by Spectrum Wellness
A recent survey by the American Psychological Association reveals that 72% of employees stress about money. This impacts not only on their attendance, but also on their engagement at work. Oftentimes their worries are borne from high levels of confusion and low levels of levels of understanding around their finances. However employers can help in this regard and employees are keen to learn, in fact, many employees want their employers to provide such assistance.
Below we have outlined 3 easy steps to improve the financial wellness of your employees.
1 Provide Broad Based Financial Learning & Development to All
Many employers spend lots of time and money around retirement benefits and its communication. However the concept known as ‘hyperbolic discounting’ reminds us that people pay less attention to things that are far into the future – even important things. People want to know how to improve the here and now, how to make their take home pay go further, how to improve their financial behaviours generally.
2 Target Training at Certain Interest Groups
Make your programmes relevant to the different demographics in your company. Young employees may need help around saving or deposits, borrowing for their first home. Young parents need help around planning for kids’ education etc. For mature businesses, there may be a need for pre-retirement preparation. Give your employees a say on what topics they would like covered.
3 Provide Independent Counselling and Coaching
As the financial competencies of your employees improve with the roll-out of your financial wellness programme, facilitate on-site financial counselling clinics. With the benefit of the training you provide, employees will become more discerning about the financial matters in their life that need the most attention. They will benefit enormously from the expert assistance of independent qualified financial advisors, you’ll benefit from selecting appropriate financial wellness providers.