In the United States, April is recognized as National Financial Literacy Month. Every year, this is an opportunity for businesses, consumers, and educators to come together to shed light on many aspects of financial health and wellness.
As an employer, it is important to advocate where you can for your employees. According to Financial Health Network:
- 78% of employees with high financial stress say it distracts them at work sometimes, often, or very often
- 85% of employers plan to spend the same or more on employee financial health benefits over the next two years in the wake of COVID-19
- 6 in 10 workers would be more likely to stay at a job that offered financial wellness benefits
This year’s observance is especially important because so many Americans are struggling to understand their financial options under recent legislations like the CARE Act, SECURE Act, Families First Coronavirus Relief Act and more. When combined with job transition or loss, rising costs of household goods, healthcare expenses, negative economic outlook and sentiment, this has been an exceptionally challenging environment for American workers and their personal finances. What can you do to help relieve these financial pain points?
Here are simple ideas for incorporating financial wellness into your workplace:
- Partner with a company that provides high quality financial education. Look for a company that offers a multi-platform model with benefits like live webinars, on-demand learning or in-person events.
- Partner with a Credit Union that offers small loan products, loan relief options, and personalized consultations for a more empathetic approach.
- Be fun and attach an activity to your financial wellness benefit. Offer a contest or reward for participating in a financial education event or host a themed challenge. Provide bite-sized content to explain personal financial concepts.
- Offer family-friendly experiences. By including financial wellness benefits for the whole family, you open up dialogue about financial behaviors, goals and perception. Engaging the family helps create a more cohesive team and lends to more long-term positive financial impacts. Consider hosting your open enrollment event and financial wellness events during evening times and provide web-based access so family members can participate with your employees.
With more employers investing in workplace financial wellness, this is a perfect time to offer this important benefit to your employees. For participation ideas, contact an Advancial representative.