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Recent studies show that "financial wellness" programs are on the rise in the business world, with some 84% of companies offering such programs and most employees being very concerned about their financial well being.
And if 2017 was the year of financial wellness programs, 2018 and beyond are only likely to see such offerings more and more valued by employees.
Thus, including personal finances management training in 401(k) education classes or otherwise integrating/including them in your benefits package, can greatly boost employee satisfaction, genuinely help your workers manage their money and plan for the future, and enhance your ability to acquire and retain top talent in a very competitive marketplace.
Five Elements of Financial Wellness
When we speak of one's finances being well, we mean healthy, not necessarily large. It is possible to have only moderate income and yet have good financial health.
In any financial wellness classes offered to your employees of all income levels, here are 5 key areas to focus on:
A final angle to approach financial wellness education from is to focus on the various types of insurance available and explain the value and role of each.
Educate your workers on the difference between term and whole life, on the various kinds, costs, and benefits of health insurance, and on the role a supplementary accident insurance can play.
Dental and vision insurance may also be a part of your benefits package, and that's yet another insurance type to educate your employees on. And don't leave out coverage of homeowners insurance, un- or under- insured motorist cover on your car insurance policy, and other important elements of financial health (even if they're not all strictly part of your benefits offerings.)
In the end, you want your financial wellness program to be a benefit in itself to your workers, besides "playing up" the other benefits you offer them.
To learn more about financial wellness and related corporate programs, or for a free initial consultation, contact us today at Summerlin Benefits Consulting.