I don’t fancy myself a crystal ball guy, but even if I were a crystal ball guy, there’s no way I would have predicted a bank run which would have shocked the banking industry. Thousands of CEOs instantly found themselves in a lurch. And if thousands of theoretically intelligent leaders weren’t prepared for a financial crisis, what are the chances their employees are prepared for personal financial crises?
As business leaders worldwide found themselves checking in on their crisis plans, the hope is that employees were doing the same thing. It’s a lovely thought, but even if it were reality, financial wellness isn’t that simple. Why? Because not only are we impacted by our own financial households, but we’re conceivably affected by our aging parents’ households, and our adult childrens’ households.
The concept is not new. In fact, there’s a name for this three-generation scenario – the Sandwich Generation. One household, sandwiched between the challenges of two generations of other households.
You often hear about multi-generational financial wealth, but frankly I’m more concerned about multi-generation financial health. I’m sure you’ve considered how financial stress affects your workforce, but have you considered how financial stress caused by parents and adult children affects your workforce?
Plain and simple, the Sandwich Generation can be a painful reality. A great financial wellness partner can help identify challenges for your team members and then systematically mitigate those challenges.