Many employers don’t realize how a financial wellness program can help their employees’ quality of life financially, which only helps the employer in the long run.
Ilyce Glink is the CEO of Best Money Moves and an expert on financial wellness programs. She will share with our listeners why a financial wellness program is important, how it benefits teams and organizations, and how an employer can successfully incorporate a program like this.
1. Financial wellness is often misunderstood.
It’s not about providing 401Ks or loan calculators.True financial wellness looks at everything from healthcare costs, to how people are paying their debt, to identity theft protection and reputation management, to even relationship issues related to money. A good financial wellness program will truly help the root causes of employees’ money issues.
2. Teach your kids about money early.
Let them sit down at the table when you are doing bills. Explain taxes. Talk to them about the process you use to make big purchases. All of this will give them context and help them understand how money works. Too many in older generations didn’t learn about money as kids and it cost them later.
3. Employers need to understand why financial wellness matters.
Employees have more student loan and credit card debt than ever – leading to loads of financial stress. More and more employees want financial wellness as a benefit. Happy employees are more productive. Good leadership will be sensitive to this. If not, they will eventually leave for somewhere that is.
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