Workplace wellness programs are an essential benefit to include in your organization. When managing these programs, many employers don’t realize that financial wellness is equally as important as physical wellness. In fact, employees who struggle from financial trouble are often less focused at work, live an unhealthier lifestyle and incur higher medical costs. Incorporating a financial component to your wellness program can be a strategic move that both your budget and employees will appreciate.
Financial problems are consistently rated among the highest sources of stress and can cause anxiety. This type of stress can lead to health problems like:
- High blood pressure
- Cardiovascular disease and stomach disorders
- Trouble sleeping
- Moodiness and generally feeling run-down
- Colds and minor illnesses
Stress due to money can increase absenteeism rates due to increased health problems and cause employees to search for higher paying jobs.
As an employer, you can help employees cope with financial problems and improve their financial situations. Consider offering financial benefits, including educational materials, resources for those needing advice or assistance and classes to teach basic to advanced financial wellness tips. If you have a wellness program, incorporating the financial components will help lessen some stress for individuals. Working to increase awareness of your Employee Assistance Program (EAP) will boost utilization and ensure employees are taking advantage of the benefit.
Financial education should also be integrated with healthcare discussions to encourage more savvy healthcare consumers. This will allow employees to be more confident in their healthcare expenditures. It will also encourage participation in consumer-directed health plans, an increase in mail-order prescriptions and using preventive care to also help with savings for themselves and their employer. well as saving themselves and their employer a significant chunk of change.
Having financial peace of mind will significantly reduce an employee’s stress level. This will help improve their overall health, along with focus, attitude and performance at work. Financial wellness can support your overall wellness initiatives by promoting healthier behaviors and attitudes in all aspects of life because, after all, happy employees = a better bottom line.
If you have questions about educating employees on both financial and physical wellness, contact a Marsh McLennan Agency (MMA) advisor to experience a healthier workforce.