Employers fail with no financial well-being benefits

Employers fail with no financial well-being benefits

The benefits of financial wellness are essential for employers tackling work stress and productivity issues during COVID-19.

According to a study by SmartDollar, a financial wellness program, 90% of employers say the benefits of financial wellness have had a positive impact on their workforce. Benefits that deal with financial stress are the number one priority for employers looking to expand what they offer their employees.

More over three-quarters of employees struggle with their finances and live from their paycheck to their paycheck. These money problems can seep into the workplace: stress, poor health and staff turnover come at high costs for employers.

Read more: Prudential welfare benefit tackles employee stress from COVID

“These money problems push people to work, which leads to more problems, ”said Brian Hamilton, senior vice president of SmartDollar, in a statement. “Employers are particularly well placed to help. If done correctly, there is no doubt that financial well-being is good for employees and good for bottom lines. “

Eighty-one percent of employers have seen improvements in their teams since offering financial wellness programs and 88% say their employees reported less stress, according to the survey. Over 90% of employers say the benefits make it more attractive to potential employees.

“Your employees spend time during working hours on personal finances because they are stressed,” explains Mike Nannini, responsible for client management, business development…

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