Financial Literacy Platform to Support One Million Workers

A workplace finance platform has committed to helping 1 million UK workers pass a three-question financial literacy test that three-quarters of Americans fail.

According to the FINRA Foundation's 2024 National Financial Capability Study, the pass rate for the Big Three test developed by Stanford University stands at 28%. The Organisation for Economic Co-operation and Development uses the test across more than 100 countries to measure basic financial understanding.

Stream offers the Stanford Financial Literacy Test (SFLT) through employers including the NHS, Asda, Dominoes, New Balance, Burger King, Fortnum & Mason, Greene King, Next, Evri, Superdrug, Hilton, Bupa and Unicef. The platform provides access to financial tools that help workers budget for bills, savings and investments whilst tracking their progress.

According to research from CIPD, 31% of employers can currently link benefits to business outcomes. This creates growing pressure on HR teams to demonstrate measurable returns from workplace programmes.

Addressing depleted financial resilience

Stream uses a virtual coach that accounts for individual financial situations, behaviour patterns and personal goals. The company offers150 lessons to help workers prepare for financial emergencies and identify where money can be freed up in household budgets.

Tools include a child cost calculator that estimates first-year expenses for new parents. The platform recorded what the company describes as record engagement in the first weeks after launch, with more than half of users continuing their education for two or more days.

"Workers are grappling with rising household costs and depleted financial resilience. It's not just about increasing the money coming in – people need well-designed, accessible and affordable financial tools and the knowledge and confidence to use them," says Peter Briffett, CEO and Co-Founder of Stream.

"Most adults never received this education at school or university, and these tools will help our members to feel genuinely in control of their money."

Spending rises amid geopolitical tensions

The company saw a 7% increase in weekly spending among users since the beginning of conflict in the Middle East. The rise corresponds with sharp increases in fuel and food prices that have affected household budgets across the country.

"We are committed to helping our members in every way we can, which is why we are pledging to help 1 million people pass Stanford's financial literacy test," says Peter.

"We're also calling on the Government to go one step further and help address this on a national level, by setting a measurable adult financial literacy target."

Government intervention sought

Stream is calling on the UK Government to set a national target for improving financial education among working-age adults. The company notes that financial literacy education has historically focused on children and young people rather than adults already in the workforce.

The platform delivers what it describes as fair financial tools exclusively through employer partnerships. Workers can access the education and tools through their workplace benefits programmes without additional cost.