How A Financial Wellness Program Can Support Your Employees and Save You Money
In today's world, many people are struggling with financial stress and worry.
Unfortunately, this stress can significantly impact their overall wellbeing, affecting their physical health, mental health, and productivity at work. In fact, according to a study by PwC, 59% of employees are stressed about their finances, and this stress is costing employers approximately $300 billion in lost productivity every year. This is where financial wellness programs can help.
What is a Financial Wellness Program?
Financial wellness programs, dubbed the must-have benefit by Forbes, are designed to help employees improve their financial knowledge, skills, and behaviors. These programs typically offer education, counseling, and other resources to help employees make informed financial decisions and improve their financial wellbeing.
The benefits of a financial wellness program for employees are numerous. When employees have access to resources that can help them improve their financial situation, they are less likely to feel overwhelmed and more likely to feel in control.
In addition to reducing stress, the right financial wellness program can improve employees' overall wellbeing. Once financial stress is off the table, they have more time and mental capacity to better care for their physical and psychological health. For example, they may be able to afford healthier food, gym memberships, or mental health services. Therefore, lowering the risk of disease and injury.
Financial wellness programs are for more than just the employee. From an employer perspective, these programs can also benefit the bottom line. For example, when employees are less stressed and more productive, employers may see lower healthcare costs, reduced absenteeism, and improved employee engagement and retention. In fact, according to Willis Towers Watson, companies with effective financial wellness programs are more likely to have employees who are satisfied with their benefits and more likely to stay with the company long-term.
What does a Financial Wellness Program look like?
While there is no one-size-fits-all solution, there are some standard components that many programs include. These may include:
Financial education. This can include workshops, webinars, or one-on-one counseling sessions covering budgeting, debt management, retirement planning, and investing.
Financial incentives. Some employers may offer incentives such as matching contributions to a retirement plan, bonuses for completing financial education programs, or reduced interest rates on loans.
Financial tools. This may include online calculators, budgeting apps, or other resources to help employees track their spending, manage debt, or plan retirement.
Employee assistance programs. Some employers may also offer employee assistance programs that provide confidential counseling and support for financial, personal, or work-related issues.
How Can Wellworks For You Help?
Wellworks For You offers a catalog of financial wellness-focused options, from monthly webinars regarding financial literacy and debt consolidation to challenges that ease participants into positive financial habits.
Wellworks believes that employees can improve their overall health and wellbeing by reducing financial stress and improving financial security, making them happier and healthier.
Help your employees help themselves by providing them with the peace and contentment that financial wellness can provide.
Are you interested in implementing a financial wellness program or adding it as a component to your existing program?
Click here to schedule a demo with our sales team today, or contact your wellness coordinator.
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