IOWA INSURANCE DIVISION TO PROMOTE EMPLOYEE SAVING/INVESTING PROGRAM SHOWN TO DELIVER MAJOR BENEFITS
8,500 Employees at Hundreds of Workplaces Already Have Benefitted From Program From Investor Protection Institute, State Securities Regulators, and National Credit Union Foundation.
DES MOINES, IOWA, May 09, 2012The Iowa Insurance Division announced today that it will bring to Iowa a major workplace investor education program with a proven track record documented in field testing on about 8,500 employees in hundreds of workplaces in other states.
“Investor Education in Your Workplace®” (IEiYW) is a project of the nonprofit Investor Protection Institute (IPI) with support provided through the Investor Protection Trust (IPT). It is carried out jointly with state securities agencies and the National Credit Union Foundation (NCUF). After its initial testing phase in three states, IEiYW is now expanding to the District of Columbia and seven additional states: Alaska, Colorado, Iowa, Michigan, Oklahoma, Vermont, and Washington.
Iowa’s Insurance Commissioner Susan Voss said: “We need workplace savings/investing programs that work for employees and employers in Iowa. The real plus of the ‘Investor Education in Your Workplace’ program is that it is a proven product with measured and fully quantified empirical data spanning thousands of employees in three states. This is an excellent example of how The Iowa Insurance Division and other state securities agencies are once again taking the lead in delivering important and effective investor education at the grassroots level in the U.S.”
IPI President and CEO Don Blandin said: “The answer to the question of how to get more employees to participate in workplace saving and investing programs is much sought after in the world of investor education. The good news here is that we now have a much better handle on what works.
NCUF National Program Manager Lois Kitsch said: “Credit unions are the perfect crucible for testing what works when it comes to investor education designed to spur more saving and investing. That is why credit unions have taken a very active role in this effort by the Investor Protection Institute and state securities regulators to find a way get more people off the dime when it comes to planning for their financial futures. The strong results we already have seen with this program make us very eager to be part of the new phase of the campaign in which it is going national.”
The 10-week online IEiYW training program is producing groundbreaking results as seen here:
- Up to 50 percent increases in short- and long-term saving and investing activities;
- Up to 40 percent improvement in investment knowledge measured through pre- and post-testing;
- Up to 50 percent improvement in participant attitudes and behaviors including increased financial well-being, setting investment goals, implementing a budget, and starting/increasing contributions to 401(k), IRA, or equivalent plans;
- 88 percent of participants complete the program; and
- 96 percent say they would like to participate in additional programs.
With financial support from the Investor Protection Trust in 2009, the University of Wisconsin, Madison (U of W Madison), and the Educated Investor (EI) collaborated to develop a workplace-centered, online financial education program with the goal of providing employees with unbiased instruction in personal finance and investing fundamentals. The first program was rolled out in Wisconsin in 2010. The Educated Investor (published by Precision Information, LLC) provides the content, technology and program management for IEiYW.
For more information about Investor Education in Your Workplace, go to http://www.investoreducationinyourworkplace.org.
ABOUT THE GROUPS
About the Iowa Insurance Division
The Iowa Insurance Division (IID) has general control, supervision and direction over all insurance and securities business transacted in the state, and enforces Iowa’s laws and regulations. The IID investigates consumer complaints and prosecutes companies, agents and brokers engaging in unfair trade practices. Consumers with insurance or securities-related questions or complaints may contact the IID toll free at 877-955-1212 or visit the division on the web at www.iid.state.ia.us.
The Investor Protection Institute is an independent nonprofit organization that advances investor protection by conducting and supporting unbiased research and groundbreaking education programs. IPI carries out its mission through investor education, protection and research programs delivered at both the national and grassroots level in collaboration with state securities regulators and other strategic partners. IPI is dedicated to providing innovative investor-protection programs that will make a meaningful difference in the financial lives of Americans in all walks of life and at all levels of sophistication about financial matters. For more information, go to http:/www.protectinvestors.org.
The Investor Protection Trust is a nonprofit organization devoted to investor education. More than
half of all Americans are now invested in the securities markets, making investor education and protection vitally important. Since 1993 the Investor Protection Trust has worked with the states and at the national level to provide the independent, objective investor education needed by all Americans to make informed investment decisions. The Investor Protection Trust strives to keep all Americans on the right money track. For more information, go to http://www.investorprotection.org.
The National Credit Union Foundation is an ongoing supporter of the IEiYW® program. The NCUF is the philanthropic and social responsibility leader of America's credit union movement; the NCUF raises funds, makes grants, manages programs and provides education that empowers consumers to achieve financial independence through credit unions. For more information, go to http://www.ncuf.coop.