We are celebrating Financial Wellness Month while many are still trying to figure out what “financial wellness” means and if our workplace needs it.
Do you need a Financial Wellness benefit?
As financial stress increases for your employees, their productivity, health and employer loyalty may be decreasing. According to the 2022 Sofi at Work study, on average employees are spending 9.2 work hours per week on their personal finances. Along with decreased productivity, employee health can also be affected with 80% of employees saying their health has been affected by financial stress, with the percentage for Mental Health ranking even higher.
Is Financial Wellness your responsibility as an employer? The verdict is in. Employees are saying a resounding, YES! Nearly 84% of employees believe it is in the employer’s responsibility, as noted in the same Sofi study referenced above.
Creating Your Financial Wellness Strategy
Financial wellness covers a wide variety of topics, and the great thing is—you get to choose what it means, and what is most applicable, for your team!
When creating your Financial Wellness strategy, use your current organizational and member data as your guide. And don’t forget to leverage your as a starting point.
Data is the key to a solid strategy
Your HR and Retirement Plan data can give you a clear picture and point you in the direction of your employees’ needs. Are you seeing a large number of loans or hardships in your retirement plan? Consider an Emergency Savings program or education. Are younger employees not enrolling in the retirement plan? Dive deeper—a student loan repayment program may be a great fit.
take advantage of your Resources
Your retirement plan record keeper may have great Financial Wellness resources that you already have access to. Some wellness incentive programs also have financial options that can be easily added to your current program.
If you are looking for more guidance, support, and resources your retirement plan advisor is a great place to start. Reach out to us today! We are happy to help you get started on creating the right financial wellness strategy for your employees.