The Iowa state flag, painted on the side of a barn (Credit: Thinkstock)

Iowa employers will continue to have a state program they can use to help employees understand how a credit card works, and how to buy life insurance.

The Iowa Division of Insurance has extended Financial Fitness Group’s role as manager of the Iowa Financial Fitness Challenge program for at least three more years.

(Related: Income Gap in K-12 Financial Education Remains Despite Progress: Study)

The San Diego-based company has been running the program for the Iowa division since 2014.

The program offers participating employers access to online diagnostic and education modules, at no cost to the employers or the employees. The modules cover thousands of different topics, such as estate planning basics, and what a stock is.

The testing system decides which content to show an employee based on the diagnostic system’s assessment of the employee’s aptitude, behavior and confidence. The system tests the users often to see what the employees are learning.

An employer’s financial fitness program administrator gets reporting showing what’s happening to the employees’ financial literacy scores over time.

About 400 employers in Iowa have offered the program, and about 200,000 employees have participated, the firm says.

Financial Fitness Group says it can show that the program improves 70% of the participants’ financial literacy levels.

The next round of Iowa’s program is set to start Sept. 9.

Financial Fitness Group also offers the Financial Fitness Challenge program, and other financial education programs, to employers and organizations outside of Iowa.

— Read Top 5 Tips by CPAs to ‘Recession-Proof’ Finances: AICPA, on ThinkAdvisor.

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