So, what is financial wellness anyway?

Financial wellness is a new term in the world of benefits. In short—we exist to help your employees find financial stability and health. Enter your work email for the 5-minute video overview, or dive deep by reading on!

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A quick summary:

Financial wellness is the holistic state of an individual's financial stability, literacy, and confidence, emphasizing the importance of managing daily expenses, saving for future goals, and preparing for retirement. It's not just about accumulating wealth but achieving a sense of security and peace. For employers, promoting financial wellness among employees reduces stress, increases productivity, and improves workplace satisfaction. Companies often offer financial literacy classes, tools, software, and coaching programs to support their employees' financial health.

The broader context and benefits:ms

Occupational wellness, which pertains to job satisfaction and career growth, is one of the many dimensions of overall wellness, with financial wellness being a crucial component. When employees are financially secure, they are happier, more engaged, and more productive. Companies that prioritize financial wellness often provide benefits like retirement plans, insurance, financial coaching, and more. Employees' financial health directly impacts the company's success, making it essential for businesses to invest in financial wellness initiatives. Celebrations like Financial Wellness Week in 2023 emphasize the importance of financial education, offering workshops, webinars, and interactive learning opportunities throughout the year.

WELLNESS EXPLAINERS

What is financial wellness?

If you landed here, you’re probably looking for the basics around financial wellness, so we’ll start at the very beginning with the ultimate cliche: a dictionary definition:

Financial wellness refers to the overall financial stability and confidence of an individual. It encompasses the ability to manage everyday expenses, save money for future goals or expenses, and to prepare for retirement. It is not just about having more money, it is about achieving a sense of financial literacy, security, and peace. 

For employers, financial wellness is important because employees who are financially well have lower levels of stress and anxiety and are more productive at work. There are many popular employee financial wellness programs examples, including financial literacy classes, financial wellness tools/software, or financial coaching across items like budgeting, debt management, retirement planning, and more. Other financial wellness benefits for employees include access to financial wellness programs like online budget apps, financial planning calculators, and investment tools that can help employees better manage their finances.

How financial wellness fits with occupational wellness

Occupational wellness is one of the key dimensions of wellness. It refers to our satisfaction and happiness with our work and career. It encompasses a variety of factors, including our work environment, role clarity, compensation, and opportunities for growth and development. 

It is important to remember that occupational dimension of wellness is just one aspect of overall wellness, which also includes environmental wellness, physical wellness, spiritual wellness, intellectual wellness, financial wellness, and social wellness. Taking care of all dimensions of wellness can help us lead happier, healthier, and more fulfilling lives. 

Financial wellness for employees

Achieving financial wellness for employees is an important part of a comprehensive benefits package. Below, we'll dive deeper into the specifics of a great financial wellness program, but it's valuable to take a total rewards mindset to when considering your benefits offering, considering items like:

- Cash compensation (Base and variable)

- Equity, stock compensation, or profit sharing

- PTO

- Health insurance

- Ancillary health benefits like HSAs, gym membership, and more

- Financial benefits like 401k, matching contributions, IRAs, and more.

- Student loan assistance

- Mental health apps or offerings

- And of course, dedicated financial wellness programs

Financial wellness benefits often have a multiplying effect on other benefit offerings. Not only do they help the employee effectively manage their personal finances, but they increase understanding and utilization of other benefits so the employee and the company alike get the maximum investment from their benefits offerings. 

Providing the best financial wellness programs can help employees reduce stress, increase productivity, and improve overall well-being. Employers can offer a variety of financial wellness activities for employees.  Financial wellness benefits can also include access to financial wellness software that can help employees manage their finances and track their progress towards their financial goals. Some employers may even offer free financial wellness programs to their employees as part of their benefits package. Overall, investing in financial wellness program ideas can have a positive impact on both employees and the company's bottom line.

Why is financial wellbeing important?

We’ll be honest, financial wellbeing and wellness both get thrown around interchangeably. 99 times out of 100, they’re talking about the same thing and financial wellness is a financial well-being synonym. Financial wellbeing refers to the state of an individual having financial understanding, stability in current financial life, and confidence about the future prospects for their financial life. It is important to prioritize financial wellbeing as it brings peace of mind, reduces stress, and provides a sense of security. Those who prioritize financial wellbeing can avoid unexpected expenses and are more likely to achieve their long-term financial goals. Research has shown that there is a positive correlation between financial wellbeing and overall wellbeing. Companies who prioritize financial wellbeing often offer their employees retirement plans, insurance policies, financial literacy, financial coaching, and other benefits that can greatly improve their wellbeing. To assess your financial wellbeing, you can take a financial wellbeing questionnaire or seek advice from a financial professional (like one of our certified financial guides). In short, financial wellbeing is crucial for individuals and companies to maintain stability and build a healthy financial future.

The financial well-being of a company is inextricably tied to the financial well-being of its employees. How does financial wellness affect health? Recent research supports this connection, highlighting that financial stress is the number one source of stress for employees. Stress means less sleep, higher blood pressure, weight gain, mental health challenges, and more. In addition to health challenges, productivity and overall satisfaction at work suffer. Companies investing in their employees' financial well-being can expect to see improvements in job satisfaction, productivity, and employee retention, all of which contribute to a company's bottom line​.

Adopting a financial well-being questionnaire can help companies understand the unique financial stresses their employees face. This understanding can guide the implementation of tailored financial well-being initiatives. A few financial well-being examples might include financial education seminars, access to financial advisors, or automated savings programs.

The financial well-being research is clear: when employees feel financially secure, they are happier, more engaged, and more productive. The underpinnings of financial well-being theory suggest that it is not just about the amount of money an employee earns, but also about their ability to manage financial challenges, their security in the face of financial adversity, and their freedom to make choices that allow them to enjoy life.

By prioritizing financial well-being, companies are investing not only in the welfare of their employees, but also in the success and longevity of their business. Financial well-being should not be viewed as a nice-to-have perk, but a strategic imperative for companies that wish to thrive in the modern business landscape.

Financial wellness tips

Financial wellness is an important aspect of our lives. Having the right financial wellness objectives can help you stay on the right track and make financial decisions that will benefit you in the long run. Here are a few financial wellness tips for employees that can help you maintain your financial health and wellbeing. You’ll, of course, be best served by talking to a real human being who has experience in financial coaching and planning who can help you build a custom plan:

  • One of the best financial wellness steps you can take is to start tracking your expenses. This will help you identify areas where you can cut back and save money. 
  • There are also many financial wellness activities you can participate in, such as attending financial wellness seminars or workshops. 
  • Some financial wellness examples include setting up a budget and building an emergency fund. 
  • If you're looking for financial wellness topics for employees, consider discussing credit scores, retirement planning, and debt management. 
  • To stay up-to-date on financial wellness news, check out reputable financial news sources and subscribe to financial wellness newsletters.

Financial wellness quotes

Financial wellness is an important aspect of our lives. To help inspire and motivate website visitors seeking financial stability, we have compiled a list of brilliant financial quotes that provide financial wisdom to guide your investments and management. These quotes on finance and investment are thought-provoking and remind us of the importance of wise management. Whether you're planning for retirement, saving for a down payment on a house, or looking to invest, these quotes on finance management will encourage you on the path to financial wellness. So take a moment to reflect on these 13 financial wellness quotes and let them inspire you to reach your financial goals:

  1. “Money is the opposite of the weather. Nobody talks about it, but everybody does something about it.” - Rebecca Johnson
  2. “Wealth is not about having a lot of money; it’s about having a lot of options.” - Chris Rock
  3. "The quickest way to double your money is to fold it in half and put it in your back pocket.” - Will Rogers
  4. “Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” - Ayn Rand
  5. “I don’t focus on what I’m up against. I focus on my goals and I try to ignore the rest.” - Venus Williams
  6. “The more you learn, the more you earn.” - Warren Buffet
  7. “Money, like emotions, is something you must control to keep your life on the right track.” - Natasha Munson
  8. “It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” - Robert Kiyosaki
  9. "The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind.” - T.T. Munger
  10. “Do not save what is left after spending, but spend what is left after saving.” - Warren Buffet
  11. “The stock market is filled with individuals who know the price of everything, but the value of nothing.” - Philip Fisher
  12. “Wealth is the ability to fully experience life.” - Henry David Thoreau
  13. “Money is a terrible master but an excellent servant.” - P.T. Barnum

Okay, that’s enough financial wisdom quotes for now. Let’s continue to more extensive and helpful ways to learn.

Financial wellness articles

Financial wellness articles are a valuable resource for website visitors interested in learning more about the importance of financial wellness in the workplace. Our blog is full of information that can inform your financial wellness programs for employees. In our online platform, we offer hundred more articles geared to your employees with tactical personal advice provided by certified financial professionals. If you want to go beyond the offering of financial wellness startups like us, the internet is full of financial wellness articles that are possible resources for those looking to improve their financial wellbeing, but we’d encourage you to spend time vetting the experience of the writer and the prudence of taking financial advice from an unvetted stranger.

Financial wellness week 2023: Fostering a year-long celebration of financial health

As we look towards 2023, it is timely to focus on a critical subject gaining traction in today's workplaces: financial wellness. More and more, businesses are understanding the importance of their employees' financial health, dedicating resources and time to enhance knowledge and management of personal finances. One key initiative in this regard is the organization of a dedicated Financial Wellness Week.

While the specific dates for Financial Wellness Week 2023 may vary according to each organization, it is an ideal opportunity for employers to intensify their efforts to improve their teams' financial literacy. Here are some suggestions on how to maximize the impact of your own Financial Wellness Week:

  1. Establish a Dedicated Week: Choose a week that fits with your organization's schedule. Although October is frequently recognized as financial month, any week that accommodates your team's needs can become your Financial Wellness Week.
  2. Organize Workshops and Webinars: Invite finance professionals to share their insights on managing personal finances, understanding investment options, and planning for retirement during your Financial Wellness Week.
  3. Promote Interactive Learning: Introduce trivia contests or interactive quizzes to make learning about finance engaging and enjoyable during your Financial Wellness Week.

However, fostering financial wellness isn't limited to just one week or financial wellness month. Here's how you can support your employees' financial well-being all year round, by integrating financial themes by-month:

  • January: Begin the year with a focus on financial wellness, providing resources to help employees manage their finances effectively. Celebrate the first Financial Wellness Day of the year with a special event or workshop.
  • February: Align with America Saves Week (Feb 20-24), encouraging employees to set saving goals and sharing tips on how to achieve them.
  • March to September: Each month, highlight a different aspect of financial wellness, such as credit education (March), financial literacy (April), mental health and finances (May), summer spending (June), financial planning for multi-generational households (July), legacy planning (August), and college savings (September).
  • November & December: As the year comes to a close, provide resources on end-of-year tax planning and mindful holiday spending.

Remember, financial wellness is a journey, not a destination. By focusing on it throughout the year, including your own Financial Wellness Week, you can help create a financially healthier and more secure workplace.

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