Philamlife offers financial education for employees

The Philippine American Life and General Insurance Co. (Philamlife) has launched its newest financial education program called MoneyWorks to increase the financial literacy of the Filipino employee. MoneyWorks is meant to help Filipino employees achieve their life goals through proper planning and management of their financial resources.

Developed by Philamlife’s Worksite Marketing (WSM) segment, MoneyWorks is a two-step program begining with the employees’ financial education through the various modules developed by WSM.

The modules cover six major topics: Life Events Planning; Budget and Savings; Risk Management; Investment Planning; Retirement Planning; and Estate Planning. The modules are typically conducted in batches of 15-30 participants.

The next step involves individual consultations with Philamlife’s financial advisers. This step plays a very important part in analyzing the financial health, identifying the financial goals of individual participants, and matching the participant’s individual goals with Philamlife’s various financial solutions.

MoneyWorks’ main objective is to develop a Filipino employee force that is confident about its finances, with each employee having his own personal financial plan that is designed to achieve his life goals. The program aims to give Filipino employees an appreciation for alternative investment vehicles other than banks and the important role insurance has on protecting their income against unexpected events. It also aims to improve its participants’ mindset from having a short-term financial perspective to nurturing one that is long-term.

Philamlife offers the MoneyWorks program free of charge. What better organization to conduct financial wellness programs than the leading insurance company in the country, Philamlife, which is a member company of American International Group Inc. (AIG), world leaders in insurance and financial services.

The program requires that client companies be private organizations with at least 20 regular employees. Client companies are able to offer a valuable education program to their employees without incurring additional expenses. Companies may see a more productive employee force that is less burdened by financial problems, thus, allowing each employee to focus on his or her work responsibilities.

MoneyWorks can also help employees become more financially stable and confident about money management by teaching them to spend on the right things and invest for a secure future. This way, employees will not be limited to government-mandated program like the Social Security System (SSS), inasmuch as their employers give them voluntary benefit options to supplement their existing employee benefits.