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An employee's confidence in their financial future decreases stress and anxiety. Learn how to help them on their financial wellness journey.
While employees may see certain aspects of financial wellness as a chore, employers are increasingly recognizing the benefits of helping their employees achieve their financial goals and decrease their financial stress. A great place to start is with a financial education program.
Financial wellness means feeling financially secure in both the short and long term. Financial stress, when employees are not feeling secure in meeting their current and future obligations, causes a myriad of issues. Many employers make the mistake of equating above-average income with financial security. However, financial stress can affect employees at all income levels. Whether it is managing household expenses, dealing with household debt levels, or struggling to save for short term or long term goals, financial stress can take a toll on physical and mental wellness.
Financial stress can distract employees from other things that matter, both personally and professionally. By supporting financial wellness with training, tools and resources, employers can support employees build financial confidence.
Reducing anxiety and stress surrounding personal financial matters can lead to improved relationships, better emotional health and increased energy. Unchecked levels of financial stress can cause sleep problems, illnesses, and affect mental health. A holistic approach to employee wellness, including financial wellness, helps all facets of an employee's wellness journey.
Financial stress can impair problem solving abilities and cause irritability. It may also impact sleep that then in turn impacts productivity, capacity and interpersonal relationships with other employees.
Employees who have created their own individualized financial wellness journey can build confidence in identifying and reaching their financial goals. These goals might include saving for a mortgage, children’s education, retirement or the next big trip. Being able to confidently map out goals and progress towards meeting them helps financial planning seem less overwhelming and manageable.
Mercer has been able to negotiate significantly discounted rates that are not only passed onto you the employer and your employees. Personal one-to-one fitness programs, therapy, wellness vendors (gyms, food delivery), will preparation, pet and retiree insurance are just some examples of what is offered.
Their financial health
1 canada.ca - Financial Stress and its impacts 2021 - https://www.canada.ca/en/financial-consumer-agency/services/financial-wellness-work/stress-impacts.html
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