Maintaining wellness, whether it be physical or financial, requires adopting new practices that improve one’s overall quality of life. Achieving financial wellness may seem like a daunting task, but by making pivotal changes in financial behaviors and taking on effective money management habits, financial resilience can be attained. However, financial stress remains a primary issue for many employees, affecting productivity, work quality, and attendance. An employee survey conducted by Plentina revealed that eight out of ten respondents reported financial stress impacting their work performance. The survey further identified three major drivers of financial worry: unexpected expenses, debt repayment, and insufficient savings.
Employers have an opportunity to assist their employees in tackling these challenges. An established comprehensive financial benefit program can provide resources and support that can aid in improving employees’ financial well-being. This can encompass financial education on topics such as budgeting and savings, estate and retirement planning, and long-term investment. Additionally, providing access to financial counseling and coaching services, as well as investment and retirement plans and flexible spending accounts, can help alleviate financial pressures.
Employers can also foster a culture of transparency and openness around personal finance matters, creating a supportive environment where employees can seek guidance and support. Enhancing financial wellness also results in numerous benefits for companies, including improved employee productivity, performance, engagement, and satisfaction, decreased absenteeism and turnover, and an increase in retirement plan participation.
To aid companies in promoting financial wellness, Plentina offers its expertise, resources, and tools to incorporate successful financial benefit programs. Investing in employee financial wellness not only benefits employees but also makes smart business sense.
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