Increasingly, employers are realizing the importance of supporting their employees’ mental health and wellbeing, and financial health plays a huge role in that. Thirty-four percent of employees said that financial stress has severely impacted their mental health, according to the 2022 PwC Employee Financial Wellness Survey. That stress extends into the workplace: nearly one-fifth of employees said that financial stress greatly affected their productivity at work.
Employees’ desire for financial wellness programming and resources is also becoming more common. According to a Forbes article, “Implementing a program to support your people through financial decisions, market changes and the journey to retirement will improve day-to-day work and the morale of the office.”
Here’s why many businesses are investing in educating their employees about financial wellness.
1. You can’t have mental or physical wellness without financial wellness
Going to therapy or the gym costs money and sometimes a lot of it. In order to figure out if your budget is more Planet Fitness than Equinox, you need to be financially fit.
2. Improve employee productivity
Seventy-two percent of employees admit to worrying about their personal finances at work, and one in three do that more than once a week, according to John Hancock. By bringing in financial webinars, workshops, or financial coaches to speak to employees individually, your employees will gain the foundational personal finance education that they need.
3. Financially-stressed employees are more likely to seek a new job
In a competitive job market, employers can reduce turnover by providing resources to help their employees deal with financial stressors. PwC says that employers can show they care about financial health by offering “financial coaching focused on areas where people need immediate help like budgeting, paying down debt and building an emergency fund.”
4. Employees are making big life decisions
Gen-Z and Millennials make up nearly half of the U.S. workforce right now. That means a lot of professionals are in their 20s and 30s, years in which a lot of big life events happen, like buying a house, getting married, and starting a family. There’s a lot of life before retirement. Help your employees sit down with an experienced financial coach who listens to their needs and can help them plan how to manage all of this life.
Wellness programming has always been a popular type of support to offer their employees. We’re not saying to forgo the virtual meditation expert — but add a financial wellness option too.
The Financial Gym Advisors is a national, personal financial services company with a fitness-inspired approach. Certified Financial Trainers™ work with employees one-on-one via corporate partnerships virtually across the country.
Employees learn financial literacy; specifically, they learn how to be accountable for their money; how to make smarter, and more strategic decisions about their finances, which alleviates financial anxiety and enables a greater focus on their work.
