Transform your workplace with financial wellness programs

Financial wellbeing is a state of being where individuals feel confident and in control of their financial situation. It’s about having the resources to meet your current needs and to plan for your future.

There are many financial wellness benefits you’re employees will gain when you implement a financial wellness program. When people are financially secure, they are more likely to be:

• Healthy: Financial stress can lead to health problems like anxiety, depression, and heart disease.
• Productive: Employees who are financially stressed are more likely to miss work, take sick days, and be less productive.
• Engaged: Financially secure employees are more likely to be engaged in their work and loyal to their employer.

But, we aren’t seeing much of this today because of economic uncertainty and inflation. Most people identify finances as one of their leading causes of stress and turn to their employers for help. A PwC 2023 employee financial wellness survey states 57% of employees said finances were their number one cause of stress, and 74% of employees expect their employer to help. 

So what can employers do to support their employees? Below are financial wellness program ideas to help you get started: 

Financial wellness programs

Financial wellness programs can provide employees with information and resources about topics such as budgeting, saving, and investing. These programs can be offered in various formats, including workshops, webinars, and online resources.

Some of the benefits of offering financial wellness programs to employees include:

• Reduced stress: Financial stress can lead to health problems, absenteeism, and turnover. Financial wellness programs can help employees to reduce their financial stress and improve their overall health and well-being.
• Increased productivity: Financially secure Employees are more likely to be productive at work. Financial wellness programs can help employees make better financial decisions, freeing up their time and energy to focus on their work.
• Improved morale: Employees who feel good about their financial situation are likelier to be happy at work. Financial wellness programs can help employees improve their financial situation, morale, and job satisfaction.

Financial counseling

Financial counseling can help employees to develop a financial plan and to address specific financial problems. Financial counselors can help employees to create budgets, save money, pay off debt, and invest for the future. Offering 1:1 support for your employees will also help them feel more stable and confident with their finances. 

Some of the benefits of offering financial counseling to employees include:

• Improved financial literacy: Financial counseling can help employees improve their financial literacy, leading to better financial decision-making.
• Reduced debt: Financial counseling can help employees to reduce their debt, which can free up money that can be used for other things, such as savings or investments.
• Improved credit scores: Financial counseling can help employees improve their credit scores, making it easier for them to get loans and credit cards in the future.

Creating a culture of financial wellbeing

A culture of financial wellbeing is one where employees feel comfortable talking about their finances and where resources are available to help them improve their financial situation. Employers can create a culture of financial wellbeing by:

• Talking about financial wellbeing in the workplace: Employers can start by discussing financial wellbeing in the workplace. This can be done by including financial wellness topics in employee newsletters or hosting financial wellness events.
• Providing financial resources: Employers can provide financial resources to employees, such as books, articles, and websites. These resources can help employees to learn more about financial planning, budgeting, saving, and investing.
• Creating a supportive environment: Employers can create a supportive environment by understanding and compassionating employee financial problems. Employers can also provide employees with opportunities to learn and grow by offering financial wellness workshops or providing access to financial counseling.

Financial wellbeing is vital for both employees and employers. Employers can improve their employees' health, productivity, and engagement by promoting financial wellbeing. 

Financial wellbeing at work examples

Promoting financial wellness among employees is a crucial focus for many organizations. There are many benefits of financial wellness that come with implementing a program. Here are a few financial wellness examples and financial wellness tips you can incorporate into your business. During Financial Wellness Month (January), companies can organize various activities and provide resources to support their employees' financial health. These may include educational workshops on budgeting, saving, investing, debt management, and retirement planning sessions.

Additionally, companies can offer benefits such as employer-matched retirement plans, access to financial advisors, or discounted financial services. By prioritizing financial wellness, organizations enhance their employees' well-being and improve productivity and job satisfaction. To achieve financial wellness, individuals can adopt several practical tips, such as creating a budget, building an emergency fund, tracking expenses, and seeking professional guidance when needed.

There are also many employee financial wellness programs examples. Some examples include:

• On-site financial counseling allows employees to get one-on-one help with their financial problems.
• Financial wellness workshops: These workshops provide employees with information about topics such as budgeting, saving, and investing.
• Financial wellness resources: These resources can include books, articles, and websites that provide information about financial wellbeing.

Importance of financial wellbeing at work:

A common question is, why is financial wellness important? There are many reasons why financial wellbeing is important at work, and below are a few examples: 

• Reduced absenteeism: Employees are more likely to miss work when financially stressed.
• Increased productivity: Financially secure employees are more likely to be productive.
• Improved morale: Employees who feel good about their financial situation are likelier to be happy at work.
• Reduced turnover: Financially secure employees are less likely to leave their jobs.

Financial wellness programs for employees have various benefits that not only support your employees but will help improve your bottom line. There are also many financial wellness activities your employees can do on a daily basis to have a better financial life. 

Financial wellness activities for employees

There are many activities that employees can do to improve their financial wellbeing. Some examples include:

• Creating a budget will help you track your income and expenses.
• Setting financial goals: This will give you something to work towards.
• Making a plan to save money can help you reach your financial goals.
• Paying off debt: This will free up money that you can use for other things.
• Investing for the future: This will help you to reach your financial goals in the long run.

These activities will help employees stay on track with their short- or long-term financial goals, allowing them to spend less time stressing about money and more time being productive and engaged. 

The best financial wellness programs: 

You can choose from many different financial wellness programs, which can make it overwhelming. Below we wrote out the things we think are important to remember when picking the best one for your employees and company. 

• They are comprehensive. Good financial wellness programs cover various topics, including budgeting, saving, investing, and credit.
• They are tailored to the needs of the participants. Good financial wellness programs are designed to meet the specific needs of the participants, such as their age, income, and financial goals.
• They are easy to use. Good financial wellness programs are easy to understand and use. The information and resources should be presented in a clear and concise way.
• They are unbiased. Good financial wellness programs are unbiased and do not promote any specific financial products or services.
• They are accessible. Good financial wellness programs are accessible to all employees, regardless of their financial situation.

By having these qualities, financial wellness programs can help employees to improve their financial wellbeing and achieve their financial goals. Many financial wellness startups and financial wellness platforms are out there, but it’s all about choosing the right one. Companies with financial wellness programs will ultimately be more successful because they put their employees first and look out for their best interests. 

Overall, financial wellbeing at work is essential for employees and employers. Not only will employees have access to financial resources to help them be more engaged and productive, but companies will have less turnover, higher retention rates, and happier employees. 

However, it can be difficult to get engagement and participation, so we give a few of our tips to help implement a financial wellness program at your company: 

• Make financial wellbeing a priority: Set aside time and resources to develop and implement a financial wellness program.
• Get executive buy-in: Show employees that the company is committed to their financial wellbeing by getting executive buy-in for any financial wellness program.
• Tailor the program to your employees: Consider your employees' age, income, and financial goals when tailoring the financial wellness program to their specific needs.
• Make the program easy to use: The information and resources provided by the program should be easy to understand and use.
• Track the results: Track the results of your financial wellness program to see what is working and what needs to be improved.

By following these tips, employers can create a financial wellness program to help their employees improve their financial situation.