What is financial wellness?
- Having control over day-to-day and month-to-month finances
- Having the capability to absorb a financial shock
- Being on track to meet financial goals
- Having the financial freedom to make choices that allow one to enjoy life
Source: National Fund for Workforce Solutions
Employee financial wellness programs may help workers reduce financial stress and live better lives, particularly lower income workers who have higher levels of financial stress. Employees bring their financial stress with them to work, impacting their ability to focus on the job.
Spending, saving, borrowing, and planning — these are the four areas that affect a person’s resilience against financial hardships and their ability to meet financial goals. Programs to address employee financial wellness offer a range of services and products that fall under those areas, including loans, credit-building services, financial counseling, and wage advances.
These benefits are gaining popularity, and more and more employers are wondering, “Are they right for my employees? Where should we start?”
The National Fund for Workforce Solutions and Social Policy Institute at Washington University in St. Louis have created this guide with resources to help employers get started.
There are 6 steps that will set you on the right path:
- Understand your employees’ financial lives
- Assess your employees’ financial wellness needs
- Determine the right kind of financial wellness solutions for your company
- Find and commit to your financial wellness program
- Implement and evaluate your solution
- Amend your solution based on evaluation and feedback
Follow this step-by-step guide to find out what financial wellness solutions can do for your organization.
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