Following the COVID years and the isolation of working from home, many people have struggled to make ends meet, which has become a significant source of financial stress and anxiety. This has made it tough for many employees to focus on their daily activities, and be as productive as they can be.
The good news is that employers can do a lot to help their staff feel more secure about their financial situation. Our business, The Money Sandwich (formerly Strictly Super), has been helping employers for over 20 years to promote financial wellness to help their employees manage their money better.
For employees, this can help reduce financial stress, which can be a significant source of anxiety. Wesley Mission states that 1 in 3 employees spend more than they earn and that 1 in 2 are worried by the state of their finances. When employees have access to financial wellness programs, they can learn how to manage their money better, which can lead to less stress and better productivity at work.
For employers, it is a major issue with 12 hours lost each week and over $67 billion in lost revenue for 2022. Financial wellness programs can lead to increased employee engagement, as employees feel supported and valued while also learning new life skills. When employees are engaged and committed to their work, they tend to be more productive and loyal to the company, which therefore reduce employee turnover and sick leave costs. In addition, offering financial wellness programs can help improve positive workplace culture and employee morale.
Overall, financial wellness in the workplace is beneficial because it helps reduce financial stress, increases employee engagement and retention, enhances workplace culture and reduces healthcare costs.
Article by Marc Bineham – Money coach, speaker and award-winning author of The Money Sandwich
Sources: CommBank, AMP, NGS, Morgan Stanley, Wesley Mission Financial Wellness Surveys