Financial Wellness Resources
(This question came to me anonymously from an HR practitioner. - Steve)
We are looking at employee wellbeing issues more closely than we had in the past.
I am curious to know what companies are doing regarding Financial Wellness – if anything? How are companies providing financial education in a work from home environment?
I appreciate any recommendations for resources you are aware of.
I used to be a 401(k) advisor and started my business for this exact reason. Financial education needs to change.
Employees are desperate for true financial education. I am not talking about 401(k) or stock market recent news - I am talking about learning how to budget and understanding the language of money.
I offer a 6-week online class that is 100% digital. We teach this through our own mobile application so employees can take the class on their own pace and with their significant other. Each employee has access to CFP professionals for the entire 6 week period.
You can think of it like personal financial social media for your specific business. There is no better way to improve employee productivity than to eliminate financial stress. That is what we do during Financial Fitness.
If you are interested in learning about the technology let me know! This would be a perfect solution for you and your employees.
Our organization has access through our 401(k) consultant to a resource called Financial Elements. Each team member has access to a licensed financial counselor to set financial goals, budgeting, etc. We are able to pay for this through our wellness program with Cigna. The cost is $20 per month per employee.
Our company partnered with a non-profit agency, Community First to provide out reach assistance to our employees on any subject, such as 1st time home buyers, budgeting, credit counseling, child care, elder care and a variety of other topics. This is a confidential appointment that employees can make with this organization to get assistance with whatever financial need they have. We have also partnered with 5/3 bank who offers several virtual financial webinars that employees can access as well.
Employee and Benefit Relations Manager
I agree Financial Literacy programs need changed and people need real information as well a real relationship with their Financial Professionals (not a 1-800 number). That is why my team and I have partnered with several local non profits as well small businesses to provide a customized Financial Wellness program that has a LOCAL Licensed Rep for 1 on 1 counseling and planning. (Available in all 50 states and Canada) There is group seminars, unlimited private consulting, every employee is given the opportunity to have a complete financial plan created that includes budgeting tools and tactics to solutions to eliminate their debt but most importantly guides them to investing and saving the money they will need for retirement. Best of all we do not have a per participant fee and it cost the employees nothing either. Would love to share details and explore how this may look for you and your team. To get an idea of the program check out this link it will give you an idea of what we do.