Budget. Retirement. Emergency fund.
If you’re getting a little hot under the collar, you’re not alone. 7 out of 10 Americans say that money is a key source of worry and stress. This of course carries into work productivity and company bottom lines. Financially well employees are more confident, engaged and productive.
Personal finances have always been a source of employee anxiety and stress, and is increasing every year. Fact is, only 37% of Americans score high on a financial literacy test put on by a National Financial Capability Study (NFCS.) More and more employees are looking to their employers for help. At the same time, employers want to support wellness. Employers can help without breaking the bank. Here are three free ways to provide employees financial education, resources and support.
- Financial Education
Helping employees with their finances can mean simply pointing them in the right direction. There are a number of great online resources to meet all your employee needs. Mr. Money Mustache, Get Rich Slowly, and Budgets are Sexy are three to name a few.
- Financial Resources
Chances are your company might already have a financial wellness program, even if it is just a retirement plan. Still, making sure those resources are well used and understood could be just what employees need to move forward towards being financially well. Either way, there are many free and low fee apps and websites that offer easy budget and investment tools. Here are three to try: Mint, You Need A Budget , Albert.
- Financial Support
A financial advisor would be a great, but not always feasible. Starting a working financial support group is a simple way to bring employees together to better accomplish their money goals.
Whatever the resources, employers offering any level of personal financial support frees employees to perform and improves wellness all around.