Financial Wellness Education Tips for Employers

Financial uncertainty can be extremely debilitating for employees. It creates stress that distracts from the workplace and causes rifts that could have been prevented by proactive financial education. Even simple instruction like saving or budgeting tips can go a long way.

Think about employee financial education another way: offering financial wellness tools can enable employees to get the most out of their benefits, most notably their employer-sponsored retirement plans. Why bother offering such plans if employees aren’t maximizing their value? With this in mind, consider pairing your conventional retirement plans with other financial wellness programs.

How to Facilitate Financial Wellness Education

Employee financial education looks different based on employer, but over 80 percent of employers offer some sort of financial wellness program, according to a study from Prudential. The study notes that common programs include retirement and saving calculators, and access to financial advisors. These programs can help employees understand basic financial concepts and avoid risky decisions, like payday loans.

You don’t need to spend thousands of dollars to implement an effective employee financial education campaign. Even small, informative offerings can be enough to get employees thinking about their savings goals. The following are just some of the ways you can start encouraging financial wellness:

  • Hold a class on budgeting basics.
  • Distribute surveys about financial concepts to gauge employee understanding.
  • Offer access to financial planners through your employee assistance program.
  • Distribute worksheets to help employees plan for their savings goals.
  • Provide access to debt calculator tools.
  • Hold a meeting to explain retirement benefits before open enrollment.

The information provided in this article is to be used for informational purposes only and is not intended to replace the advice of an insurance professional. If you are interested in learning more about financial wellness education for your employees, please contact our Employee Benefits Management Group (EBMG) here or by calling (800) 242-4433.

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