What is a Financial Wellness Program?

A financial wellness program is designed to promote the understanding and proper application of using money for employees. Ultimately, the hope is that the program allows employees of an organization to foster a healthy relationship with their money, ultimately helping increase the likelihood of financial wellness in the future.

Is a financial wellness program right for your organization? Here is some helpful information to get you started.

What Do They Offer?

Financial wellness programs can offer everything from online, telephone, and live counseling, to workshops and coaching. Unlike retirement benefit programs, financial wellness programs will deal with day-to-day finances, usually under the realm of personal and household budgeting, student loan repayment management, short-term savings, and more.

What Are Some Benefits?

A financial wellness program is designed to benefit the employee, as it minimizes employee financial challenges, helps individuals take advantage of financial opportunities to reduce stress, and allows them to better concentrate on their tasks.

That being said, the program can also offer a host of benefits to employers as well, from a reduction in absenteeism, lower turnover rates, increased employee productivity, and more.

Which Program is Best?

When it comes to the right program for your business, each organization is entirely unique. A great idea is to include employees in the decision process, allowing them to come up with features that are important to them so that each member of the company can get the most out of the program. Afterward, you’ll be able to identify the programs that make the most sense for your organization and move forward accordingly.

Consider these benefits as you think about starting a financial wellness program for your own organization.

Just like you value employee happiness in your organization, Newell Brands has created a company that employees love working for. Check out this video to see why Newell Brands just won numerous awards, the most important being praise from their employees.

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