Student Debt Financial Stress Haunts Millennials and Older Workers, Too

Student Debt Financial Stress Haunts Millennials and Older Workers, Too

Student debt financial stress haunts your employeesYou’ve been out of school for quite a while. So, as a business owner, why should you be concerned with student debt?

The reason you should be concerned with student debt is because that’s what your employees are concerned with. Anything that affects your employees will ultimately affect your business. Best Money Moves, a financial wellness program designed to help employees manage the cash they have, pay down their debt and develop short and long term goals that will relieve some of the stress they are feeling in their financial lives, looked at recent news and research studies that affect employee benefits and HR issues. This is what they found out about student debt:

You probably realize that employees are continuing to work well past what used to be considered retirement age. One of the main reasons for this is debt, particularly student debt. Older employees may be paying off their own, their children’s or even their grandchildren’s student debts and that’s putting tremendous and long-term financial stress on them. So you see, student loans impact not just Millennials, but your older workers too.

What can you as an employer do to help lessen the financial stress for your workers. Best Money Moves recommends a couple of things:

If full time employees can’t schedule a regular office-hours appointment with their physician because they have to be at work, perhaps your company can bring doctors to the workplace as an added employee health benefit.

Credit card debt is another pressure point for your workers. Helping them choose the right cards and a way to pay down their debt will benefit them financially and will benefit your company with healthier and happier workers.

What about a plan used by a California tech company who offered employees a choice of different benefits so they could choose which would best meet their circumstances.

What can you do to increase employee loyalty?

In a recent poll, almost 80% of employees said they work harder when they know they are appreciated. Showing appreciation doesn’t need to be complicated or expensive. Suggestions include everything from a simple thank you to personalized perks such as advanced training. Provide pleasant working conditions and up to date tools and technology so your employees can do their jobs well.

Retirement continues to be one of the biggest sources of financial stress for America’s workers. A recent report by the National Institute on Retirement found that most Americans are highly anxious about economic security in retirement. Whatever you can do to encourage them by means of a reliable retirement plan will go a long way toward earning their loyalty and desire to keep their jobs.

These are just a few of the areas in which Best Money Moves can benefit you as an employer.

Best Money Moves is a service sold to employers who then offer it to their employees as a free employee benefit, because having less financially stressed employees is good for the health of the whole company.

Contact Integrity Data (888-786- 6162) today to find out more about Best Money Moves and how to bring this innovative solution to your employees.

 

Integrity Data provides business software to improve processes around Microsoft Dynamics® GP Payroll and Affordable Care Act compliance reporting and tracking for any ERP or payroll system.

2017-05-15T11:14:48+00:00 May 15th, 2017|General Payroll and HR|0 Comments

Leave A Comment