NYSIF Launches Financial Education Campaign to Kick-off National Financial Literacy Month

The New York State Insurance Fund (NYSIF), the state's nonprofit and largest workers' compensation insurance carrier, today announced the launch of a financial literacy campaign in conjunction with the start of National Financial Literacy Month. NYSIF's campaign includes a multi-platform digital and social campaign, designed to support efforts to improve the financial literacy and financial health of the workforce. Featured on NYSIF's new financial education page are links to:

• Easy to follow guides that explain basic banking concepts and help injured workers protect their money
• Tips to help workers avoid unnecessary fees-so more of their benefit payments stay with them
• Practical tools to support informed financial decisions during recovery
• Tips to protect from identity theft or fraud

"Financial literacy is important for workers of all ages to better understand how to make informed financial choices, avoid paying unnecessary fees and interest, and build savings that can be invested in their or their family's future," said Gaurav Vasisht, Executive Director and CEO of NYSIF.

"I commend the leadership and union staff at the New York State Insurance Fund for continuing to innovate for the good of injured workers and unionized employers," said Mario Cilento, President of the New York State AFL-CIO. "Providing access to financial literacy educational resources, encouraging the use of direct deposit, and speeding benefit payments to workers are all examples of how insurance companies can leverage their role to help workers. NYSIF continues to lead the way and provide a strong benchmark for other financial services companies to aspire to."

NYSIF's financial education webpage is the latest series of initiatives that NYSIF has taken to promote the best financial outcomes to address challenges workers may encounter after experiencing injuries at work. Since 2022, when NYSIF began an ongoing direct deposit promotional campaign, enrollment in direct deposit increased 81%, nearly doubling the number of workers enrolled. Direct deposit enables injured workers and paid family leave claimants to receive benefit payments 7-10 days faster than with a mailed paper check.

In 2023, NYSIF accelerated all payments made through direct deposit from the two to three days of traditional automated clearing house (ACH), to occur via same-day ACH. NYSIF has made over 2.1 million same-day ACH payments to ensure injured workers and paid family leave claimants who receive benefits do so as quickly as possible. NYSIF's financial literacy education campaign will continue throughout the year and will provide accessible resources for all NYSIF's employers and their employees. The website and social media campaign materials are free and accessible to the public.