Part of our Mental health and well-being series
Employee mental health: Financial stress
In volatile times, good financial education and reassurance about long-term retirement savings strategies, portfolios, and other aspects of personal budgeting can help remove money as extra worry that only compounds stress.
1. Boost financial confidence.
Many employees lack confidence and delay major financial decisions.
More than half of employees surveyed (53%) said they’d be more productive at work if they didn’t worry about personal finances.
But the data also suggest that delay only exacerbates stress. As a business owner, the more you can do to boost your employees’ financial confidence can pay dividends with their morale both at home and at work. More than half of employees surveyed (53%) said they’d be more productive at work if they didn’t worry about personal finances.
2. Offer financial education.
More financial knowledge is the key to greater confidence. Principal® Milestones, for instance, offers financial education programs (with Enrich and ARAG) to all our retirement plan participants.
3. Offer emergency relief.
Consider timely ways your business can assist employees affected by the numerous climate disasters or other emergencies that may sap their personal finances. Principal, for example, earlier this year offered a relief fund to employees who were victims of a Midwest inland hurricane (with 140-mile-per-hour straight-line winds) known as a “derecho.”
4. Help employees get organized.
Encourage employees to spend a rainy morning and tackle these “5 steps to organizing your personal finances", so they’re not only ready for the next unexpected event, but their family is also prepared to handle money decisions without the additional stress of uncertainty over where to find all the crucial information.
5. Help employees fund their futures.
DIY financial plan: Your employees can follow our step-by-step guide to set their financial goals, create a budget, plan for taxes, and more.
The subject matter in this communication is educational only and provided with the understanding that Principal® is not rendering legal, accounting, investment advice or tax advice. You should consult with appropriate counsel or other professionals on all matters pertaining to legal, tax, investment or accounting obligations and requirements.
Insurance products and plan administrative services provided through Principal Life Insurance Co., a member of the Principal Financial Group®, Des Moines, IA 50392.