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There is a direct correlation between financial health and physical health—research shows that poor financial health can lead to diminished physical health. The effects of financial stress on employees often translates into increased absenteeism, reduced productivity and can fuel higher employee turnover. This is why companies are beginning to address more than just the physical health of their employees into their benefits plan’s wellness programs and are recognizing the key role financial wellness plays in overall health. According to a survey conducted by the Financial Health Network, more than half of surveyed employees at midsized and large U.S. companies say that financial concerns are a source of stress even more than family or work-related problems.
Financial stress doesn’t discriminate. It affects employees from all backgrounds and income levels, and can ultimately impact a company’s bottom line. When employees are burdened with financial stressors at work, it can be consuming and exhausting and ultimately lead to overall dissatisfaction at work as well. A focus on improving the financial health of employees is a win-win for employees and employers.
According to 2020 research by SoFi/Sentiment where about 2,000 employees were surveyed, there are five top reasons that employers should have a financial wellness program.
1. Increase Productivity
2. Decrease Turnover
4. Prepare Employees
5. Decrease Stress
With the financial hardships employees are facing as a result of the COVID-19 pandemic leaving many loved ones out of work, it’s more important than ever to focus on the financial health of employees. A majority of employers agree that financial education boosts productivity, and have seen firsthand how financial competency carries through to employees' everyday jobs and work. The main goal of a financial wellness program is to improve the employee’s overall wellbeing. It’s the main reason why financial wellness programs are designed to support an employee’s ability to manage both short-term and long-term needs. The focus is not just creating a plan, but striking a balance between planning for immediate needs while also taking into account long-term goals.
Finances impact all aspects of an employee’s work and personal life. The survey results have shown that employees are eager to work for an employer who offer financial wellness benefits by implementing a comprehensive financial wellness program, employees can gain better control over their finances and get on the path to financial freedom.
If you’re interested in providing financial wellness for your company, SDCCU can help. We provide complimentary financial wellness education to local organizations and the community – it is something we are extremely passionate about! For a complete list of topics, email firstname.lastname@example.org. Please visit SDCCU’s premier partnership page to learn more about all our exclusive offers and benefits.
Visit our Financial Knowledge Blog to learn more tips on setting up a solid financial future or join us for Financial Wellness Wednesdays.
₁. SoFi/Centiment Research survey of 2,050 general population respondents from July 8, 2020 to July 9, 2020 https://www.sofi.com/blog/financial-wellness-benefits-survey-at-work
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