Many people are feeling the effects of financial stress these days. And if employees are worried about their finances, it can affect their focus while on the job.
But there’s good news, though. According to a recent study by FinFit, 85{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9} of employers reported that workers who participated in financial wellness programs were more productive.
By giving employees resources, such as educational and financial tools, they can more easily solve their money woes and get their focus back on the task at hand.Tools offered by employers include resources such as budget calculators, personal finance assessments, and retirement planning tips.
Of employees who do have access to such programs, 66{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9} report increased monthly savings with some (3{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9}) saving in excess of $400 extra per month. Nearly half of the employers offering these programs also reported a noticeable decrease in employees requesting 401(k) loans.
Read this full article from Employee Benefit News for more details on what companies are doing and whether your organization might benefit from similar initiatives.