Investing in your employees can yield a great return
Improved financial wellness among your employees can have a major impact on your business. Employees spend an average of 13 hours a month worrying about money while at work. 16% of employees spend more than 20 working hours worrying. Those are lost productivity hours. Financial stress can impact nearly every aspect of your life, but often one of the biggest areas is health. Two of the main areas are depression and anxiety which can both lead to excess call offs among other things.
By increasing your average employee's financial wellness score, you will in turn:
Lower turnover rates
Decrease the company’s overall healthcare costs.
Increase employee participation in your retirement plan
It's no secret that Americans are stressed out about money. 78% of Americans are living paycheck to paycheck and that's not just those who are earning a measly wage. Chances are that some of your high paid executives are struggling as well. In a recent study by Mercer, 14% of those in the two lowest financial wellness groups have household incomes greater than $100,000.
So what is financial wellness? Financial wellness is an overall term we use to describe a person or family's perceived financial state. As described by the US Consumer Financial Protection Bureau, financial wellness encompasses these four elements:
A person's control over day to day finances
A person's capacity to absorb a financial shock
A person's track to meet financial goals
A person's financial freedom to make choices that allow him/her to enjoy life
Of those with a low financial wellness score, only 8% are most concerned with their saving for retirement. The other 92% worry about more current problems and issues like keeping up with current monthly expenses (62%) and stressing over credit card debt (14%). The problem with most financial wellness programs is that they focus primarily on future goals like saving for retirement, which is critical of course, but they ignore much of the day to day problems that the average American is facing. We can't run before we can walk. It's urgent that we begin to address the immediate needs first, before we can focus on the future.
Our Workplace Financial Wellness program encompasses more of the day to day concerns, but certainly doesn’t eliminate the concern for the future. The program consists of a mix of workshops and 1:1 coaching and can be tailored to suit your employee’s needs, as well as your investment.
Building A Working Budget
Get The Education Without The Debt - Sending Your Kids To College Debt Free
Money & Marriage
Shred Your Debt - Strategies To Pay Off Debt Quickly & For Good
Mastering Your Money - Learn To Manage Your Money With Intention Based On Your Values
Protecting Your Family Financially
Saving & Investing For Your Future
Contact us today for more information on how we can tailor this to suit your company