Initiatives that promote financial health, like hubbub’s new Prosper program, are an important part of a comprehensive wellbeing program in the workplace. Financial wellness affects many aspects of the lives of individuals, and can benefit both employers and employees alike. Implementing financial health initiatives helps to improve workplace performance and results in a happier and more productive work environment.
Here are just a few reasons why you should consider implementing a financial wellness program in your workplace:
1. It Reduces Absenteeism and Increases Productivity
According to an Employee Financial Wellness Survey administered by PricewaterhouseCoopers, 52% of employees claim to be stressed about their finances. In addition, 45% of employees identify financial troubles as the leading cause of stress in their lives. Poor financial health can negatively impact employees’ mental health and reduce workplace productivity. Promoting financial wellness in the workplace can help alleviate many of these worries for employees, resulting in fewer unexpected absences and leave employees with the enthusiasm and energy they need to perform to the best of their abilities in the workplace.
2. Financial Education Prepares Employees to Deal with Debt and Retirement
Student Debt and saving for retirement are two common concerns for many individuals, and the stresses caused by these responsibilities can negatively impact employees in and outside of the workplace. Furthermore, a study by American Express revealed that 85% of employees said that they want to receive financial education at work. Employers can help team members become better prepared to deal with their current and future financial responsibilities by offering employees financial wellness resources and education. Results of financial wellness programs show that “workers who participate in financial literacy workshops show intentions of better financial decision-making, including increased savings, contributions to retirement, and paying down debt.”
3. Results in Savings to Employers
Financial wellness programs are low cost to employers and result in great savings as a result of a reduction in health costs, fewer employee absences and an increase in employee productivity. According to a report by the Consumer Financial Protection Bureau , businesses that implement financial wellness programs can save approximately $3 for each dollar they spend.
hubbub makes it easy for employers to promote financial wellness in the workplace through its new wellbeing category “Prosper.” Thanks to this new addition, hubbub users will gain access to content such as challenges and contests that help them improve their overall financial health. These challenges and tools are aimed at helping employees achieve financial wellness regardless of whether they are tackling debt, such as student loans, or planning for retirement.