Fremont, CA: Employee financial wellness, like physical wellness, is a topic that companies are finally beginning to address. Just as employees are more productive and happy when they are physically well, they will be less stressed when they are financially well, too.
What Can Employers Do to Improve Financial Literacy with Employees?
Financial literacy begins with a strong foundation in financial knowledge. E employees do not need to be accounting experts, but they should be familiar with basic terms and concepts for managing their personal finances.
Unfortunately, the educational system rarely provides that kind of education, but employers can compensate by incorporating financial wellness programs into their existing training.
Why Should Employers Provide Employee Financial Wellness Programs?
As previously stated, financial stress is having an impact on the workforce. According to separate studies conducted by the American Psychological Association and Northwest Mutual, money issues are the number one source of stress for American adults.
That stress manifests as sleepless nights, depression, and even full-fledged panic attacks, all of which increase absenteeism, reduce productivity, and fuel high employee turnover.
Many of the reasons employees are concerned about their financial situation have little to do with their employers or their salaries.