There are many different types of financial wellness programs that can benefit all types of people from senior citizens, retirees, and small business owners. In an organization, financial wellness programs can also benefit the company in several different ways. Financial wellness programs are designed to educate staff in the areas of finance, by effectively increasing their personal financial well being; here is done in many different ways through financial education, fund planning, or self-help platforms that help them in better managing personal finances. In addition, financial programs that are designed for staff can also benefit the company by reducing the cost of benefits and boosting morale throughout the company. visit
When employees financial wellness programs first begin at a company, many employees have mixed feelings. The main concern for most employees have is how much the financial education will cost them and how it will affect them personally, by helping them increase their personal knowledge on money management and financial health. While some employees may have mixed feelings, the majority of employees typically see the value of a good, professional finance training program and see immediate benefits in their own finances and their ability to handle personal finances better. In some cases, a financial wellness program can be the deciding factor between being a stay at home mom or a working mother who has a successful career. The company will usually recommend the in-house financial education program or the employee’s chosen retirement plan provider.
Surveys have shown that employee financial wellness programs can reduce the rate of absenteeism by up to 45 percent. This rate is generally considered extremely high, however it can be even higher for companies with the best and most complete employee financial wellness programs. A well organized and complete employee financial wellness program can significantly reduce the rate of absenteeism, which can in turn lead to more productivity and happier employees. The rate of absenteeism greatly affects the profitability and organizational health of any company. Many businesses are able to save hundreds of thousands of dollars per year through reduced absenteeism alone. The high cost of absenteeism leads to in-house turnover and employee dissatisfaction and can result in lost sales and lower customer satisfaction.