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How to Teach Employees Financial Wellness

There used to be a time when the employer-employee relationship started and stopped with the work that happened within the office. Employees would work, get paid for that work, and enjoy standard benefits such as paid time off, employer-sponsored health insurance and retirement plans.

Today, savvy businesses are doing more to help support their employees’ lives. Whether that be by providing a flexible working schedule, adding mental wellness resources to health plans or offering free education workshops, the employer of today is taking more interest in helping employees become more well-rounded, happy and healthy beings.

One popular way that employers are helping their employees in this regard is by providing them with education, strategies and tips about finances. Here are some ways that employers can teach their employees financial wellness.

Offer Tax-Advantaged Benefits

Employers can teach employees financial wellness in an indirect way — by providing them with tax-advantaged benefits. This includes retirement plans such as 401(k)s or health-related expense accounts such as Health Savings Accounts (HSAs) or Health Reimbursement Agreements (HRAs).

By offering these plans, and by making contributions to them, employers can educate employees on the power of participating. They’ll get a hands-on experience of the immense potential tax-saving benefits, plus the ability to watch their money grow over time.

Eventually, this could lead to employees educating themselves on other tax-advantaged accounts and moves they can make outside of the office.

Offer Direct Wellness Classes

While everyone can benefit from the tax-advantaged benefits above, some people need more than just indirect help when it comes to finances. Employers of old may have said that’s not their responsibility, but many employers of today disagree.

Companies can bring in outside financial consultants to meet one-on-one with every employee who wishes to take advantage. They can focus their time on beginner topics such as retirement planning, taxes and budgeting. And you can even have them offer more in-depth or advanced education as well.

Not only will employees get a huge benefit out of this training — since it’s often very expensive to get on their own — employers will benefit, too, from the appreciation and thanks they receive.

Offer Access to Other Educational Resources

Some employees may not take advantage of the one-on-one counseling. Some may not want to take the time to do it, and others may be too embarrassed to sign up for it.

To ensure that you’re providing employees with multiple options to learn financial wellness, companies can offer other educational resources outside of work. A popular option are online financial wellness courses.

Again, these courses could range from beginner level — budgeting and basic retirement savings — to more advanced levels — online trading and investments. You can also incorporate webinars that feature experts in different financial fields that can walk employees through different pertinent topics.

Offer Subscriptions

Today, there are endless possibilities when it comes to subscription services, and that extends to financial wellness as well. There’s everything from paid online financial resources, to subscriber-only podcasts, to paid apps that help with budgeting.

All of these subscription services can serve as great added benefits for your employees — just like a subscription to a local gym or mental health app. Wellness today also includes financial wellness, so there’s no reason employers shouldn’t treat it the same as physical and mental wellness — from the standpoint of creating offerings.

Offer Financial Challenges

Competition and rewards can be great motivators. That’s why offering financial challenges that result in employees winning prizes — or even just bragging rights — can be a great way to teach employees financial wellness.

You can create a program revolved around different financial education initiatives, and then divvy out points to employees who participate.

Some initiatives could include attending an online financial seminar or an in-office meeting about the financial benefits the company offers. It can also include setting a savings goal, creating a personal budget or even just packing a lunch from home.

Participating in each of these activities would earn employees points. Then, at the end of each month, employees who have earned a certain number of points could win a prize, such as a gift card. Leaders for the month could earn an even bigger prize.

The reason why this idea would work is that it’s incentivizing employees to participate in the financial wellness programs you have set up. And while they are having fun racking up the points, they’ll be gaining financial knowledge at the same time.

Create a Financial Wellness Initiative Through Beckham Insurance Group

There are any number of ways that employers can play an integral role in teaching their employees financial wellness. Today, this has become a great way for employers to show both current and prospective employees that they care about them as a whole individual.

If your business is located in the South Carolina or Georgia area and is unsure of what financial wellness programs you can offer, contact Beckham Insurance Group today. Our team of experts has been working with businesses just like yours for years, helping them craft the best employee benefits programs around.

To learn more, contact us today.