What Is Financial Wellness
People who are financially well feel in control of their finances. As a result, they are likely to make better decisions about their money.
Poor financial wellness can lead to increased levels of anxiety, low levels of concentration and even stress-related illness. The impact upon employers is often hidden, but real nonetheless. And the result can be lower productivity and even absenteeism.
What Does This Mean?
JLT’s Thinking Beyond Rewards HR Whitepaper found that employees are financially unwell - concerned about their salary, their savings and their future. This stress contributes to poor financial wellness, which in turn affects mental and physical wellness and this is already adversely affecting performance and creativity and increasing levels of absenteeism and presenteeism.
We’ve also spoken to our clients’ employees and measured how financially well they are. One clients survey showed us that:
- 30% don’t feel that they live within their financial means or in control of their personal finances.
- 30% don’t feel confident in managing their money.
- 39% have lost sleep because of financial worries
- 38% worry about their personal finances whilst at work.
Our Financial Wellness proposition can support you in understanding financial wellness in your organisation, the impact this has on your organisation and recommend steps you can take to improve it by:
- helping you measure the financial health of your people using our Financial Wellness Index.
- identifying where the impact of poor financial health is damaging your business.
- providing a number of strategies to support your people in becoming financially more resilient.
- tracking the impact of your Financial Wellness programme and showing you the level of Return on Investment (ROI) that the investment in Financial Wellness is yielding for you.
For any query please contact Andrew Turner | Proposition Manager | +44 (0) 20 7309 8364 | Andrew_turner@jltgroup.com.