Financial stress impacts every other area of life. For example, feelings of insecurity surrounding money leads to constant concern and mental stress. In addition, poor health can result from ongoing financial worry. (1)
Making sound financial decisions does not come naturally to everyone. It is a learned skill that may develop over time. Employers are uniquely situated to provide their employees with information and training to build their financial health and, in turn, improve their satisfaction at work.
Financial Stress and Productivity
There is ample evidence that happy employees are more productive. (2) Because of the toll financial stress has on mental health and happiness, it is an integral part of the overall wellness picture. As a result, when employees experience financial security, they have one less weight on their minds and are more likely to be happy and productive at work.
In other words, a vision of workplace wellness that does not include financial health is incomplete and may ultimately be ineffective.
Money Talk in the Workplace
Some employees may be less than enthused to hear financial advice from their employer. However, if companies want to take the wellness and productivity of their workers seriously, they have to provide comprehensive programs. This means including information on sound money practices.
A recent Advisory Council on Financial Capability recommended that workplaces “make it a priority to improve the financial capability of their employees.” Employers certainly cannot tell their employees how or where to spend their money. However, that does not mean they cannot provide education and information to build financial know-how.
There are many appropriate ways companies can boost the financial savvy of their workers. From informational material to complete courses on investment and saving or budgeting, employers can take the lead in promoting the long-term financial security of the employees in their care.
No Aspect of Wellness is More Important than the Other
The emphasis in recent years on employee health and wellness programs has without a doubt been a move in the right direction. Companies have acknowledged there is a link between employee physical well-being and the well-being of the business.
This big-picture view of wellness now needs to extend to support the financial well-being of workers. A new acknowledgment is required of the role that employees’ money concerns can have on their productivity and mental health and, therefore, the company’s success.
Workplaces that value every aspect of wellness will position themselves as the leaders of the future. Employees want to work where they feel valued and where they can grow and reach their full potential. A workplace that invests in improving the financial well-being of its employees is investing in its long-term success.
Let him who would enjoy a good future waste none of his present. –Roger Babson
