should be enabled. Each of us has unique financial goals, challenges, and learning preferences. Organizations that recognize and embrace diverse learning styles can make personalized financial education more effective and impactful. Join us as we explore the varied ways people learn across the globe and how best to put that understanding into action.
But first, let's dive into the insights from recent studies that have explored the diverse learning styles unique to each individual. By understanding these distinct approaches, we can tailor our financial education to better suit each learner's needs, enhancing both engagement and retention
A recent Harvard Business School Study found that social learning within communities, alongside technology increased course success rates by 85%.
In addition to social learning aided by tech, the 2023 Financial wellbeing research found that to engage employees effectively, organizations should offer a variety of learning methods tailored to support different preferences and needs.
The research also highlighted a generational divide in learning preferences. Short videos are favoured by the 16 to 44 age group, while individuals aged 45 and above prefer television and reading periodicals.
Figure 10: Learning preference by age
Figure 11: Learning preference by region
Regional differences are equally significant. Respondents from LATAM and APAC regions show a strong preference for short videos (48% of people in LATAM and 54% of the people in APAC prefer short videos), while those from North America lean towards written materials. It is evident that a one-size-fits-all approach to financial education is ineffective, particularly for a diverse global workforce.
By recognizing and adapting to the varied learning preferences of employees worldwide, organizations can ensure that financial education is accessible, engaging, and effective for all. This approach not only improves individual financial wellbeing but also strengthens the employee-employer connection, research proves.
Employee resource groups: the future of benefit communications
As workplaces continue to grow and evolve it's critical for companies to champion diversity, equity, and inclusion (DE&I). Just like varied learning styles, a route to engaging different communities and securing better DE&I outcomes is through employee resource groups (ERGs).
ERGs empower individuals to express their full, genuine selves at work, enhancing feelings of belonging and acceptance. These groups can play a pivotal role in building a vibrant community and promoting networking among supportive peers with similar interests. This is essential to creating safe spaces for learning, nurturing a sense of belonging in the workplace and ensuring ongoing organizational success.
Clare Collins, B2B Account Director at Samsung and part of the Women@Samsung Leadership team and ERG, shared how women’s finance sessions have made a difference for inclusion: “What really resonated for people in that particular session [women’s finance training] was just the honesty and the frankness of the session, and the safe space that was created there. Tools like AI and the evolved community learning are nice ways to help women, in particular, feel safe and less silly about financial matters.”
To support ERGs, more and more organizations are doing what Samsung did and are looking into how they can provide additional support. nudge can provide employees with financial wellbeing champion or mental health first-aider training to raise awareness and extend support when it’s needed most. Organizations can expect more targeted engagement outcomes through ERGs and positive feedback as peers learn from each other through storytelling and advocacy.
To conclude, the research underscores the effectiveness of understanding the role of varied learning styles, channels (like ERGs) and personalized education in people’s engagement and wellbeing. When organizations take the time to outline their people’s unique preferences and interests, it opens up huge opportunities to strengthen employee experiences and better wider business outcomes.
Read more about engaging your community in our brochure. Or get in touch below if you want to know how nudge can support your people’s financial wellbeing and how best to engage ERGs.