The Importance of Financial Wellness
A recent Consumer Financial Protection Bureau study finds 61% of employees cited finances as their number one stressor. Of these respondents, 45% said the stress was overwhelming and 52% said they had experienced changes in sleep quality and quantity or irritability issues from this stress. Financial problems do not only affect productivity at work and increased absenteeism, but also more personal issues including mental and physical health and family life. Many of these financial concerns are not simply about how much money these employees have, but more so about their level of confidence regarding their overall finances (budgeting, retirement, investing, managing debt), also known as financial wellness.
There are a number of programs that help employees cope with financial stressors, including Employee and Family Assistance Programs (EFAP). These programs may be added onto your existing group benefits plan and may empower employees to take charge of their finances.
Employee and Family Assistance Programs offer confidential support services to employees. These programs cover a wide array of life skills and issues from health to family to finance, aiming to create a positive culture of mental and physical well-being. This support may be provided face to face, online, or through consultations over the telephone.
EFAP financial experts can provide information and answer your questions on:
- Credit/debt management
- Saving for education
- Supporting elderly parents
- Real estate
- Retirement planning
- Financial aspects of separation/divorce
The Financial Education for Today’s Workforce Survey results revealed that one third of organizations started offering financial services in the last five years and this trend is only expected to continue. If you would like more information on EFAP’s, please contact your Silverberg advisor and we would be happy to assist you.