Employee Financial Wellness
Before the COVID-19 pandemic struck in early 2020, nearly 69% of working adults admitted to being stressed out about their finances.
Financial wellness is a direct contributor to an employee’s overall health. The status of an employee’s financial wellness can be severely impacted by the initiatives of an employer, or lack thereof. As our economy continues to make small – but meaningful – steps towards growth, businesses in the state of Wisconsin are now being offered the opportunity to ensure financial wellbeing at work.
Why Employee Financial Wellness Matters
To no surprise, financial stress can have a negative impact on both the personal and professional lives of employees; and some of the top reasons why employee financial wellness matters include:
- Avoiding presenteeism. Presenteeism is when employees show up for work despite feeling physically or mentally unwell; and this habit can be heightened when there is a lack of financial wellness for workers because they feel the need to make as much money as they can regardless of how they feel.
- Working with happy and healthy employees. When working adults have the stress of money hanging over their heads, they are less likely to engage with other employees and are more likely to develop health issues. Ensuring employee financial wellness can create a happier and healthier workforce for your business.
- Growing productivity. If employees feel appreciated by their workplace, it can be expected that they’ll produce more for their employer. So, if workers are offered a chance to improve their financial wellness, the stress of money decreases and productivity increases.
Thankfully, our state has recently taken action to help ensure the reasons listed above are perks of any and all Wisconsin businesses and employees.
Financial Wellness Programs in Wisconsin
In early May 2021, the Wisconsin Bankers Association and the Wisconsin Department of Financial Institutions announced a broad coalition of Wisconsin businesses that have launched the Wisconsin Saves Automatic Saving Initiative. The Wisconsin Saves financial wellness program not only encourages millions of Wisconsin workers to establish emergency savings accounts through automated saving, but it also gives businesses a chance to further the employee financial wellness at their workplace.
If you are looking for a way to make a positive impact on the lives of your employees and help them achieve financial wellbeing, then enroll in the Wisconsin Saves Automatic Saving Initiative. And, as always, the financial experts at National Exchange Bank & Trust are here to answer your questions and help guide your business towards financial success.