According to a recent survey by MetLife:
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83% of employees say the increased costs of living and medical care are their top stressors.
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77% are worried about economic uncertainty.
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50% report delaying or skipping medical care because of the cost.
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Only 44% say they feel “holistically healthy.”
In recognition of Financial Literacy Month (April), here are three ways you can help your employees gain control of their finances.
Host Financial Education Workshops
Organize workshops on budgeting, saving, managing debt, investing, and planning for retirement. You can hire a financial advisor or ask your benefits broker to help. Many brokers provide free webinars, guides, and consultations. Remember to tailor the content to your employees’ demographics. For example:
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Offer content on debt management, housing costs, and student loan payments for younger employees.
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Provide midcareer workers with information on wealth building, emergency savings accounts, and insurance protections.
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Prepare older employees for retirement saving, investing, and spending.
Offer Education Sessions on Your Benefits Package
You may already offer 401(k) matching, health savings accounts, dependent care flexible spending accounts, or student loan repayment assistance, but that doesn’t mean your employees are using these resources. Host sessions to explain your offerings and how to use them.
Also, remember to highlight stock options, tuition reimbursement, life insurance, and wellness stipends. Many employees underestimate the financial value of these programs without proper education.
Communicate, Communicate, Communicate
Use internal communication channels to share financial resources, tips, and reminders. Keep the information flowing, not just during Financial Literacy Month or open enrollment, but throughout the year. For example, provide budgeting templates, resources on understanding credit card debt, etc.
By offering financial wellness benefits tailored to your workforce, you can boost physical and mental health, performance, retention, and morale. That’s a win for your employees and your organization.
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The information in this article was obtained from various sources and is not all inclusive regarding the subject matter. This content is offered for educational purposes only.
