Financial wellness is “effectively managing your economic life.” This simple concept includes many factors like:
• Keeping spending within one’s means
• Being financially prepared for emergencies
• Having access to the information and tool necessary to make good financial decisions
• Having a plan
The underlying concept of financial wellness is financial security, one of the most common goals reported by employees across all sectors. What is missing is a more comprehensive approach to financial well-being, one that helps employees build lasting financial strength and stability, leading to a more solid organization.
Jennifer Sibal, Gering Public Schools & Foundation Community Engagement Director, states, “Financial wellness is an important piece to any wellness program. Investing in financial well-being and exploring day-to-day tools that can help manage finances, will eventually lead to a greater sense of security and freedom. Financial stressors like student loans or rising food and fuel costs are impacting us each day, it is essential to have arm ourselves with realistic and simple money management practices while also looking ahead to long-term financial goals.”
For Employees
A high level of financial wellness gives employees the ability to make better, more informed decisions and manage a successful long-term strategy. When employees have a better understanding of their finances, they can create effective financial strategies. Then employees will be equipped with the skills, knowledge, and tools necessary to develop and support successful financial outcomes.
For Employers
Employers feel the effects of their staff’s financial health as well. Employees in stressful financial circumstances are less productive and less likely to remain at their jobs.
Financial wellness can help companies reduce unnecessary expenses due to absenteeism, lost productivity, and benefit-cost overruns allowing businesses to expand their benefit options to include:
• Programs that enhance money management skills and help employees create and build assets
• Newsletters and other periodic publications
• Investment, retirement, college, emergency, and health care planning seminars
• Debt- and credit-related programs
The road to financial health is an ongoing journey. Once financial wellness is near, both employees and employers have a role to play in its continued progress. Please reach out to receive additional information regarding lunch and learn opportunities or other educational trainings.
For additional information about worksite wellness, visit www.pphd.org/pwwc.html or call Nicole Berosek at 308-279-3496
The Panhandle Worksite Wellness Council is proudly part of Panhandle Public Health District. The Council specializes in supporting employers in the Panhandle region. We recognize that many employers support a diverse and remote workforce and offer innovative ways to overcome the challenge of working with a virtual team. We understand that many of our employers do not have full-time wellness resources and work to provide resources and training to make running a worksite wellness program as easy as possible.
Panhandle Public Health District is working together to improve the health, safety and quality of life for all who live, learn, work and play in the Panhandle. Our vision is that we are a healthier and safer Panhandle community.
Source: https://www.corporatewellnessmagazine.com/article/what-is-financial-wellness
