💸  Meet YML Plus: The AI-powered financial sidekick for employees. See the overview | Read the blog
Blog Post

Several ways employers can recognize and promote financial wellness month at work

January is a well-known month for setting goals, resolutions, and intentions for the new year. So, it’s only fitting it also happens to be the National Financial Wellness Month. I don’t know about you, but many of my goals tie into my financial life, and what better time to dive into them than now! 

As we learned in 2023, financial stress is at an all-time high, and employees are seeking help from their employers because it turns out it's tough to put financial stress aside at work.

Our financial lives are often more complicated than we would like them to be, which makes it difficult to know where to start when it comes to our employees' financial well-being. To help you get started, we’ve compiled a list of ten simple and effective ways you can offer support to your employees.

1. Invest in a free coaching session for your team

Provide free financial coaching to employees for guidance on money questions! This coaching session will give employees a chance to receive personalized advice on their financial questions and concerns. With the help of a financial coach, employees can develop strategies to manage their finances better, set financial goals, and gain confidence in their financial decisions. 

2. Create a financial book club

One idea to foster financial literacy and teamwork within the workplace is to create a financial book club.  Employees will learn from each other and better understand managing money and achieving financial goals. Additionally, this activity can help build relationships among co-workers and promote a positive company culture.

3. Create a financial resources hub 

Develop a dedicated webpage on the company intranet with links to financial articles, videos, and tools, providing employees with a centralized resource for quick access to financial information.

4. Send educational emails 

Write some quick and simple emails with tips about finances, useful tools, and links to helpful resources that employees can use in their everyday lives. Keep the information easy to understand and applicable to their daily routine.

5. Lunch and learn sessions

Schedule brief, interactive lunchtime sessions where employees can bring their lunch and participate in discussions or presentations on basic financial concepts by internal experts or external speakers. Some session topics could be around how to budget, debt management, or how to invest in your future self by contributing to retirement savings. 

Here is a free webinar you can share with your employees: "Feels Good, Is Good. The Impact of Financial Stability on Your Life,” presented by award-winning financial mind Peter Dunn (AKA Pete the Planner).

6. Create financial wellness challenges 

Launch a savings or debt reduction challenge with clear goals and small incentives for successful completion. The challenge could involve a group of people with similar goals working together for a set period of time. By making the challenge fun, engaging, and rewarding, people are more likely to stay motivated and committed to achieving their goals.

7. Create a wellness calendar

Develop a monthly calendar with specific financial wellness activities for employees to participate in, such as budget reviews, savings goal setting, or quick financial quizzes, and share it through various communication channels. 

8. Take a financial personality quiz 

Have all of your employees take a financial personality quiz.  A quiz like this will help employees understand their financial habits, strengths, and weaknesses and learn how to make better decisions. This can ultimately lead to increased financial wellness and confidence, which can benefit your employees in their personal and professional lives. 

9. Offer financial education workshops 

Arrange workshops or webinars on various financial topics by bringing in external financial experts or utilizing online resources and promoting them through company-wide communications.  

A few webinars or workshops could be about how to make the most of employee benefits, a tax season workshop, debt management, financial management 101, or a guide to becoming a homeowner! 

10. Share stories of change & success

Encourage employees to share their financial success stories anonymously or voluntarily through written or video testimonials and showcase them on internal platforms or during team meetings to inspire others.

11. Implement a financial wellness benefit program

Consider introducing a formal financial wellness benefit program within your organization. Partner with financial institutions or platforms to offer your employees discounted financial planning services.

The benefits include: access to top-notch educational resources and subsidized financial counseling. It’s a proactive step towards securing their financial future.

Plus, it's a great way to reduce financial stress across your organization. Such initiatives show you care about their well-being, making your workplace a beacon of support and encouragement.

12. Host financial wellness workshops

Looking to enhance your team's financial health? Why not host interactive financial wellness workshops? These sessions, led by expert financial advisors, can tackle everything from managing credit card debt to creating retirement accounts.

Whether your employees are planning for retirement or setting up their first home budget, these workshops provide crucial insights and tools. By focusing on specific financial topics, each workshop is tailored to truly benefit your employees' unique needs and concerns.

13. Offer flexible work arrangements for financial education

Recognizing the need for financial learning, and offering flexible work arrangements can be a game changer. This allows employees to attend educational sessions or meet with financial advisors without impacting their work hours.

Such flexibility helps them manage responsibilities like tackling high-interest debt and building an emergency fund more effectively. By integrating these options, your workplace supports both personal growth and professional productivity, enhancing overall job satisfaction and financial stability.

14. Provide access to Employee Assistance Programs (EAPs)

Boost your team's well-being by partnering with Employee Assistance Program (EAP) providers. EAPs offer a wide range of support services, including financial counseling and legal assistance, which are crucial for managing financial obligations.

Additionally, they often provide mental health support, enhancing overall employee wellness.

Access to EAPs can also yield tax benefits for your company, making it a smart addition to your wellness initiatives. This support system helps ensure that employees have the tools they need to succeed both personally and professionally.

15. Organize volunteer opportunities

Empower your employees to give back through volunteer opportunities focused on financial literacy.

By participating in community programs, they can help underserved populations understand their financial journey better. These activities allow employees to share knowledge about managing financial situations and improving spending habits.

Such initiatives not only support community development but also enrich your team's experience, fostering a sense of accomplishment and empathy in guiding others through financial challenges.

16. Foster peer support networks

Create a community within your workplace by establishing peer support groups or mentorship programs. These networks allow employees to connect with colleagues who share similar financial goals or challenges.

Such connections provide a robust support system, encouraging the sharing of knowledge and experiences. This community aspect fosters a sense of belonging and motivation. It helps employees feel supported as they navigate their financial paths together.

17. Evaluate and adjust benefits packages

Keep your benefits aligned with employee needs by regularly reviewing your organization's benefit packages. Consider using surveys or focus groups during Wellness Month to gather input on how well current benefits support employees' financial goals, like managing a monthly budget or building emergency savings. This feedback can guide you in refining or expanding benefits to better meet the evolving financial wellness needs of your team.

18. Incorporate financial wellness into performance reviews

Make financial wellness a key part of performance reviews. Encourage managers to discuss not just work performance but also financial goals like savings, insurance, and investing.

During Financial Literacy Month, highlight the importance of these discussions. This approach helps ensure that employees receive the support and resources they need to achieve their financial objectives, fostering a holistic approach to well-being in the workplace.

19. Measure and track progress

To truly gauge the success of your financial wellness initiatives, establish clear metrics. Track employee engagement and participation in financial education programs.

Monitor changes in behaviors like improvements in credit report scores, increases in minimum payments on and around employees' highest interest debt, and overall debt reduction. These indicators will help you assess the impact of your efforts and pinpoint areas needing refinement, ensuring continuous improvement in your financial wellness strategies.

20. Celebrate successes and milestones

Recognize and celebrate both individual and collective financial wellness achievements within your organization. Share success stories and significant milestones employees have reached in managing their finances, such as meeting savings goals, reducing debts, or achieving long-term goals.

Publicly commend these efforts to foster a culture of financial well-being. Highlighting progress in areas like budgeting, income management, and financial situation adjustments encourages continued engagement and motivation.

Financial Wellness Month is an excellent opportunity to initiate your organization's journey toward having financially healthy employees. Use the ideas presented here as a starting point to develop good financial habits that extend beyond this month. 

You can also assess your organization as a whole by taking our 5-minute financial wellness audit. Supporting your employees' financial wellness doesn't have to be complicated. 

If you want to discuss any of these ideas, feel free to drop us a note at hello [at] yourmoneyline.com!