Finances and work-life balance
When we think about a healthy work-life balance, we often envision flexible working hours and team building exercises.
Whilst these are fantastic options for improving mental health and wellbeing, they fail to address one of the largest reported employee concerns – financial stress.
53% of full-time employees report that they are financially stressed, and the problem only seems to be worsening, with a staggering 65% of Millennials feeling the same (PWC Employee Financial Wellness Survey 2017).
Combine this with the fact that financial issues are consistently the leading cause of marriage breakdown and it becomes obvious as to why money plays such an essential role in your team’s work-life balance.
The stigma of money
From expensive cars and luxury items, to showing off carefully selected snaps taken from our latest holiday, the appearance of success has become so deeply ingrained in our society that we feel ashamed if we are unable to keep up with the Joneses.
Many of us even put ourselves in extreme debt just to make it look as if we’re as well-off as our neighbours.
In order to promote a healthy work-life balance for your employees, your workplace needs to eliminate the embarrassment and shame employees feel when discussing their financial situation and show them that financial health is more important than keeping up appearances.
The most effective way to do this is to implement a Financial Wellness Program.
What to expect from a Financial Wellness Program
Our Financial Wellness Programs are tailored to your company’s needs and can range from group Lunch ‘n’ Learn sessions to 1-on-1 Financial Wellbeing Consultations with an Advisor.
As we’re often afraid to discuss our finances, many of us are unaware of how “financially well” we are. Lunch ‘n’ Learn sessions are a great way for employees to understand financial benchmarks and discover where they are in comparison to an average person at the same life stage as them. This is a great way for employees to compare their position to benchmarks without having to reveal to others what their financial situation is.
These sessions can be general or focused on particular life stages (such as retirement), and are dependant on what your workplace requires.
The session will end with a short Q&A, and if attendees have any questions or concerns that they’d like addressed privately, they have the option after the session to book in for an appointment with an Advisor.
For a more in-depth experience, our 1-on-1 Financial Wellbeing Consultations can help.
These consultations can be held 1-on-1, however employees are encouraged to invite their partner along if possible. Throughout these consultations, our Advisors will help employees understand their goals and level of financial wellness.
These consultations are perfect for opening up a conversation about money and provides employees with the tools needed to talk to their partner about their finances, allowing them to take control of their financial future.
Speaking to our Advisors also provides your team with the opportunity to develop their financial roadmap, giving them the confidence that they are financially well and prepared for whatever the future may bring.
Financial stress won’t go away unless something is done about it
It’s easy to say that your workplace encourages a healthy work-life balance, but it’s another thing to ensure that you’re actually doing so.
Take the first step towards a more productive workforce by enquiring about our tailored Financial Wellness Program today.