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Your Financial Life
By Catherine Collinson / Oct 6, 2016

Worth Pursuing: Workplace Financial Wellness Programs

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Corporations understand the value of healthy employees. They also know that stress affects job performance. Since money is the number one source of stress for Americans – according to the American Psychological Association – many companies are recognizing its toll and have begun offering workplace financial wellness programs.

These programs offer comprehensive services to employees, such as retirement planning and health insurance education – ultimately, to help employees address a wide range of individual financial needs and achieve financial security. For many, this can be viewed as:

  • Having minimal financial stress
  • Creating a strong financial foundation (developing a budget, having little or no debt, building an emergency savings fund, and living below one’s means)
  • Having a plan to follow to be on course to meet future financial goals, including a comfortable retirement

One service that is particularly important is household budgeting and financial goal-setting. According to Transamerica Center for Retirement Studies® (TCRS), 21% of workers say just getting by and/or covering basic living expenses is their greatest financial priority.

Creating a household budget can help people gain more control of their finances. Some financial wellness programs also offer debt counseling and student debt consolidation services. This is especially important considering the TCRS research found that for 24% of workers, paying off credit card or student loan debt is their greatest financial priority.

Other offerings in financial wellness programs can include:

  • Personalized financial advice
  • College savings and admissions education
  • Credit score monitoring and identity theft protection

If you aren’t sure whether your company offers any of these services – which can typically be tailored to your financial situation and are confidential – reach out to your human resources department or check your company’s intranet. Most importantly, take advantage if they are available!

Listen to this podcast.

 

 

Catherine Collinson serves as president of Transamerica Institute® and Transamerica Center for Retirement Studies®, and is a retirement and market trends expert and champion for Americans who are at risk of not achieving a financially secure retirement. Catherine oversees all research, publications and outreach initiatives, including the Annual Transamerica Retirement Survey. She also serves as the executive director of Aegon Center for Longevity and Retirement.

Transamerica Institute® is a nonprofit, private foundation dedicated to identifying, researching and educating the public about retirement, health coverage, and other relevant financial issues facing Americans today. Transamerica Institute comprises two divisions: Transamerica Center for Retirement Studies® and Transamerica Center for Health Studies®. Transamerica Institute is funded by contributions from Transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third parties. For more information about the Institute, please refer to www.transamericainstitute.org

 

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