Why offer financial wellness to employees?

According to Bank of America's Employee Financial Wellness in 2024 study, "employees are struggling to manage short-term expenses as well as meet long-term financial goals", "women continue to trail men in managing their day-to-day finances, which limits their ability to make progress toward saving for retirement", "younger generations are weighed down by student debt", and "lower income groups are often unable to make ends meet, are carrying credit card debt and may find it difficult to cover their living expenses in the event of job loss or unexpected expense". 

Offering financial wellness to employees improves not only their performance at work, but also the lives of their families.

You'll see: 

• increased employee engagement, 

• enhanced productivity, 

• less absenteeism, 

• better employee health, 

• yourself as an employer offering best-in-class benefits. 

So what are the options when it comes to hiring a financial coach to offer this benefit?

1. Virtual lunch & learn: employees can tune in from their workstations and participate in an interactive presentation

2. Onsite lunch & learn: a financial coach comes to your workplace and holds an interactive workshop

3. Monthly or quarterly workshops: repeating these workshops on different topics can provide your team with holistic support to money management and improve their personal and work lives

4. Workshop + office hours: After attending an onsite workshop, employees can attend 1-on-1 coaching sessions with the financial coach onsite. This way, the coach can help personalize the material to the employee’s unique circumstances and help them put together a clear plan for their money.

5. One-on-one coaching: conducted virtually, the employee (and their spouse if married) can attend private coaching sessions and create a personalized plan for their money.

Interested in creating a financial wellness program for your team? Reach out to Northwest Money Coaching today!