Many employees struggle with cash for emergencies. A BenefitsPro study in 2020 found that 47% of respondents had difficulty finding $250 for emergencies and had to resort to credit instead. While millennials are saddled with loan debt, members of the "sandwich generation" are burdened with dividing their limited resources between themselves, their children and their parents, while still trying to prepare for their own retirement.
Each employee demographic is struggling with their own financial challenges, which is why a dynamic financial wellness program needs to span the generations and provide potential solutions for each unique situation.
Oftentimes, one of the major problems is a lack of access to financial literacy resources. And it’s a problem that employers can help solve by providing financial wellness programs for their employees. Here are five advantages of a financial wellness program:
Joining the employers that offer a financial wellness program can help you demonstrate your understanding that happy, healthy employees are vital for a highly productive company. But keep in mind, helping your employees become financially healthy is a little more complex than it might seem at first glance.
Here are three tips for increasing employee financial literacy:
The ultimate goal is financial well-being. It’s not enough for employees to learn about what constitutes financial well-being; they must put it into action to achieve success.
Having a financial wellness program can benefit your employees in the form of improved employee morale and boost their productivity at the same time. It’s a win-win situation for all.
Looking for resources to offer your employees? Visit LoVasco’s Financial Wellness Resources page to see a few of the educational sessions we are currently offering our clients. Want to offer this resource to your employees? Email or call Mike Iley to discuss!
 C. J. Marwitz. “Employee Financial Wellness: Looking Ahead to 2021.” BenefitsPro. December 4, 2020.
 Prudential. “Wellness Programs Earn Their Place in Human Capital Strategy.” June 2019.
 Jane Clark. “Offering financial wellness education could improve employee productivity.” January 29, 2019.
 Umass Lowell. “Financial Costs of Job Stress.” 2019..
This article is for educational purposes only. The tax and legal references attached herein are designed to provide accurate and authoritative information with regard to the subject matter covered and are provided with the understanding that LoVasco Consulting Group is not engaged in rendering tax or legal services. If tax or legal advice is required, you should consult your accountant or attorney. LoVasco Consulting Group does not replace those advisors.
Securities and Investment Advisory Services offered through M Holdings Securities, Inc., a registered broker dealer and Investment Advisor, member FINRA / SIPC. LoVasco Consulting Group is independently owned and operated.
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