Why Financial Wellness

    • Personal finance is causing stress, a lack of productivity, and poor health habits:
      • Americans have named money as their top source of stress every year since 2007
      • 24% of employees report that their own finances drain their attention at work
      • Nearly one-third of Americans (32 percent) say that their finances or lack of money prevent them from living a healthy lifestyle
      • One in five Americans say that they have either considered skipping (9 percent) or skipped (12 percent) going to the doctor in the past year when they needed health care because of financial concerns
    • Your Employees Need the Help:
      • 60% of households still have less than 6 months of savings on hand
      • More than half of adults (54 percent) say they have “just enough” or not enough money to make ends meet at the end of the month
      • Only 43% of employees are confident that they’ll be able to retire when they want
      • 47% of employees are carrying a balance on their credit cards with 26% of this group finding it difficult to meet the minimum payment each month.
    • Your Organization Can Make a Difference:
      • The Society for Human Resources Management estimates employers can save up to $3 for every dollar spent on Financial Wellness Programs
      • Consumer Financial Protection Bureau encouraged more companies to adopt financial  wellness programs because the workplace is where most Americans make critical decisions about how to allocate their wages to current needs, savings, investing, and important life goals
    • Other employers are doing it or plan to in the future:
      • Aon Hewitt survey predicts that 93% of US employers  expect to create or expand financial wellness efforts this year
      • 67% of employers intend to communicate with  employees about the physical health ramifications of financial stress
  • Resources:
  • http://shrm.org/Research/SurveyFindings/Articles/Documents/Financial-Wellness-2014-Executive-Summary.pdf