Personal financial issues can cause significant stress and detract from a person’s professional performance. Stress, inability to focus, absenteeism, low morale and declining physical health are cited as the top five ways financial concerns impact the workplace, according to the article.
Some companies are offering workers financial support, education and planning services to address financial wellbeing. Programs include free one-on-one consultation services with financial experts, voluntary workshops of budget management and financial and retirement planning services. Companies are also teaching employees to use popular spending management apps to increase transparency into their finances.
Employer’s focus on financial health is a recent phenomenon, according to the article. One-third of employers who offer financial wellness programs started within the past five years. Some industry experts expect the trend to grow.
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