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According to research from Bank of America, U.S. workers' financial stress reached a 10-year high in 2023, with only 42 percent rating their financial health as good or excellent – a significant drop from previous years. But why should employers care about their employees' financial well-being? Because financial stress doesn't stay at home – it follows employees into the workplace, affecting their job performance and overall productivity. Workers struggling with money worries often find themselves distracted on the job, leading to decreased focus and engagement. Those who are struggling financially are also more likely to leave their current job in search of better opportunities, leading to higher turnover rates. As leaders, we cannot afford to ignore the financial well-being of our employees. Only 2 in 5 employers currently offer financial wellness programs, despite the overwhelming consensus that employers have a responsibility to support their employees in this area (76 percent of employees and 96 percent of employers). While some employers are taking steps to address financial stress by offering things like counseling, student debt repayment, and emergency savings options, more needs to be done. It's not enough to simply pay employees – we must also ensure that they have the tools and resources they need to thrive financially. We need to take meaningful action to support our team members during these uncertain times. This means providing comprehensive financial wellness programs that address the unique needs of our employees. It means offering resources and support to help them navigate financial challenges and build a more secure future. So, let's make a commitment to prioritize the financial well-being of our teams. Let's take proactive steps to support them on their journey toward financial stability. Full article: https://lnkd.in/eeqJnbD8 #PositiveHRPsychology #HumanResources #EmployeeEngagement #EmployeeSatisfaction #WorkplaceTransformation #HRInnovation #HRInsights #Leadership #LeadershipDevelopment #Wellbeing #PerformanceManagement #Performance #HumanResourcesManagement #HRManagement #TalentAcquisition #EmployeeDevelopment #WorkforcePlanning #HRStrategy #EmployerBranding #MentalHealth #DiversityandInclusion #Recruitment #WorkplaceCulture #CultureTransformation #Onboarding #SmallBusiness #Business #Startup #HR #FinancialWellness #FinancialWellbeing #Finances

Are We Witnessing a Widening Financial Health Gap in America? The latest Workplace Financial Wellness in America report by Financial Finesse reveals a troubling trend: financial stress is increasing across the board, with a significant divide between financially stable and at-risk employees. Despite gains in the stock market and reports of financial stability among those with assets, financially struggling Americans are facing unprecedented challenges due to persistent inflation and higher interest rates. Key findings from the report include: - A 16% rise in employees reporting unmanageable financial stress from 2022 to 2023. - A 69% increase in financially secure employees from 2022 to 2023. - A 24% increase in employees in financial crisis over the same period. Interestingly, more than half of workers experiencing high financial stress reported significant improvement after working with a financial coach. This underscores the importance of financial education and support in bridging this widening gap. Greg Ward, Director of the Financial Wellness Think Tank, aptly summarizes the situation: “For people who have assets, things are getting better. The haves have more, and the have-nots are continuing to lag.” Read the full article to explore these findings and their implications. #FinancialWellness #FinWell360 #FinancialHealth #EconomicInequality #FinancialCoaching #WorkplaceWellness #EmployeeWellbeing https://lnkd.in/evzKnE24

Our alumni partner, nudge, recently released their 2024 Global financial wellbeing report, with insights from 11,500+ people across 17 countries. The current state of financial wellbeing spans a range of emotions. People are feeling less anxious and more hopeful about their financial future and achieving their goals. Yet, 9 in 10 employees face at least one financial barrier to achieving their aspirations. This report uncovers how employers can remove these barriers and open a world of opportunity for their people. Download this report and find out: - Trends in the financial health, needs and desires of 11,500+ people around the world -How employers can remove the barriers stopping employees achieving their goals - The impact this has on employee wellbeing and the employer-employee connection #financialwellness #financialeducation #worldofopportunity

77% of workers say credit card debt is a problem, while 45% say they're distracted by financial stress on the job, per the 2024 Workplace Wellness Survey from Employee Benefit Research Institute and Greenwald Research. We explore why smart employers are turning to financial coaching to boost profits and impact in our latest article (link in first comment). TLDR: Personal, data driven, solves for interconnected issues. The virtue of personal financial coaching is that it is tailored to each member of your team, solving for diverse individual challenges amidst systemic ones like inflation, high interest rates, and the rising costs of financial services themselves. Employers who prioritize 1x1 financial coaching prioritize what data are telling us about reducing employee financial stress (literacy alone isn't enough), changing behavior, and creating a supportive culture where people can thrive. #CreditCardDebt #humanresources #benefits #financialcoaching

🌏 2024 Global financial wellbeing research 🌏 OUT NOW. People feel less anxious and more hopeful about achieving their life goals, and their financial futures. 🚀 Yet, 9 in 10 employees face at least one financial barrier to achieving their aspirations. Our latest report, ‘A world of opportunity’ uncovers how employers can remove barriers and motivate their people through an effective financial wellbeing program. Access the report and find out: 🔎 Trends in the financial health, needs and desires of 11.5k people around the world 🔎 How employers can remove barriers that stop employees achieving their goals and aspirations 🔎 The impact this has on employee wellbeing and the employer-employee connection Download and open up a world of opportunity for your people today: https://hubs.li/Q02sx5DP0 #worldofopportunity #research #financialwellbeingreport #hrcommunity

A successful financial well-being program should provide immediate relief for pressing financial concerns while also equipping employees with the knowledge and tools to build a better financial future

Did you know that 77% of employees have expressed concerns about their financial status in the past year alone? That's why adopting a proactive financial wellbeing strategy can be a game-changer. By helping your team navigate financial challenges, you can reduce their stress and build a more productive workforce. Empowerment is key, and through financial education, employees gain the tools to manage debt, make informed decisions, and build financial resilience, which enhances job satisfaction and overall happiness. Prioritising financial education also shows that you care about your employees' wellbeing outside of work. This fosters loyalty and increases retention as employees feel valued and supported in all aspects of their lives. It can also significantly enhance productivity. By reducing financial stress, you create an environment where employees can fully focus, engage, and thrive. As part of our commitment to financial wellbeing, we've created a financial wellbeing whitepaper to help you communicate and implement your financial wellbeing strategy. We're here to support you every step of the way on your journey towards a financially empowered workforce. 🌟Click here to download your copy and learn more: https://ow.ly/WWlK50RE6oX #financialwellbeing #thomascarroll

What’s more expensive: helping employees save or losing them to financial stress? Financial stress isn’t just personal—it’s a workplace problem. Nearly 3 in 5 workers live paycheck to paycheck, and 68% say financial worries impact their mental health. This affects focus, productivity, and loyalty. Without a safety net, even minor emergencies can spiral into debt, absenteeism, and turnover. Employers pay the price in lost talent and higher costs. Emergency savings accounts (ESAs) offer a way out. These accounts empower employees to save consistently and tackle unexpected expenses without stress. By implementing ESAs, companies can reduce turnover, boost morale, and build a resilient workforce. Financial wellness is a necessity. Learn how ESAs create confident, focused employees. Full insights in our blog Link in comments.👇

Latest data on why Financial Well-being is  a Must-Have in today's workplace In our current economic climate, employers can't afford to overlook the critical importance of comprehensive financial well-being programs. 📊 Recent data shows why: • 84% of employers say financial wellness tools reduce employee attrition • 60% of employees believe it's their employer's responsibility to ensure their financial security A truly impactful financial well-being program should include: 1️⃣ Short-term financial advances  2️⃣ Budgeting and debt management tools 3️⃣ Long-term financial education Benefits of a comprehensive approach: ✅ Reduced employee stress and improved mental health ✅ Increased productivity and engagement ✅ Enhanced employee retention ✅ Improved overall company culture At Bridgeover, we're pioneering an integrated approach that combines immediate financial relief with AI-powered alerts and financial education, ensuring employees not only survive financial challenges but thrive in the long term. Is your organization prepared to meet the evolving financial needs of your workforce? Let's discuss how a holistic financial well-being program can transform your workplace! #FinancialWellness #EmployeeBenefits #WorkplaceCulture #EarnedWageAccess

Investing in financial well-being isn’t just about numbers, it’s about improving the quality of life for your team. When employees feel secure about their finances, it positively impacts their overall happiness and productivity at work. Here’s why it matters: 🌟Increased Job Satisfaction: According to a survey by the Employee Benefit Research Institute, 76% of employees would appreciate financial wellness benefits from their employer. When companies offer financial education, employees feel valued and supported, leading to higher job satisfaction. 🌟Reduced Absenteeism: Financial stress is a leading cause of absenteeism. The Centre for Mental Health estimates that financial problems cost UK employers around £2.4 billion each year due to lost productivity. By investing in financial well-being, you can help reduce absenteeism, keeping your team engaged and focused. 🌟Enhanced Productivity: Employees who feel confident in their financial knowledge are more productive at work. A study from the National Endowment for Financial Education found that people who received financial education were 24% more likely to set financial goals and stick to them. When employees feel in control of their finances, they can focus better on their work tasks. 🌟Stronger Team Relationships: Financial education creates a culture of openness and trust. When employees feel comfortable discussing their financial challenges, it creates stronger relationships among team members. This collaborative environment leads to better teamwork and communication. 🌟Long-Term Financial Security: Providing financial education equips employees to make informed decisions about their money. This not only helps them in their personal lives but also builds a loyal workforce. When employees feel secure in their financial futures, they’re more likely to stay with your company long-term. 🌟Investing in financial well-being is a win-win for both employees and businesses. By prioritising your team’s financial health, you’re not just improving their lives- you’re also boosting the overall success of your organisation. 👉 Follow/ Connect with me for exciting news coming soon! #FinancialWellBeing #EmployeeSatisfaction #BusinessSuccess #InvestInYourTeam #ConnectWithMe