Helping Employees Deal with the Other ‘F’ Word - Financial Wellness
Finances play such a large role in our lives and can contribute to alot of stress on families. Balanced financial health is just as important as mental and physical health. Discovery why in this article.
To a large majority of people, mentioning the word Finances is met with a glazed expression and little interest. Indeed, there is a startling knowledge gap among people of all ages when it comes to knowing how to plan for retirement, manage student loan debt or create a budget.
BUT IT’S ON SALE!
This should be surprising considering finances play such a large role in our lives and daily decisions, big or small. In today’s consumer-driven society we are constantly thinking and analyzing situations like “I may not need them but I really love those shoes” to “Can I really afford to go on that tropical vacation?” to the unforeseen and more stressful events “My car broke down - I don’t know if I can afford to fix it.”
Given that finances play such a prominent role in our lives and are a main stressor affecting our overall well-being, more and more people are looking to their employers to help support and guide them.
Most everyone can relate to more than a few of the following resolutions:
- Make and stick to a budget
- Save for a large purchase like a down payment, household upgrade, or car, etc.
- Pay down credit card debt
- Place money aside for an emergency
- Save for retirement
- Pay down student loan debt
76% of American consumers are living paycheck to paycheck (source: Bankrate.com)
If any of these goals are on your list, that’s a great start – you likely are motivated to do something about it. But where do you start? How do you get on track?
Financial wellness is a term that may be new to many individuals. But as wellness programs have evolved to include a more holistic approach, an increased awareness beyond mental and emotional needs has arisen. A great example of this is the growing trend of offering financial wellness programs.
With the tools and resources to understand and make knowledgeable and confident financial decisions, employees are able to find balance and control over their finances in a way that is simple, engaging and not overwhelming.
14.7% of families have debt that exceeds 40% of their income (source: Consolidated Credit)
Employees who face fewer financial worries and distractions benefit employers by becoming a more focused and productive worker. Workplace wellness programs are designed to engage and encourage a person to become educated and motivated to change. The same can be said about financial wellness programs – it’s important to design wellness programs like a shopping mall and appeal to lots of interests.
READY TO SHOP FOR FINANCIAL KNOW-HOW?
Financial wellness programs like KOFE (Knowledge of Financial Education), a product of Consolidated Credit, maximizes the learning process by using a one stop shop site that offers coaching, online tools, resources and personal interaction. The program maximizes the learning process, which enhances a person’s ability to become financial independent and make sound decisions. This powerful knowledge not only improves their financial health, but it also eases the stress that economic struggle brings.
KOFE is now available through the CoreHealth Corporate Wellness Platform.
ABOUT COREHEALTH TECHNOLOGIES
CoreHealth Technologies Inc. is the leading corporate wellness platform trusted by more than 1000 organizations, ranging from medium-sized businesses to Fortune 500 enterprises. At CoreHealth, we believe that developing the best employee wellness programs is all about giving wellness companies the right code, design and access to the latest innovations. With the most customization, integrations and reliability of any software in its class, CoreHealth’s powerful platform lets users focus on growing great companies. For more information, explore the CoreHealth website.
Written by Andrea Soar
Andrea Soar is CoreHealth's Sales and Marketing Magician who appreciates and promotes all aspects of a healthy lifestyle.