Just a few short years ago, the idea of incorporating financial elements in a company-sponsored wellness program was a foreign concept for most firms.
But all that has changed.
83% of workers under financial stress
According to research by Financial Finesse, the vast majority of workers (83%) are under some type of financial stress. And 13% of those workers reported have a high level of financial stress.
This stress results in distracted workers, which leads to issues ranging from decreased productivity to chronic long-term health conditions.
So it just makes sense for employers to add include financial health as a part of their overall wellness strategy.
Here are three components that should be incorporated in a financial wellness program:
1. Stress and depression counseling options. Stress and depression are a direct result of people’s financial worries, and far too few wellness programs address these issues. In many cases, workers won’t go to a doctor for issues related to stress – even though it can lead to chronic diseases.
Whether it’s talking up the company’s EAP or directing workers to various counseling resources, benefits pros can help in this area.
2. Investment help beyond the 401(k). Personal finance help with everyday topics like basic budgeting and debt management is more important than ever. Many 401(k) providers offer education that goes beyond retirement readiness, so that’s a good place to start.
3. Health-risk cost education. Instead of focusing on the conditions that ignoring risk factors could lead to down the road, experts are urging employers to show staffers exactly how much more those conditions will cost them. After all, money talks.
Seeing the exact figures of out-of-pocket costs, deductibles and co-pays may be enough to motivate some workers to make wholesale changes.