Why Your 2021 Employee Benefit Package Needs to Include Financial Wellness
by Sunnie Thornton | Director of Marketing & Business Development
- Job stress is estimated to cost American companies more than $300 billion a year
- Employees who utilize financial wellness tools are likely to be more productive in the workplace
- Adding financial wellness benefits typically come at no additional cost to employers or their employees
Financial wellness was one of the most discussed topics in employee benefits in 2020. COVID-19 took a tremendous toll on millions of people’s finances this year. Many employers are beginning to understand that alongside standard benefit packages, financial wellness benefits are extremely important, not only to their staff, but to their organization’s bottom-line as well.
UMass reports that job stress is estimated to cost American companies more than $300 billion a year in health costs, absenteeism and poor performance. Financial wellness plays a significant role in both physical and mental health. With 47% of Americans finding it either somewhat or very difficult to pay for a $250 unexpected expense, it’s safe to say that the need for financial wellness programs in the workplace is more important than ever going in to 2021.
The COVID pandemic has amplified financial stress as employees deal with financial challenges that have resulted from the pandemic: loss of a job in the family, higher medical bills, time and money spent caring for loved ones, money lost in the volatile stock market, and so on.
Employers are finding it highly beneficial and cost effective to provide wellness benefits to their employees that enable them to stay productive and work towards better personal financial stability. Providing these types of employee resources can greatly offset operational costs, increase employee morale, reduce sick leave, and improve the overall wellbeing of the entire organization.
Organizations like Money Management Educators (a non-profit 501 (c)(3)) provided educational programs that encourage and help employees plan strategically, budget, save money, invest wisely, and create emergency funds. These types of educational programs are incredibly valuable and can easily be implemented within nearly every organization.
To learn more about how you can add financial wellness educational programs to your current benefit package at no cost to your organization or employees, contact Money Management Educators at 888-679-8689 or email firstname.lastname@example.org.
About Money Management Educators
Since 1989, Money Management Educators has been presenting its educational series to a variety of organizations throughout Northern California – both large and small. Staffed with volunteer instructors, MME is an education-only company, and our presentations contain no sales pitches. Our team is passionate about financial wellness education and is committed to teaching others how to take ownership of their financial future.
As a supplemental employee benefit, our group seminars and confidential individual personal education sessions have proven to help employees implement real change in their lives.
Learn more at www.mmeonline.org