Who isn’t stressing over money nowadays? The truth is most of us are either in a financial crisis or just getting out of one. Financial anxiety is real and, at some point in our lives, happens to all of us.
In fact, a recent study reveals financial anxiety among a majority of adult Americans was on the rise long before economic stress related to COVID-19. According to Global Financial Literacy Excellence Center (GFLEC) at George Washington University, 60 percent of the 19,000 Americans surveyed indicated feeling anxious when thinking about their personal finances, while 50 percent of respondents indicated feeling stressed when discussing their finances.
As an employer or wellness practitioner, it is important to have solutions for individuals experiencing financial anxiety. PricewaterhouseCoopers’ (PwC) 2020 Employee Financial Wellness Survey shares insights about financial concerns full-time employees in the U.S. are facing. In that survey, 58 percent of the employees polled say they are stressed about finances, and 50 percent admit that financial stress has been a distraction at work.
Take the shame out of financial anxiety
Create opportunities for open conversations about money management and financial stress through one-on-one conversations or workshops. As an employer, the first step is creating a work environment centered on whole-person wellness where employees have easy access to resources that address issues related to mental health, including financial anxiety. Resources can include a certified wellness professional, life coach, financial course, or licensed mental health professional. These resources should be promoted in multiple areas of a worksite and internal employee communications as a reminder to employees that help is available, and they don’t have to suffer in isolation.
Get creative about promoting financial wellness
Some companies use corporate challenges to teach valuable lessons in financial management. The challenges can center around saving money (which group saves the most money bringing their lunch to work instead of going out?) or paying off debt. This a subtle approach to addressing primary financial challenges many employees are facing.
Offer a financial wellness course
Science and math are taught in school but where do employees go for financial education? The GFLEC study shows that reliable financial education does matter! Significantly fewer study participants reported anxiety and stress regarding personal finances if they would have received financial education. The most successful financial wellness courses are scalable and customizable for your employees or clients and presented over multiple sessions. Check out the courses Foundation For Financial Wellness offers to individuals and companies.
Empower your employees with money management solutions from The Foundation for Financial Wellness. Learn more about our 5 Essentials for Financial Wellness.