By Mrs. Shay Cook, CEO & Founder of Crusaders for Change, LLC (C4C) Accredited Financial Counselor® & Financial Fitness Coach®
The organizations we work with often implement financial wellness programs to address the financial challenges faced by their workforce and support their employees' overall health and well-being. Why is this, and what kind of financial wellness programs are most successful?
Why Employers Are Providing Employee Financial Wellness Programs
According to the TIAA 2023 U.S. findings from a new financial well-being score survey:
41% of the population surveyed reported being financially fragile.
51% reported feeling financially anxious.
23% spend five or more hours per week typically dealing with issues related to personal finances.
34% of employees agreed that financial issues impacted their mental health.
Only 42% of employees can comfortably make ends meet amid the rising cost of living.
These statistics highlight the prevalence of financial challenges and stressors among both the general population and employees, underscoring the importance of addressing financial wellness in the workplace.
It's crucial for companies to recognize the impact of financial issues on employee mental health and overall well-being. With the rising cost of living and financial stressors affecting a significant portion of the workforce, there's a clear need for employers to prioritize financial wellness programs.
Implementing financial wellness programs in the workplace can yield numerous benefits for both employees and organizations. Higher retention rates, increased productivity, improved attendance, and greater employee engagement are some positive outcomes that companies can expect to see.
What kind of financial wellness programs are the most successful and engaging?
At Crusaders for Change (C4C), we understand the reality American workers face–often living paycheck to paycheck and unable to manage their debt. We also understand that the biggest cause of employee stress is personal finance, and employee stress costs U.S. companies over $300 billion every year. This is why we choose to work with organizations to improve metrics and employee engagement with financial counseling and coaching.
At C4C, we develop customized financial wellness programs that are engaging and fun. We have found receptiveness to learning and change occurs when employees are relaxed, in good humor, and have built a good rapport with their financial counselor.
We craft engaging financial wellness programs with adult learning in mind. Our approach includes interactive workshops, real-life case studies, and flexible learning formats to cater to diverse preferences. We emphasize practical applications of financial concepts, personalized counseling, and ongoing support and resources. This ensures that employees not only learn valuable financial skills but also feel empowered to take control of their financial well-being.
A few ways we keep employee financial wellness programs engaging are with interactive events such as Finding Happiness Within Your Personal Finances®, Money Goals Matter®, and the ever-popular Tickle My Money Bone!® Comedy Event. At C4C, we believe talking about money shouldn’t be taboo. For example, with the Tickle My Money Bone!® A Comedy & Financial Empowerment Event, we foster laughter and celebration with food, refreshments, live comedy, and a DJ. We provide three comedy sets from professional comedians who share their most hilarious money stories and embarrassing financial flubs! Although financial counseling is not all laughs, it is fun to kick off the learning with a celebration of financial literacy and this event is just one example of how customized and engaging corporate financial wellness programs can be.
What kind of financial wellness program is right for my organization?
Our Accredited Financial Counselors® will explore your organization’s top employee financial concerns and work with you to label your top priorities and present solutions. The price of your customized program varies and depends on several specifics (i.e., number of participants, length, etc.).
Choosing the right financial wellness program for your organization depends on various factors, including the needs and preferences of your employees, your budget, and your organizational culture. Here are four considerations to help you determine the best fit:
1. Assess Employee Needs: Conduct surveys or focus groups to understand the specific financial challenges and interests of your employees. This will help you tailor the program to address their most pressing concerns.
2. Consider Program Components: Financial wellness programs can include a range of components, such as workshops, one-on-one financial counseling, online resources, budgeting tools, and debt management support. Determine which components align best with your employees' needs and preferences.
3. Evaluate Delivery Methods: Decide how you will deliver the program content. Options include in-person workshops, virtual webinars, self-paced online courses, and printed materials. Consider the engagement level of each delivery method for your employees. Will they participate in a self-paced online class? Who will help them apply what they’ve learned in practical ways?
4. Focus on Engagement: Look for programs that prioritize engagement and participation. Interactive activities, gamification elements, peer support networks, and incentives can help keep employees engaged and motivated to improve their financial well-being.
By considering these factors and involving employees in the decision-making process, you can choose a financial wellness program that meets the unique needs of your organization and helps employees improve their financial well-being.