The Link Between Employee Financial Wellness
and Your Company's Bottom Line
Financial stress is a significant distraction in the workplace. Employees who worry about making ends meet or dealing with debt are less focused and engaged in their work, leading to decreased productivity and performance. Studies show that 60% of full-time employees are stressed about their finances. (PWC, 2023)
On the other hand, employees who feel financially secure are more likely to be motivated, focused, and productive. While traditionally viewed as a personal matter, the financial health of your workforce has profound implications for organizational success. 68% of employees have utilized their employer's services to improve their personal finances. (PWC, 2023)
The connection between employee financial wellness and company success is clear and compelling. By investing in initiatives such as budgeting apps, paycheck education, and online education resources that support the financial health and well-being of their employees, businesses can drive productivity, attract and retain top talent, improve overall employee health, and enhance their corporate reputation. Ultimately, prioritizing employee financial wellness isn't just the right thing to do—it's also a strategic business decision with far-reaching benefits for the bottom line.
Promoting financial wellness and providing access to resources that enable employees to move beyond simply surviving can include the following:
- Education programs about budgeting, saving, and debt repayment options
- Budgeting Apps i.e. NerdWallet, Rocket Money, YNAB (you need a budget)
- Access to financial planning/retirement planning services
- Paycheck education
- Advertising the benefits of a health savings account (HSA)
- Many HSA administrators have website resources to help maximize tax savings and invest money for retirement
- Savings Calculators
Financial well-being initiatives in the workplace play a significant role in addressing basic needs and helping employees start to create a solid financial foundation so they and the organization can thrive.
Our goal is to empower business executives with insights to make informed decisions, fostering growth and safeguarding assets, reputation, and personnel, recognizing the crucial role of employees' financial wellness in maintaining competitiveness.
More than an advisor; Your trusted partner in financial wellness
Contact Koppinger & Associates for solutions that help drive growth and safeguard assets
