WARNER ROBINS, Ga. — The National Financial Educators Council is calling financial illiteracy an epidemic.
According to Forbes, 44% of Americans don't have enough cash to cover a $400 emergency. That same amount is not making payments on their student loans.
Soon financial literacy courses and a work booklet will be available to city employees in Warner Robins.
These resources are coming through a partnership with WealthWave Educators, whose goal is to erase financial illiteracy.
"It's the number one economic problem facing our country," said a representative of the company.
During Monday night's pre-council meeting, the company said they will offer free monthly classes for up to 12 months. After that employees can have a free consultation with a financial expert.
"With the times the way they are now I'm looking forward to that coming," Councilman Clifford Holmes shared.
He says employees are being paid the most they ever have, so now is a great opportunity for the program. He hopes they'll learn to spend and save it well.
"Hopefully a great number of them will take advantage of that free service," Holmes said.
Classes will touch on retirement planning, having emergency funds, debt, creating a will and more.
"Our employees who are young in their careers can learn to save and use some of the tips that Wealth Wave is hopefully able to present to them," City Clerk Mandy Stella added.
Rosenberg Financial Group's Financial Advisor Sherri Goss says this will be a great opportunity for these employees.
"It could be life-changing for those employees for their families and for the worksite because you'll have less stress," she shared.
She says when it comes to finances she sees many people who don't know where to seek help.
"They never see their 401k rep," she said. "They just have to figure it out on their own or make a call or phone a friend or something. so that leads to a lot of financial illiteracy."
She recommends everyone take advantage of the free service to create life-changing habits.
"Financial literacy training is going to teach you to appreciate the true value of a dollar, and to appreciate the fact that if you have a savings account, and you're going through a rough time you're going to be ok," she said.
The company will provide this service to the city for free, so it will not use any taxpayer money. Stella tells us employees can look to see those starting very soon.