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The current need and demand for Financial Wellness

Many of our employees are stressed out about their money—and those issues are impacting them at work! They need help.

Financial wellness from an employee’s perspective can be defined as: The ability to meet ongoing financial responsibilities while following a plan to create a secure financial future.

As the need and demand for financial wellness increases, decision-makers in businesses are on the lookout for clarity and proven value in programmes.

From an employer’s point of view, a financial wellness program does not just involve creating a plan; ideally, it also involves showing active and retired employees how to make decisions about their financial situation and how to manage their own financial wellness plan over time. It includes perspective on balancing the opportunity to consume and enjoy life today with maintaining a comfortable lifestyle in the future, all while minimising overall financial stress.

Financial wellness, therefore, relies on, but is also likely to include more than just financial literacy or education.

Financial wellness springs from a more comprehensive approach, one that enables individuals to make informed financial decisions and provides them with tools and insights to help them meet both their near-term and long-term objectives. Our financial wellness programs support individuals by incorporating:

  • Personal characteristics, including both demographics and personality factors

  • Financial literacy, in order to make the most appropriate financial decisions

  • Financial behaviours such as budgeting, saving and investing

  • A person’s current financial situation (i.e., debt, accumulated savings, home ownership, salary, etc.)

  • Contingent financial stressors, like medical emergencies or temporary loss of employment

Our financial wellness programs looks at how all the pieces of an individual’s life fit together.

Some of the challenges for employers who pledge to promote financial wellness include the inherently unique circumstances of each employee, the matter of appropriate metrics with which to measure the program’s success, and the reality that, as with physical fitness, people will strive for different goals.

Countering those concerns, however, is the fact that financial wellness programs are intended to increase confidence in employee financial decision-making, reduce individuals’ stress, which in turn can lead to happier, more productive and potentially more loyal employees.

We champion the coaching and behavioural model of financial wellness. Contact us for more information.

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