Healthy Wallet, Healthy You
Back when I was in school, I was a good student. However, my least favorite subject was math and economics, but I still did well. I mean, I graduated, and that’s all that matters! Now, as a working and productive member of society, when I reflect on what I learned, not all of it seems entirely useful to what I need to know in my everyday life.
I can tell you ad nauseum about the Pythagorean theorem or what a supply and demand curve looks like, two skills I haven't used since graduation. What I didn’t learn was anything about financial planning. What’s a 401k? And how is that different than a Roth IRA? Do I need a mutual fund? I had so many questions, and not a clue on how to focus on my financial wellbeing.
I had to start somewhere, so I started asking questions to friends and family, taking notes and jotting down ideas. Slowly but surely, I was able to make what I thought was a sound financial plan that prioritized things like trying new restaurants and travelling. When I graduated from school, I felt prepared to enter the workforce as a productive and dedicated employee ready to learn. I wasn’t prepared for the financial aspect of working, from managing my benefits to understanding what the different terms meant, what I really needed, it was so confusing, and I know I’m not alone. This is a story many face as they enter the workforce. In fact, 63% of employees say their financial stress has increased since March 2020 at the start of the pandemic.
As an employer, helping your people manage their financial wellbeing is just as important as their physical or mental wellbeing. If employees feel financially secure, they can perform and focus better at work. Financial stress can also lead to other health problems, like heart disease and high blood pressure, meaning higher healthcare costs for you.
While workplaces grapple with the Great Resignation, helping employees with their financial wellbeing could be the key to retaining top talent, keeping them engaged, and creating a healthier workforce.
The number one step to helping employees with their finances is education. If they don’t understand how their retirement plan functions, they can’t work on making sure it will help them achieve their goals. Try hosting a series of info sessions, one on the basics, another on retirement, and anything else your colleagues may have questions about. Hosting office hours where individuals can ask specific questions can help too.
Another way is to contribute directly to employees Health Saving Accounts. If you have the means, you can choose to contribute a specific amount or percentage on a regular basis, like every quarter. This helps employees save on healthcare costs and may be more incentivized to take care of their health better knowing some costs will be covered. Healthier employees means less healthcare costs for you down the line.
These are just two actionable steps you can take to ensure that employees are focusing on their financial well-being but putting these in place might take a presentation or two to senior leadership. With Bundle, you can book a number of sessions to help employees prepare for life's situations. Check out what we can offer and try a session today.
Ask us today how you can schedule one of these sessions and start helping employees with their financial wellness today.