Financial wellness

Employee financial wellness has been on the agenda of employers for a while now. Financial wellness refers to a person’s overall financial health and the absence of money-related stress. 

According to SHRM, financial stress results in a 34% increase in absenteeism and tardiness. Employees who worry about their finances also miss almost twice as many days per year compared to their colleagues who are money-worry-free. 

The current covid situation isn’t always helping people’s financial wellness either. Some of us may have a partner who’s lost their job, or perhaps the company we work for is struggling financially and unable to increase pay or make bonus payments.  

All in all, companies lose a lot of money due to their employees’ financial stress. In the US alone, businesses miss out on $500 billion a year because of this. So why not implement benefits that help relieve this stress?

What do financial wellness benefits look like? 

Financial wellness benefits can go from a couple of standalone perks to a complete financial wellness program, or anything in-between. Here are some examples:

  • Workshops. A simple and relatively low-cost way to create a basic financial wellness program. You can invite regular guest speakers to run a workshop on topics such as budget planning, reducing (student) debt, or savings tactics. If you’re in a larger organization, you can also ask someone from your finance department to do a session. 
  • Dedicated partnerships. Build a partnership with a company that specializes in employee financial planning.  
  • Financial wellness tools. Options go from tools that provide on-demand financial advising to custom training and e-learning to improve people’s financial knowledge and much more. LearnLux and MySecureAdvantage are just two examples of these kinds of tools. 
  • Perks. Tuition fee reimbursements, contributions to employees’ student loan debt, fertility assistance, anything is possible here.
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