Financial wellbeing has several benefits for both the individual and the organization. According to research, employees who are suffering from financial stress are less productive at work. Moreover, financial stress causes about 34% increase in absenteeism and tardiness. In fact, employees who are worried about money miss twice as many days in a year than those who are not. Consequently, money-related stress seriously affects organizations.
A survey has shown that one in four employees feel that their job performance is affected by financial concerns. And this is true even for high-earners. Sadly, the number of workers suffering from financial difficulties is higher than it was just a few years ago. With the cost of living soaring, more people are experiencing financial hardship. It is therefore imperative to provide financial support to employees. Even employers with a limited budget can help employees with their financial concerns.
A financial wellness program can help companies identify employees who need assistance and provide assistance. Some indicators include a lack of participation in the retirement savings plan, hardship withdrawals from 401(k) plans, wage garnishments, or loan default. However, it is important to maintain confidentiality and discretion. Financial stress can occur at any income level and many people don’t know where to turn for help.
Investing in your future is critical for financial wellbeing. Financial stability is essential for achieving your dreams. Creating a financial plan will help you plan for those dreams and goals. The next step in creating a financial plan is to assess your financial situation and set goals to meet them. This step should involve a thorough analysis of your current situation and a willingness to make changes.
Taking stock of your financial situation can be difficult if you’re in a high-flying career. But with a little knowledge, you can begin to take steps toward financial wellbeing and achieve freedom and happiness. So, take the time to read up on financial books and follow fin-fluencers on social media. By developing your financial awareness, you can begin to live with less anxiety and more freedom.
In addition to implementing a financial wellness program, your company can encourage employees to take advantage of the benefits offered by their employers. However, many employees are unaware of such benefits and are hesitant to use them because they are worried about becoming a liability. Therefore, it is important to make the financial wellness program a priority and encourage employees to use it.
A financial wellbeing plan can help you make wise decisions about your money and your future. Ultimately, achieving financial wellness can make life more enjoyable for you and your family. So, take control of your finances and improve your financial wellbeing today! You can start by taking the Financial Wellbeing Score and start making necessary changes.