We often think of health and wellness as it relates to our physical well-being—your blood pressure, your stress levels, your weight, your mood. But when it comes to wellness in the workplace, there’s one key component that sometimes gets overlooked, and that is financial wellness.
The health of your finances at work isn’t a new concept—401Ks have been around forever. These days, however, companies are expanding their offerings beyond the standard retirement plan. In fact, Aon Hewitt’s Hot Topics in Retirement and Financial Wellbeing found that helping workers with their financial wellness in ways that extend beyond retirement is the priority for many companies, with 84% of employers believing that “it’s the right thing to do” for their employees.
As it turns out, financial wellness plays an integral part in the overall health and wellness of both companies and their workers. When employees aren’t constantly worrying about money, their stress levels go down, their productivity goes up, and companies flourish. Read on to discover more reasons why companies should care about financial wellness.
Employees are More Engaged
78% of employees are more engaged as a result of financial wellness programs. Less time worrying about finances, more time to focus on work! Additionally, the Society of Actuaries found that among companies where financial wellness was improving, unplanned worker absences dropped by 24.6%.
Employees Spend Less Time on Finances at Work
In the same vein, studies showed a 57% decrease in time spent on financial matters at the office. When workers don’t have to spend time handling personal finance issues at the office, everyone wins.
More Employees Participate in Retirement Plans
Studies showed higher contribution rates and participation rates when financial wellness programs were offered, including an overall increase of 60%.
Employees Actually Want Financial Wellness Programs
36% of employees request financial wellness programs and are looking for some type of guidance when it comes to their fiscal health.