What is financial wellness?
In a nutshell, it’s a person's total financial situation as well as how they feel about their financial situation. Someone’s ability to pay day-to-day expenses, build emergency savings, save for things like vacations or weddings, and plan for the future all impact their overall sense of wellbeing.
63% of employees say that their financial stress has increased since the start of the pandemic.
47% say they would be able to meet basic expenses if they were out of work for an extended period.
49% believe they’ll need to use money in their retirement plans prior to retirement.
These statistics are only a glance into the subjective and objective aspects of financial wellness. Nevertheless, it’s clear that a good percentage of employees are experiencing financial strain.
The good news? Employers have an opportunity to provide their people with the tools and resources they need to build good financial habits.
4 reasons financial wellness is crucial for the workplace
- Improved productivity. A debt-free employee won’t bring their financial worries to work and can concentrate more fully on their job.
- Higher employee retention. Someone who’s financially stressed is more likely to search for other work.
- Better retirement readiness. When employees are financially secure, so are their retirement plans. That means less of a healthcare burden on employers when workers retire younger.
- Improved job satisfaction. Instead of stressing about not making enough money, employees can enjoy what they do.
Life is stressful enough. Give your employees tools to strengthen their financial health. It will reduce stress and help them feel in control, which means better productivity overall. It’s a win-win for everyone.
Let’s talk about Money Coaching for your people.
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