Mentoro

Why Is Financial Wellness Important?

Why is Financial Wellness Important?

Financial Wellness embodies a meaningful approach to our understanding and the handling of our money. It does not require achievement of status or income. Because of this, everyone has the capacity to be financially well.

There are two main reasons companies implement financial wellness. The first is to solve a problem or a set of problems that are short term issues and can have a significant or more immediate cost savings to the company. The second is a long term goal that takes the company to the next level and creates a lasting positive culture.

Short Term Issues

Financial Stress

  • Excessive Loans, Hardships, or Distributions
  • Increase in Absenteeism or Turnover
  • Decrease in Employee Productivity
  • Higher Healthcare Costs

Retirement (un)preparedness

  • Low Retirement Plan Participation Rate
  • (non) Quality Investments
  • Improper Diversification
  • Paying Unreasonable Fees
  • Baby Boomer Top-Heavy Workforce

Fiduciary Liability

  • Poor Company Bandwidth to meet
  • Fiduciary Obligation
  • Employee Allocation Review Assistance
  • Benefit Communications Issues
  • Terminated Balance Needs

Long Term Goals

Employee Retention

  • Overall Employee Satisfaction
  • Increased Employee Productivity
  • Decreased Absenteeism
  • Lower Employee Healthcare Costs

Competitive Advantage

  • More Competitive in Industry
  • Be the Employer of Choice
  • Attracting & Retaining New Talent
  • Growth Opportunities

Healthy Turnover

  • Understanding of Employee Benefits
  • Prepared for Retirement
  • Balanced Workforce
  • Young Talent Acquisition
  • Vision of Upward Trajectory
whitney

“The working population is living in a state of financial stress. They’re spending more, saving less, and jeopardizing their financial health in the process. Offering this benefit is an opportunity to help in correcting a major crisis. Financial wellness embodies a meaningful approach to our understanding and the handling of our money. It does not require achievement of status or income. Because of this, everyone has the capacity to be financially well.”

Whitney Queen, Mentoro President

Mentoro Statistics

Mentoro’s annual program addresses all financial risks and acts as a catalyst for behavior change.

*The data is sourced from a diverse Mentoro participant base of 1,000+ participants.

Contact Us Today to Learn More

It’s our belief that financial mentors are the last great hope for educating the working population on positive financial behavior and literacy. We create custom programs tailored to your company’s specific needs designed to reduce financial stress and equip employees with the tools they need to plan for the future.

To learn more about how we can help you, contact us online today or call 1 (844) 324-2411.

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