Last week, I hosted ABD’s very first Financial Wellness webinar. As a member of ABD’s Financial Wellness Team, I spend my time working with companies to create and deliver meaningful financial wellness programs. It was a valuable experience sharing my insights regarding successful financial wellness initiatives with a wide array of employers. We covered a variety of topics, ranging from the impact of financial stress on a company to the creative ways of delivering support to employees. Here are some key takeaways from our session:
- Employers can make a positive impact on their employees by providing financial wellness support. Research on employee wellness has found that financial stress can lead to reduced retention, increased absenteeism, and decreased productivity. More than 30% of polled employees revealed that they are often distracted by their finances while at work, reducing their productive time during the workday. However, employees are ready to receive support and take steps to improve their financial lives. At ABD, we have seen that financial wellness education drives employee action. 88% of our program participants surveyed were likely to take follow-up steps based on their learning. We also noticed employees were able to increase their retirement savings rates following our educational sessions. Financial wellness programs are effective and in-demand, which makes them a valuable tool in meeting the needs of employees.
- There are many kinds of financial wellness programs and initiatives – Find the one that works for your employees and get going! Your employees’ needs will likely vary across industries, age groups, and backgrounds, so an effective financial wellness program is one that can tackle a variety of financial struggles. Some employees may benefit from one-on-one coaching by a finance expert, while others may need information on a specific topic like getting the most from their company benefits. Selecting from of the many different financial wellness tools, education, communications, and guidance will allow you to create a program that works for your employees.
- An informed financial wellness partner like ABD can collaborate with you to deliver personal finance support to employees. Financial wellness programs have the potential to motivate and empower your employees. At ABD, we know that creating a program that works for your employees can be complicated. ABD can be your financial wellness partner to help you determine the specific needs of your employees and create a program targeted to address those needs.
For more information on ABD’s Financial Wellness services, check out our Next Steps sheet to get you started in the process.
You can also reach out to our team at financialwellness@theabdteam.com to begin a conversation with our experienced team today.
