Featured / Insurance Protection

How to Nurture a Culture of Financial Wellness

Financial wellness refers to the overall financial health of an individual. Simply put, it means you have the ability to have a healthy financial life. For example, you can pay your debts without crisis, have and emergency fund and are saving for retirement. Financial wellness is also about feeling good about your financial situation now and in the future.

What is your company’s financial wellness culture? The employers who embrace the power of nurturing a culture of financial wellness and have strategies in place to provide resources and lessen stress will be in the best position going forward.

Let’s look at some striking financial statistics that illustrate the need for cultivating financial wellness:

70% of Americans live paycheck to paycheck. (CNN Money 2013)

52% of Americans have less than $10,000 saved for retirement. (USA Today 2014)

64% of Americans can’t cover a $1,000 emergency. (Market Watch 2015)

Your team’s financial health could be hurting your company in ways you may not realize. When workers are stressed about finances, it affects their job performance. Are you ready to nurture a culture of financial wellness at your company? Here are some ideas to help get you started:

Provide resources. A lot of employees don’t even know where to start on their journey to financial wellness. It is important to provide access to useful resources on things like financial tips, stress management and mental health education. Incorporate trusted partners to help educate your staff. At Univest, we have a series of educational seminars that we provide for free called Perks at Work. We are available to share our expertise on budgeting, money management, mortgage basics, building or renovating a home, the power of financial planning, understanding social security and winning with a health savings account.

Lessen stress. Some workplace stress is normal, but having employees who are regularly over-stressed is not. Send out an anonymous survey to determine your employees’ stress levels. If it seems too high or frequent, try to pin-point certain stressors that are contributing to the problem and then implement changes that will lessen or eliminate these stressors.

An experienced employee benefits consulting and financial services team like the one at Univest can help identify which strategies are best for your company. To have a conversation to help you determine the best approach, please contact us at 610.966.1315 or insurance@univest.net.

 

Insurance products offered through Univest Insurance, Inc. are obligations of the issuing insurance companies, not obligations or deposits of or guaranteed by any bank and are not insured by the FDIC or any other agency of the United States.