Financial Wellness Programs Provide Excellent Benefits

Financial Wellness Programs are an Increasingly Helpful Workplace Benefit

No one wants a repeat of the financial crisis of 2008. The great recession had a far-reaching impact on millions of people in the United States alone.  People saw their mortgages go up in flames, retirement accounts drained and jobs disappear in virtually a blink of an eye.

Here we are, ten years later. The economy is rolling along with unemployment numbers exceptionally low and a stock market that is at all-time highs. Money is flowing and exchanging hands at record rates. The country has rebounded remarkably well in the last decade.

However, with credit card debt and student loan debt skyrocketing, people are finding themselves in a precarious position. Should the economy take a step back whether it be in form of a “correction” or a more long-term issue, millions of people could find themselves on the wrong side of the financial spectrum.

There is an awareness of consumer debt and more positive signs that younger generations such as millennials are more money savvy and focused on retirement and living thrifty. This awareness means that there are stress and anxieties, perhaps with your employees, about how they gain and maintain financial security while pressing forward with retirement planning that often comes with the lofty ambitions of achieving financial independence at an early age.

Bloggers pressing forward with the FIRE movement (Financial Independence, Early Retirement), show scores of younger employees are reaching for the stars when it comes to their financial lifestyle. Simply put, many millennials are realizing they can control how long they work and when they retire. This is a great line of thinking, yet it comes with a good deal of pressure, especially in the early stages.

Employers are Starting to Help Their Employees Manage Stress and Money Anxiety

For many good reasons, employers are beginning to take notice of their employee’s financial wellness. There is a range of benefits that a well-rounded employee financial wellness program provides to both the company and the employee.

Not all financial wellness programs are the same and can vary significantly.

The Money Fit Financial Wellness Program Benefits Employees by giving them access to:

  • Free Debt Consultations and Financial Assessments Including Credit Report Review
  • Free Student Loan Counseling and Repayment Analysis
  • Reduced Bankruptcy Counseling and Certificates
  • Drastically Reduced Fees Upon Enrollment in Debt Management Programs and Services
  • Online Financial Education & Resources
  • Financial Education Webinars access with certificates of completion available

Employees who participate in financial wellness programs are likely to provide their employers with increased job performance, productivity, and loyalty. HR departments may benefit from a decrease of financial issues that may need paperwork and processing.

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Ultimately both the employer and the employee benefit from reduced stress and increased focus.

Back in 2014, the Consumer Financial Protection Bureau released a report that we encourage all employers to read. The report compiles useful statistics that highlight and make the case for financial wellness programs such as the following:

  • Seven out of ten American workers say financial stress is their most common cause of stress, and almost half (48%) say they find dealing with their financial situation stressful.
  • Across workers of all generations, 24% admit their personal finances have been a distraction at work.
  • Only 6% of employees strongly agree their organization does things to help them manage their finances more effectively

Employers may be concerned about the cost of adding another benefit, especially when most benefits are increasing in overall cost from one year to the next. Partnering with the Money Fit Employee Financial Wellness program comes at no cost to employers and is easy to implement. All resources, materials and online tools are provided.

Now is a great time for businesses or organizations to consider offering a financial wellness program to employees or members. Increasing personal finance awareness early and before the next economic turmoil may be able to ward off some of the ill effects through education and preparedness. 

About the Author

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Rick Munster

Money Fit contributing writer with over 15 years in the nonprofit Credit Counseling industry and Is an Xennial working towards Financial Independence.