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Well-Being 101: Financial Well-Being

By April 25, 2019 Employee Benefits

Well-being seems to be the latest buzzword in the healthcare industry, especially as it applies to employee group health. One major element of well-being is financial well-being, and there are tips employers can share with their workforce to prioritize their economic health.

Financial stress often causes anxiety, depression and hopelessness, and that stress can also contribute to heart disease, high blood pressure, insomnia, more frequent colds, minor illnesses and more. Plus, many people cope with financial stress in unhealthy ways, such as smoking, drinking and over-eating, all of which can be a detriment to overall well-being.

What tips can employers offer their workforce when coping with financial stress?

  • Replace Unhealthy Coping Mechanisms – Recognize your unhealthy coping methods and find an alternative such as meditation, exercising or talking with a friend.
  • Take Care of Yourself – Get enough sleep, eat right, drink plenty of water and exercise regularly. Make time for yourself to just relax and unwind.
  • Talk to a Financial Advisor – You won’t be able to fix your financial woes overnight, but having a plan of action can help you feel in control and minimize feelings of hopelessness.

What tips can employers offer their workforce to improve their financial well-being?

  • Save for Retirement – You’re never too old to start saving for retirement, but you’re also never too young either! One of the easiest ways to save is using a 401(k) or IRA (Individual Retirement Account). Contributing even a small percentage each month can grow the account into something substantial.
  • Establish an Emergency Fund – This can lessen the need to dip into retirement savings if there’s an emergency. Building an emergency fund is tough if income is tight, but every dollar can help. Fund an emergency fund with pay from extra working hours or a temporary job, a tax refund or a raise. Put the money into a low-risk, accessible account such as a savings account or money market fund.
  • Insure Yourself – Insurance protects your assets and can help ease the impact of major disasters. Consider health, disability, umbrella, life and/or long-term care policies to help protect your finances.

If you’re interested in improving your employees’ well-being…
Stick around, as we will continue to elaborate on each of the four concepts of well-being in this blog series. These are all initiatives valuable to maintaining and retaining an overall healthy workforce.

Ken Mazzie

Author Ken Mazzie

Senior Consultant - Benefits
kmazzie@ekmcconkey.com
717-505-3177

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