Corporate Retirement Plan Advisors
Thanks for subscribing! Please check your email for further instructions.
Employees are worried about their finances. They worry about them in the evenings, on weekends and during working hours. Plus, with the increased stress caused by the pandemic, it’s no secret your workforce could use some help.
Many employees struggle with cash for emergencies. In a recent 2020 study, they found that 47% of respondents had difficulty finding $250 for emergencies and had to resort to credit instead. While millennials are saddled with loan debt, members of the “sandwich generation” are burdened with dividing their limited resources between themselves, their children and their parents, while still trying to prepare for their own retirement.
Each employee demographic is struggling with their own financial challenges, which is why a dynamic financial wellness program needs to span the generations and provide potential solutions for each unique situation.
Oftentimes, one of the major problems is a lack of access to financial literacy resources. And it’s a problem that employers can help solve by providing financial wellness programs for their employees. Here are five advantages of a financial wellness program:
Joining the employers that offer a financial wellness program can help you demonstrate your understanding that happy, healthy employees are vital for a highly productive company. But keep in mind, helping your employees become financially healthy is a little more complex than it might seem at first glance.
Here are three tips for increasing employee financial literacy:
The ultimate goal is financial well-being. It’s not enough for employees to learn about what constitutes financial well-being; they must put it into action to achieve success.
Having a financial wellness program can benefit your employees in the form of improved employee morale and boost their productivity at the same time. It’s a win-win situation for all.
 C. J. Marwitz. “Employee Financial Wellness: Looking Ahead to 2021.” BenefitsPro. December 4, 2020.
 Prudential. “Wellness Programs Earn Their Place in Human Capital Strategy.” June 2019.
 Jane Clark. “Offering financial wellness education could improve employee productivity.” January 29, 2019.
 Umass Lowell. “Financial Costs of Job Stress.” 2019..