Financial Wellness is one of those buzzwords that gets tossed around a lot these days, and sometimes that’s not a good thing. People start to think it’s an imaginary term without any significant consequences, kind of like “Sweetest Day” being a real holiday.
Believe me, there are some real consequences to not being financially well. And it appears there is a growing number of people who are falling into some level of financial illness. This study indicates that 55% of American workers don’t have a retirement plan. That’s about 55% too many.
The consequences can be severe, and extend far beyond a smaller retirement check. This study indicates that financial stress can have an negative impact on worker productivity, and here’s a study that shows the negatives that come with employees delaying retirement – costs like increased cost for worker’s compensation claims to significantly higher medical payments that accompany an aging workforce.
I’ve worked for years with employers, and I’ve found the overwhelming majority of them genuinely care about the welfare of their workforce and really like providing competitive benefits and a great place to work. But as a business owner, they quickly discover that people – their employees – is one of the most challenging places to keep up with demands and manage costs
The best part of working as a retirement plan advisor is that we get to help employers craft and execute a benefit that offers the much coveted “win-win” scenario. Not only are employees better served by financial preparedness but their employers gain from a more productive workforce.
It can be daunting, but we can help. If you’re an employer looking to enhance employee wellness and your mental wellness by focusing on the retirement plan benefit for your company, give me a call and let us see how we can help.