Financial Stress and How to Overcome it in the Workplace
April is Stress Awareness Month. Some stress is normal and, in fact, can be positive. For instance, feeling butterflies before an athletic event, getting nervous before presenting to a large group or that feeling you get before going on a first date are examples of positive stress. Positive stress allows us to live outside our comfort zones. Stress becomes negative when it makes us feel overwhelmed. This type of stress can lead to health problems, exhaustion and loss of productivity.
One source of negative stress is caused by our financial situation. In fact, according to the American Psychological Association, money is the top cause of stress in the United States. (1) In a recent survey, 77% of Americans reported they are anxious about their financial situation. (2) It is very apparent that employees need help with their finances and there has never been a better time for employers to provide financial wellness benefits to them. For way too long, many have been living paycheck to paycheck with little or no hope of doing better. With just a few changes, they could not just be surviving, but thriving!
When choosing a financial wellness company, it is important to do some research. There is a big difference in offering true financial wellness and just checking a box. Unfortunately, many financial wellness companies offer solutions that do not modify behavior and, thus, long-lasting financial change does not occur. This can lead to disappointing results for both the employer and employees.
What is true financial wellness? It is when your employees:
- Learn how to gain control over their financial situations
- Understand why they make certain choices when it comes to how they view and spend money
- Have enough money saved to handle financial emergencies that could (and will) happen
- Implement and work a strategy to eliminate their debt
- Understand their retirement savings plans and are saving enough to meet their retirement goals
While there are many stressors your employees face, financial stress does not have to be one of them.
To learn more about financial wellness benefits please visit www.mentorogroup.com or call us at 844-324-2411.
1. Elizabeth Scott, “The Main Causes of Stress,” Verywellmind, June 29,2020, https://www.verywellmind.com/what-are-the-main-causes-of-stress-3145063 2. Alexandria White, “77% of Americans are anxious about their financial situation - here’s how to take control,” CNBC.com, October 30, 2020, https://www.cnbc.com/select/how-to-take-control-of-your-finances/