Many are struggling to gain control of their money. In fact, these financial troubles don’t discriminate according to age. In fact, the following demographic groups are experiencing high financial stress:
- 77% of parents
- 75% of millennials aged 18-35
- 76% of Gen Xers aged 36-49
This is why financial wellness matters – now more than ever! Financial stress contributes to a variety of issues in the workplace and at home. Here are some very sobering statistics showing how detrimental financial stress is:
- 31% of people who have high financial stress report their productivity at work is impaired
- 59% say finances played a role in their divorce
- Those with high levels of financial stress experience 3 times a higher rate of domestic violence
- 60% of Americans say they don’t exercise, don’t get regular checkups, and suffer from anxiety and depression due to financial stress
In addition, 53% of suicides recorded financial struggles as a primary factor. As sad as this is, a financial wellness program could be the difference between life and death.
There are countless organizations that offer their version of financial wellness. However, it’s not working! Why is this? We believe there are two main reasons why this is so. First, the world is changing yet many financial wellness companies are not. They continue to offer models that are outdated and ineffective. Second, these companies are not focused on the consumer experience. Many are just concerned with just offering something, checking that box and moving on.
To help change the definition of financial wellness, we focus on four key components – engagement, examination, education and empowerment. By engaging with one of our expert money mentors, we begin to build a road map to help each participant have a better financial future. Finances can be difficult to discuss, and we believe that face to face interaction is the best way to build a relationship. Our expert advisors examine our participants’ incomes and expenditures, searching for ways to adjust their budgets and savings to help ease monetary stress. Our team also familiarizes ourselves with our participants’ unique workplace offerings and educates them on how to best utilize companywide financial incentives to help them attain their financial goals. Finally, we empower every participant to take responsibility for their future and support them on this journey.
By empowering each of our participants to focus on their unique financial wellness journey, Mentoro aims to create a more productive and happier workplace.