While “financial literacy” could have a negative connotation for some, in the context of financial wellness, it is an enormous advantage. Many employers implement financial wellness programs or tools thinking it’s a way to help employees fix a problem. And for many it does. However, there is more to it than that.
What is financial literacy?
At its core, financial literacy is understanding how to manage your finances effectively and making good choices whether that be budgeting, saving for retirement, paying off debt or student loans, or investing—anything that affects your financial situation.
What you soon discover is that by providing financial wellness tools to your employees, you are giving them a long-term solution, and not just a magic bullet or short-term fix. You are helping to educate employees so they understand their finances on a deeper level and train them to make good decisions on their own. You are helping them learn how to be financially secure and self-sufficient. I understand not all employees want assistance from their employer in this way; however, if you make the tools available, it can be life-changing to those who do choose to use them.
We are the most indebted workforce ever.
You can be the smartest, most successful person in the room—and the most in debt. We are not born knowing how to manage money. Financial literacy and financial wellness touches all of us. Whether your biggest challenge is paying off student loans, or unexpected medical expenses, or planning for retirement, every generation is working toward something.
Did you see our infographic, 5 Shocking Facts About Employee Financial Stress and How it is Impacting Your Business? Employees are stressed and employers are in a unique position to provide a platform to address a variety of needs on an individual basis.
How do financial tools really help your employees?
Financial literacy is a benefit that lasts a lifetime and impacts the livelihood of your employees and their families in many ways. The returns for you as an employer come in different forms. If you are like me, sometimes a real-world scenario resonates best – how does this relate to me and my team? What value will we see as a result? Below I will highlight some of the financial tools offered by Integrity Data and how they can apply in the real world to benefit your employees (and you).
What if your employees didn’t have to fight with insurance companies or hospitals anymore? What if they had a personal advisor and advocate finding the best providers at the lowest cost? Many employees have to make these calls during the workday which impacts their productivity and your bottom line. I start with HooPayz because you can read this article and see exactly how much Integrity Data employees have saved (including myself) in a few months, as well as the company’s return on investment. I’ll let the numbers speak for themselves. Every employee can benefit from HooPayz.
Going back to financial literacy, this is one of the best tools out there. Employees learn what is causing them the stress (thanks to the Stressometer™), options they have to relieve that stress, and how to get control of their debt. It’s mobile, easy-to-use and even has a fun rewards system for motivation. Best Money Moves is highly interactive so all generations will engage with it and understand where their money is going. Stressed about credit card debt? It teaches you how to eliminate it. Want to learn how to budget and stick to it? You have coaches to keep you on track.
It’s probably a safe bet that a good portion of your workforce is struggling with student loan debt. As more adults go back to school to advance their education, it’s not just recent college grads or millennials dealing with student loans. GotZoom provides student loan repayment assistance to reduce the burden and potentially shave thousands of dollars off the balance.
Here at Integrity Data, one of our employees for example is saving tens of thousands of dollars over the next ten years. The returns for this tool are huge.
Back to financial literacy.
Giving your employees the gift of financial literacy is unlike any other benefit you can give them. You are setting them up for financial success simply by providing access to tools to help them take action and learn how to achieve their goals. If you have any questions about these tools, or how to customize a financial wellness program for your organization, please contact us.
In case you missed it, go back to check out Part 1 where I discussed how to strengthen employee engagement through financial wellness programs.