Workplace Financial Wellness For Women

Financial stress impacts an individual's ability to function at any level.

If your female employees are feeling financially stressed what impact is this having on their ability to do their job in the way your organisation needs them to perform?

It's no surprise Organisations are starting to understand the potential return on investment that comes with investing in the wellbeing of their employees at every level.

For years, employee wellness programs have focused on physical health and wellbeing and to some degree, emotional or psychological wellbeing with mental health related programs. Over the years I've been working closely with women and money I've been surprised that organisations have missed the potential to support their most valuable asset, their people with one of the biggest modern day stressors experienced; financial stress.

Right now, few Australians feel they can properly manage their personal finances, as per recent statistics collected by Money magazine. A staggering 78 percent do not feel they are in control of their finances, all of the time or some of the time, reports Money. This number illustrates the low financial literacy levels in our country, which is mirrored in other places, such as the United States. To improve the situation, some financial experts offer programs focusing on improving financial education to change behaviors and, in turn, achieve maximum financial wellness.

Defining Financial Wellness

A term gaining momentum in the Australian workplace is “financial wellness.” It refers to employees’ general financial health and well-being. As per a recent Forbes article, financial wellness is about more than just personal feelings and views about monetary health; it also includes money-related behaviors, such as saving and budgeting, and satisfaction with one’s financial status.

The goal of a workplace financial wellness program is to lower employees’ financial stress and build a stable financial base from which to work toward monetary goals.

Is Financial Wellness Suitable for the Workplace?

Financial wellness programs are now available in many workplaces, set up by employers. Helping employees.

While it likely feels great to help your employees make better monetary decisions and, in doing so, increasing their self-satisfaction, lower their stress levels, and increase morale, it also benefits your company. Studies reveal that happier employees are more productive ones; more than one study finds financial wellness links with lower employee absentee rates, reduced health care costs, and more productive employees.

If you need more convincing, read about a company’s significant return on investment (ROI) from their financial wellness program. Also important to note is that this kind of specialised wellness program can improve employees’ retirement preparedness, helps one to feel more satisfied and makes for fewer employees quitting.

Customising the Program to Your Work Space

It bears mentioning though that the effectiveness of financial wellness programs depends on how it is implemented in the workplace. It must fit with the company culture. There are many options, from online video conferencing for groups, group workshops to individually meeting with a financial expert.

As for whether the program is actually changing behaviors and achieving its intended results, the results can be measured by tracking investment performance and statements of net worth. But it also needs a subjective component, which includes how people feel about their financial situation and their financial literacy level (real and perceived).

Important Take Away

In conclusion, it is clear that financial wellness programs do have a future in improving workplaces if they are tailored to the company culture, be unbiased, and be delivered by professional money mentors. This program must not only educate employees but also help them move in more positive directions financially.

If you'd like to find out how easy it is to add a tailored Financial Wellness solution to your Employee Wellness Program portfolio, please call Christina Cabrera on +61 411 449 943.