54% of employees say that Financial or money matters/challenges cause them stress according to the PWC Employee Financial Wellness Survey. Studies have shown that if employees are financially unwell, absenteeism and presentee-ism will increase and employee productivity will decrease.
Employees requesting financial wellness to be incorporated into wellness week programming is 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.
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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
72% of employees admit to worrying about their personal finances at work, and one in three doing that more than once a week according to John Hancock. By bringing in financial webinars or workshops or financial coaches to speak to employees individually, your employees will gain the foundational personal finance education that they need.
3. Employees are making big life decisions
Gen-Z and Millennials make up 38% of the workforce right now (that number will increase to 75% of the workforce by 2025). 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 fairs have always been a popular event for companies 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 via corporate partnerships one-on-one virtually and in physical locations 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.
Sources:
PwC’s 9th annual Employee Financial Wellness Survey COVID-19 Update, PwC US, 2020.”
