What it’s Worth: Financial Wellness in the Workplace
- October 17, 2018
- By: Greenpath Financial Wellness
Employees are financially stressed. And it’s affecting the workplace.
It’s the payroll manager who missed her student loan payment again. Or the head of facilities who racks up credit card charges for his son’s competitive travel soccer. It’s the operations director who spends every spare moment searching for college scholarships for her kids. Or the sales associate who is trying to pay for his mother’s nursing home care.
Why should any of this concern employers? Because employees’ financial health affects their mental, physical and behavioral health. And that affects everything from productivity to absenteeism to retention to recruitment. Consider this:
- According to the PwC employee financial wellness survey, one in four employees have been distracted at work by personal finance issues within the past year.
- Nearly half of those distracted by finances spend three or more hours a week dealing with personal finance issues at work.
- 43 percent of employees plan to delay retirement due to financial concerns.
- Another study on financial stress and the workplace found employees who are financially stressed have lower job satisfaction, which negatively impacts turnover.
Even employees on the higher end of the pay scale are stressed. In a 2016 CareerBuilder survey, 68 percent of all workers said they were in debt, and workers in all income levels report living paycheck-to-paycheck – even nine percent of those making $100,000 or more.
Employees’ financial wellness is a key component in their overall wellness.
Employers are taking notice, adding financial wellness services to their benefit plans.
GreenPath has offered an employee financial health program for many years. Recently, we’ve partnered with Asset Health, a leading employee health and wellness company, to develop a new financial wellness platform for employees.
We’ve been empowering people to live financially healthy lives since 1961. We know that when people are more financially confident, they are more prepared to handle life’s curve balls. We took the opportunity to work with Asset Health to develop and test a new, personalized, adaptive financial wellness platform for employees.
The product will launch in January. It addresses the physical, emotional, behavioral and financial components of wellness.
Like physical wellness programs, employees who use the financial health program will first take an assessment. Each employee will receive personalized feedback, exercises and guidance based on their results.
It’s interactive, too. Using principles of behavioral science, users will receive reminders, earn badges for reaching goals, and use other motivational tools that help to positively change behavior. And, participants can get personalized coaching from GreenPath certified credit counselors.
The financial health of employees matters.
When employees are financially healthy, they are less stressed, more productive and more content. This not only leads to a better workplace, but it also helps them be empowered to achieve their dreams.
The new financial health platform will be launching in January. For more information, see the Employee Financial Wellness page.