By Holly Day, Vice President, Strategic Solutions
For a long time, wellness programs primarily focused on physical well-being, but a lack of financial stability can also have adverse effects on employees. Without a balanced approach that includes financial, emotional and physical health, productivity and effectiveness can often suffer.
- The number of employees that are satisfied with their financial health and well-being decreased from 48 percent in 2015 to 35 percent in 2017
- Thirty-four percent of employees said current financial concerns are negatively affecting their lives, compared with 21 percent in 2015
- More than 30 percent of employees said worrying about finances keeps them from performing their best at work
- Seven in 10 struggling employees, identified as those worried about short- and long-term finances, reported high (37 percent) or above average (33 percent) stress levels while 30 percent described their health as poor
The drop in financial well-being satisfaction shows financial pressures and uncertainty remain at the top of employees’ minds. Employees worrying about financial dilemmas will often agonize while on the clock. These types of worries can cause extra stress and negatively impact engagement, productivity and even overall health.
So what’s causing the financial stress? In a recent Financial Education for Today's Workforce survey, employees said they were most concerned about an affordable cost of living, rising health care costs and planning for their family's future. To help with these concerns, more than half of all employees surveyed said they would appreciate a financial wellness program offered by their employer.
Of course, productivity is not the only thing for employers to take into consideration when it comes to employee engagement. Employees who experience high levels of stress are likely to get tired and depressed, which can lead to burnout and turnover. When this occurs, employees call in sick, take more personal absences or even quit. Productivity not only suffers, but recruitment and training costs can rise as well.
Employers can help alleviate the financial stress by making financial education and literacy a priority. By implementing a comprehensive financial wellness program, companies can make an impact on the welfare of their workforce as well as their bottom line.
StayWell takes a balanced approach, integrating financial education into well-being programs such as creating awareness of one’s financial health with digital tools and quizzes. We also work with preferred partners who focus on financial coaching covering a variety of topics, including debt counseling, retirement planning, college savings and more.
Interested in learning more? Reach out to us to schedule an appointment or get a demonstration of StayWell’s programs.