Financial Wellness For your Employees

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Financial Wellness For your
Employees
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Financial Wellness
• One in 4 workers are distressed and
dissatisfied with their personal financial
situation.
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Financial Wellness
• An American Psychological Association
survey found that most Americans are
stressed and anxious about their financial
future.
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Financial Wellness
• Today, more than ever, a business’ success
depends on the personal development and
success of its team members.
ClearPointCCS.org
Financial Wellness
• Red Flags employers should look for within the
workplace to see if employees are struggling:
•
•
•
•
•
•
•
Poor Health (headaches-lack of sleep-feeling sick)
Poor job performance (can’t concentrate)
Excessive alcohol use
Abuser of prescription drugs
Coming in late to work frequently
Negative job behavior
High absenteeism
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Financial Wellness
• Taking out loans against retirement plans
• Wage garnishments through employer for creditors/child
support
• Depression/anxiety
• High turnover rate
• Employees asking for payday advances
• Poor diet
• Life events (divorce, lawsuits, natural disasters, medical
bills, illness in family, supporting other family members for
medical needs and finances)
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Financial Wellness
Recommendations for the financially distressed:
• Follow the wise saying “to spend less than you earn”.
• Make and implement plans to prevent poor money
management and reduce financial distress.
• Determine the best options to relieve financial distress.
• Get help through the workplace.
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Financial Wellness
How can employers assist employees overcome financial
challenges?
• Offer financial literacy education workshops, webinars and
personalized web sites.
• Promote health wellness to relieve stress and job anxiety.
• Offer education on investing in 401K plans and manage
investments.
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Financial Wellness
• Offer EAP services.
• Employers should help maintain a positive work climate
through frequent communication.
• Offer an event day offsite or onsite to promote financial
wellness and health wellness together.
• Encourage employees to seek credit counseling with an
approved NFCC agency.
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Financial Wellness
Free Credit Reports
and
Free Credit Scores
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Financial Wellness
1 free credit report every 12 months from all
3 credit bureau agencies:
• Experian
• Equifax
• Transunion
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Financial Wellness
• www.annualcreditreport.com
• 877.322.8228
• Request by mail form
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Financial Wellness
Free Credit Score Websites
• www.creditkarma.com
(Transunion)
• www.creditsesame.com
(Equifax)
• www.quizzle.com
(Experian)
ClearPointCCS.org
Financial Wellness
Group Sessions
(5-6 people)
What has been your # 1 challenge
dealing with employees struggling with
financial challenges? What resolution did
you come up with?
ClearPointCCS.org
Financial Wellness
Personal finance is 80% behavior and only
20% head knowledge.
ClearPointCCS.org
Financial Wellness
Financial wellness and health wellness
are added benefits a company can offer
to show their workers that they really do care
about their well-being.
ClearPointCCS.org
Financial Wellness
Sandee Rains
Financial Education Specialist
ClearPoint Credit Counseling Solutions
1.800.864.9481 ext. 0937
[email protected]
ClearPointCCS.org
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