Exploring the direct connections between financial, physical, and emotional health and the significant positive impacts of employee financial wellness on employees and employers
Employees are any company’s number one asset and significant time and resources should be invested into helping them stay healthy, happy, loyal and motivated. Lately, the high costs of healthcare, coupled with the proven positive impacts of behavior on employee health and productivity, have caused more employers to take a closer look at specific benefits to see how they may be able to help their employees’ overall health and wellness.
In a 2021 study by Prudential, employers found the majority feel financial wellness programs are important for improving employee morale and satisfaction[i], and:
Healthcare Benefits Trends found, of those employers offering wellness programs or services, the majority (55.4%) offer Employee Assistance Programs (EAPs) and “EAP’s that provide financial literacy services and mental health assistance can help create a supportive atmosphere that helps employees handle today’s challenges”.
That’s because physical, emotional and financial health are all connected. In fact, stress is the root cause of many of the physical and emotional health issues employees face. Creating a healthy, happy, loyal, and productive workforce requires more than just a focus on physical health wellness. Employee health and wellness can only be achieved if employees are financially well.
Physical, emotional, and financial health are key connections to a strong and productive business.
Today, workers across the country, of all ages and income levels, admit financial stress is having a negative impact on their health, job, and relationships. If left unaddressed, employee and employer financial stress impacts can become a large unfunded liability down the road.
Financial stress is the #1 cause of stress in the United States
An employer-sponsored financial wellness education program that gives employees the information, tools, and motivation to become financially well, in combination with a strong retirement plan foundation, are keys to helping employees reduce financial stress. This benefit combination can help employees become more physically and emotionally healthy as well, resulting in happier, more loyal and more engaged employees.
Improving employee financial wellness takes time, but the rewards are substantial. As an employer, understanding the correlation between financial wellness and physical, emotional, and mental health will yield overall happier employees. This blog series will dive into key facts that will help you to better understand the process of becoming financially confident and stable, and how this is one piece of the total wellness puzzle.
[i]2016 Healthcare Benefits Trends, Healthcare Trends Institute, survey of 250 employers with 50 to 2,500 employees from June-December 2015.
2021 Prudential: A Financial Wellness Case Study
Having a primary care physician is one of the most important things an individual can do for their health, as it helps ensure they receive regular check-ups, aids in preventive care and allows for...
With the start of the new year, many Americans have revitalized energy surrounding their health and well-being for the upcoming year. For many working Americans, top-down support of physical...
Economic pressures such as inflation and higher interest rates have impacted how far an employee’s dollar goes. Employees have started looking to their employers for education and support on topics...