Some companies offer financial wellness programs for their employees. But these kinds of programs usually focus on planning for retirement and how to invest in order to get the most from your money.

The problem is that many employees really are not concerned that much about retirement. They have more immediate financial concerns. So, if you are an employer, you need to be aware of the kinds of money concerns your employees actually have for your financial wellness program to be effective.

Most Important Financial Concerns of Employees

A recent survey did just that, querying about 7,000 employees from around the country to name the financial concerns that caused them the most stress.

The results showed that the number one financial worry – cited by one-fifth of those responding – was paying off debt. The other top six concerns in order are not being able to retire (16 percent of respondents), not having enough money to survive an emergency (16 percent), wanting a better lifestyle (14 percent), paying for education (13 percent), lack of a stable income (12 percent), and paying mortgage or rent (9 percent).

The issues raised in the survey may serve to guide companies in what kind of financial wellness programs they offer and what they focus on. It might also help companies if firms did their own survey of workers to find out what employees’ financial concerns are.

Financial wellness is becoming more of a concern for companies because it is a big concern of employees, affecting their focus and productivity at work. More than one-fourth of employees in another survey said their work has been affected by financial worries. That is a 20 percent increase from just one year earlier.

The Need to Increase Participation

But many employees do not participate in financial wellness programs at work because they see them simply as a retirement planning mechanism. To make financial wellness programs more effective, companies need to do several things, according to financial planners.

First, they need to make financial planning part of the overall wellness program at work. Also, companies need to communicate more effectively with employees about what the financial wellness program is and what it can do for them. Companies need to get the leadership involved as well in advertising the program. And, companies need to include financial wellness information with the more traditional messages about benefits in general.

If your company is looking for reliable, qualified employees ready to make an impact, Winston Resources can help you. We have the expertise and the experience to find the right person for the job, the person who can add value to your company. Give Winston a call today.