Most Americans are anxious about their finances or their financial security and employers are increasingly taking note. When employees are financially stressed, they are more likely to be distracted at work, miss work due to personal issues and have health issues caused by financial stress.
Even though the employers seem to want to help employees with their finances, the solution can be complicated. Employers have an opportunity to step in and offer financial guidance but employees often don’t want their company involved with their private information. Many employers are trying to walk the line of giving financial guidance and education.
Why do employers increasingly care about helping workers achieve financial security? Simple. Financial distractions cost companies money. Aside from potentially increased productivity and less absenteeism, this kind of benefit can build goodwill that can not only appeal to new employees, but can also help retain workers. Employers have the opportunity to help employees financially all the while improving the bottom line for the company.
The average employee needs help with much more than just 401(k) contributions. They need help with everyday financial issues like savings, debt management and budgeting. Financial wellness can reduce financial stress and financial health of employees.
The focus on financial wellness is picking up because many employees are now experiencing rising health care expenses and taking on their 401(k) and retirement plans by themselves – since not everyone can afford to pay for financial guidance. All it takes is something like a medical emergency to send a family into a financial professional. According to Bankrate.com, just 37% of Americans have enough savings to pay for a $500 or $1,000 emergency. Employees struggling with personal finance stresses, usually agree that any help is worth exploring.
PerkUp is a financial wellness platform that not only educates employees as part of a financial benefit package, but also lets them take financial action. PerkUp is continuously coming out with new products like the PerkUp Healthcare Promise to address specific needs and help employees target the financial burdens that they are faced with. To get PerkUp in your corporate company, email us today at [email protected].