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Financial Wellness For your Employees

Financial Wellness For your Employees. Financial Wellness. One in 4 workers are distressed and dissatisfied with their personal financial situation. Financial Wellness.

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Financial Wellness For your Employees

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  1. Financial Wellness For your Employees

  2. Financial Wellness • One in 4 workers are distressed and dissatisfied with their personal financial situation.

  3. Financial Wellness • An American Psychological Association survey found that most Americans are stressed and anxious about their financial future.

  4. Financial Wellness • Today, more than ever, a business’ success depends on the personal development and success of its team members.

  5. Financial Wellness • Red Flagsemployers should look for within the workplace to see if employees are struggling: • Poor Health (headaches-lack of sleep-feeling sick) • Poor job performance (can’t concentrate) • Excessive alcohol use • Abuser of prescription drugs • Coming in late to work frequently • Negative job behavior • High absenteeism

  6. Financial Wellness • Taking out loans against retirement plans • Wage garnishments through employer for creditors/child support • Depression/anxiety • High turnover rate • Employees asking for payday advances • Poor diet • Life events (divorce, lawsuits, natural disasters, medical bills, illness in family, supporting other family members for medical needs and finances)

  7. Financial Wellness Recommendations for the financially distressed: • Follow the wise saying “to spend less than you earn”. • Make and implement plans to prevent poor money management and reduce financial distress. • Determine the best options to relieve financial distress. • Get help through the workplace.

  8. Financial Wellness How can employers assist employees overcome financial challenges? • Offer financial literacy education workshops, webinars and personalized web sites. • Promote health wellness to relieve stress and job anxiety. • Offer education on investing in 401K plans and manage investments.

  9. Financial Wellness • Offer EAP services. • Employers should help maintain a positive work climate through frequent communication. • Offer an event day offsite or onsite to promote financial wellness and health wellness together. • Encourage employees to seek credit counseling with an approved NFCC agency.

  10. Financial Wellness Free Credit Reports and Free Credit Scores

  11. Financial Wellness 1 free credit report every 12 months from all 3 credit bureau agencies: • Experian • Equifax • Transunion

  12. Financial Wellness • www.annualcreditreport.com • 877.322.8228 • Request by mail form

  13. Financial Wellness Free Credit Score Websites • www.creditkarma.com (Transunion) • www.creditsesame.com (Equifax) • www.quizzle.com (Experian)

  14. Financial Wellness Group Sessions (5-6 people) What has been your # 1 challenge dealing with employees struggling with financial challenges? What resolution did you come up with?

  15. Financial Wellness Personal finance is 80% behavior and only 20% head knowledge.

  16. Financial Wellness Financial wellness and health wellness are added benefits a company can offer to show their workers that they really do care about their well-being.

  17. Financial Wellness Sandee Rains Financial Education Specialist ClearPoint Credit Counseling Solutions 1.800.864.9481 ext. 0937 Sandra.rains@ClearPointCCS.org

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