While the benefits of workplace wellness programs are widely known, many employers don’t realize how closely connected financial wellness is to physical wellness. Employees who struggle with financial issues often have less focus, an unhealthier lifestyle and higher medical costs.
Incorporating a financial component to your wellness program is a no-brainer that your business budget and employees will appreciate.
Finances and Health go Hand in Hand
Financial problems are consistently the highest source of stress and can cause anxiety, frustration, and feelings of hopelessness. This stress that many endure can lead to or exacerbate health problems. High levels of stress can contribute to high blood pressure, cardiovascular disease, stomach disorders, among other conditions. In addition, high stress can lead to behaviors that are a known risk to physical health such as excessive drinking, binge eating, and smoking.
The overwhelming and consuming feeling that financial troubles cause leads to trouble sleeping, moodiness, and generally seeming run down. People suffering these effects may be more likely to neglect their own health care and become stuck in a terrible cycle.
In the Workplace
Like any stressful situation, financial burdens can cause an employee to have poor attendance, attitude, and performance at work. This leads to lower productivity, more carelessness, and even stress on other employees. On top of this, your company may experience higher turnover from financially stressed employees.
How to Help
As an employer, you can help your employees with their financial problems and improve their financial situations. Many employees have little knowledge about managing finances, so simply offering a variety of educational opportunities can be a huge benefit. Education may include simple marketing materials, online resources, regular lunch and learn events, etc.
If you offer an Employee Assistance Program, you may already have access to a wide range of services both educational and even financial counseling. Additional counseling or advice may also be available through your 401(k) provider. Check out our other ideas below:
In any situation, focus on increasing awareness so you can boost utilization and ensure employees are taking advantage of these benefits. Emphasize lifestyle management to help employees strive for wellness in all aspects of their life.
Related: The Power of Voluntary Benefits
Benefits of Financial Wellness
Finances are on many people’s minds and your employees will appreciate any financial benefits offered. Expanding your benefits package can also raise employee morale and satisfaction. The connection between financial and physical wellness means you may also see a reduction in healthcare costs with a successful program.
Bridge the gap between physical and financial wellness by integrating discussions to help your employees become savvier healthcare consumers. You can get started by checking out our Healthcare Consumers Overview Guide and our Emergency vs. Urgent Care Guide.
Having financial peace of mind or a feeling of being in control of one’s finances will significantly reduce an employee’s stress level. Lower stress levels can improve overall health along with improving focus, attitude, and performance at work. Financial wellness can support your overall wellness initiatives by promoting healthier behaviors and attitudes in all aspects of life.