Everyone stresses over money at some point in their lives. Perhaps the worry comes from wondering whether one can afford college tuition, buying a home or being comfortable in retirement.
However, only 22% of employees worked with a financial advisor in the last three years, according to a 2023 study by PNC Bank. Not having any guidance on personal finances can wreak havoc on the wallet, body and mind.
Financial worries can lead to insomnia, headaches, high blood pressure and even heart disease, according to helpguide.org. Such physical issues can also impact your ability to be efficient and effective at work.
As a result, more employers are adding financial wellness programs to their employee benefits package to help employees better manage their finances so they can rest easy. Addressing issues proactively could even reduce related health care claims that are funded by employer-sponsored benefits.
Oswald Financial’s money coaches work hand in hand with the Employee Benefits Division to create a holistic approach to employee wellness. They use a three-pronged approach to help individuals achieve financial wellness.
- They listen to each individual to learn their needs and responsibilities, such as bills, retirement wishes and projected health care costs.
- Then they take a deep dive into the individual’s finances to determine how well they’ve saved and next steps toward their goals. Some might just need to adjust how they’re investing and how much they’re putting into their 401k or other retirement accounts.
- As experienced financial advisors, money coaches provide a tailored plan to help each person work toward financial wellness.
In recent trends, financial coaching is being paired with benefits that focus on a healthy mind, body and soul.
While mental health has been included in many employer-sponsored health plans for decades, the issue has become a major concern in recent years. It’s no wonder, since nearly 58 million American adults have a mental illness, according to the National Institute of Mental Health.
As such, employers are beginning to focus on proactive mental well-being, rather than taking the outdated reactive approach.
For example, employers are providing tips on how to eat and live healthy, such as getting enough sleep and finding work/life balance to make time for social interaction. Other organizations are paying for physical activities such as gym memberships, massages and yoga. All of these can impact how the brain works to stave off depression and other mental illnesses.
Employers are also turning to traditional benefits such as health savings accounts to help employees achieve financial peace of mind. These accounts enable employees to save money for health care expenses pre-tax, so if an unexpected bill arises, they won’t have to worry about finding money to pay for it.
The experienced team at Oswald can help organizations create an employee benefits plan that takes care of the body and mind so individuals can focus on work and enjoy their lives — worry free.
This article also appeared on bizjournals.com.
