Employee benefits should be improving workplace productivity, health and well-being through personal financial education.
Financial stress is up in 2016 with 52% of employees stressed about their finances. With 45% of employees saying that financial matters cause them the most stress in their lives— nearly as many as those whose top stress is their job, health, or relationships combined. Financial concerns may be a personal matter but they directly affect the workplace. A financially stressed employee spends an average of three hours per week on work time on his or her personal financial problems. There are solutions…Your Family Bank®.
Your Family Bank® Solutions
Unlike most financial advisers, who primarily focus on advising their clients about specific financial products they sell — like mutual funds or life insurance — Love Financial teaches a proven personal financial literacy program that is based on 7 Steps that allow people to get in immediate control of their spending, debt, savings and taxation. It is the only comprehensive financial management system in the industry today that helps individuals and families effectively manage every aspect of their financial lives.
Benefits to Employers
Research clearly shows that a well-executed workplace financial education program benefits employers in several ways:
• Increase employee productivity
• Reduce absenteeism
• Decrease direct employer costs related to wage garnishments, bankruptcies, payroll deductions for child support and alimony, and administrative costs for borrowing against retirement plans
• Increase employees’ loyalty to the company
• Reduce employee stress-related illnesses and mental disorders
Benefits to Employees
Employees who participate in workplace financial education programs have the opportunity to:
• Change behaviors that negatively affect job performance
• Build assets and reduce debt
• Gain appreciation for and participate at a higher level in employer-provided benefits
• Increase their ability to retire early or on time
From the Experts…
“For the employer, research studies have shown that employees who are financially healthy are more productive. They are absent less often, spend less time at the workplace dealing with financial crises, and earn higher job performance ratings.”
—Governor Edward M. Gramlich, Financial Literacy and Education Commission, Washington, D.C.
“Employees who participate in workplace financial education more fully understand personal finances and recognize how financial literacy impacts their future financial expectations. In addition, employees who gain considerable literacy in financial matters and confidence in their future situation are also more likely to be satisfied with and supportive of their company.”
—The journal of Consumer Affairs, Volume 39, Number 1
