Ballooning Employee Debt – Providing Financial Wellness Education to Employees

Employers play a large role in the financial lives of their employees. After all, companies provide their staff with paychecks, insurance, retirement options, and a variety of other benefits designed to impact that aspect of their lives.

But few companies provide their employees with resources to help improve their financial wellness, ensuring that they have the tools to manage their debt and make smart choices in the future.

By adding financial wellness education to your offerings, you can position your workers to live their best lives, providing them with valuable information and support to help them combat ballooning debt and secure their futures. If you want to get started, here’s what you need to know.

Financial Wellness Education Meets a Need

In most cases, people receive very little education in personal finance. Schools typically don’t offer classes dedicated to the subject and may only barely touch on topics like how interest, credit scores, and various financial products work.

Many professionals experience some struggles in their financial lives. Student loan debt is a common hurdle and credit card debt can easily get out of control.

By offering financial wellness education, you help fill in any knowledge gaps that may be harming your employees.

Personal Finance Resources Can Lower Stress

When you provide personal finance education, you may be able to lower their stress levels of your workers. By giving them robust tools and techniques to better manage their personal finances, they will be able to navigate challenging situations and address issues that may be holding them back.

Since money worries are common and can have a significant impact on well-being, financial wellness education can be a powerful tool for keeping morale up and empowering your staff to lead their best lives. Over time, this can create a more positive work environment and may even help them reach higher productivity levels.

Creating a Financial Wellness Education Plan

Like any other large-scale undertaking, you will need to handle some planning before offering financial wellness education options. For example, you’ll need to determine the program’s goals and how to measure whether it is ultimately successful.

Additionally, you’ll want to consider how in-depth you want these resources to be. You may wish to explore group class options as well as individualized programs or coaching to see which approach can best serve your employees and objectives.

Ultimately, there isn’t a single solution that is guaranteed to fit with every organization. The size of your business may be a factor as well as your company’s area of expertise and the general knowledge level of your workers. This means you need to examine your unique needs and develop a program that is right for you.

As you determine the program that is right for your employees, the professionals at Career Options can help find the staff that compliments your staffing needs. Contact us today to speak with one of our knowledgeable staff members today and see how our expertise can benefit you.

 

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