Employees need more than a salary to feel financially secure.
Benefits such as medical aid, retirement funds and insurance can provide important financial protection. But employees can still struggle with everyday financial decisions, budgeting, debt, spending and understanding the financial products available to them.
This is where employee financial wellness can complement an organisation’s existing benefits strategy.
What Is Employee Financial Wellness?
Employee financial wellness helps employees better understand and manage their financial circumstances.
It can include financial education, financial assessments, budgeting support, understanding financial products, financial behaviour and personal financial goals.
Rather than providing the same information to everyone, financial wellness can help employees understand how financial decisions relate to their own circumstances.
Why Add Financial Wellness to Your Employee Benefits?
Employees have different financial needs.
A young employee may be trying to understand budgeting and saving for the first time. Another employee may be dealing with debt, supporting a family or planning for retirement.
A financial wellness programme gives employees access to support that can be relevant to where they are financially.
It also gives organisations another way to support employee wellbeing beyond traditional benefits.
Financial Wellness Is About More Than Financial Education
Financial education is an important part of financial wellness, but knowing something does not always mean knowing how to apply it to your own circumstances.
Employees may understand the importance of saving, for example, but still struggle to manage their monthly cash flow.
Financial wellness takes a broader view by considering financial knowledge, behaviour, circumstances and goals.
A Benefit That Supports Employees Beyond the Workplace
Employees bring their financial concerns, decisions and responsibilities with them every day.
Providing access to financial wellness support can help employees develop greater financial confidence and make better-informed decisions.
For organisations looking to strengthen their employee benefits and wellbeing offering, financial wellness can be a practical addition.
Looking to introduce financial wellness into your employee benefits strategy?
Explore Consult Centa’s Employee Financial Wellness Programme.