Financial well-being is an aspect of employee wellness that is often overlooked. But it’s essential that you feel healthy financially, just as you should feel healthy physically.
What does financial well-being mean?
It can include:
- Minimal feelings of financial stress
- A strong financial foundation (little or no debt, emergency savings and living below their means)
- A plan to follow to meet future financial goalsAnd it can all benefit employees and employer alike.
From an employee perspective, financial well-being can mean being worried less, which means less stress. All of which can result in fewer illnesses, increased productivity, higher satisfaction and more engagement in your work.
Employers stand to benefit, too, with likely decreased turnover, lower healthcare costs and decreased absenteeism.
Makes cents, er, sense, right?
By focusing on changing your financial habits and behaviors, better decisions and stronger financial plans can be forged. Finances are a sensitive subject, so that’s why it’s helpful to bring in a third-party expert.
Financial well-being—like physical well-being—is not simply one event. In the end, it’s important to remember that overall wellness includes this financial aspect. When you’re constantly stressed about managing your money, you aren’t going to work as healthy as you should.