Employee Benefit News for School, City and County Employers

Financial and Physical Wellness

Written by Steve Smith | Oct 13, 2022 3:30:54 PM

2 minute read

Financial concerns are consistently rated among the highest source of stress for people. It can create feelings of anxiety, frustration, and hopelessness. Employees who struggle from financial trouble are often more likely to have less focus at work, an unhealthy lifestyle, and higher medical costs.

Many employees have surprisingly little knowledge about managing finances. So, offering financial benefits, resources, or education can help employees cope with their financial problems and improve their financial situations.

Financial services may be included within your workplace wellness program or part of your Employee Assistance Program. If it’s already part of your benefit offerings, you can increase awareness to boost utilization and ensure that employees are taking advantage of the benefit. Offering these types of benefits can increase employee morale and satisfaction.

Financial education can also be integrated with discussions about health care to encourage more savvy health care consumers. Financially educated are more likely to be prudent in their health care expenditures, participate in consumer directed health plans, consider mail-order prescriptions, and take advantage of preventative care. The education will save both employees and the company significant money on health care.

Having financial peace of mind or even a sense of control over one’s finances can significantly reduce an employee’s stress level. This will help to improve their overall health, along with improving focus, attitude, and performance at work. Financial wellness can support your overall wellness initiatives by promoting healthier behaviors and attitudes in aspects of life, creating happier, healthier employees.

Download the bulletin for more details.