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Tax filing forces people to honestly assess their incomes, savings plans, and progress toward their financial goals. According to a Bankrate survey , 75% of American adults say their anticipated tax refund is important to their finances. Plus, those refunds matter.
Nevertheless, most people feel pessimistic about the economy in general and their own finances in particular. Unfortunately, nearly everyone is currently experiencing some level of financial anxiety. According to a recent survey by Capital One and The Decision Lab : 77% of Americans say they are anxious about their financial situation.
There are five basic contributors to financialwellness. Financialcounseling , especially from professionals, can help people understand and manage the first two. Americans need help with their finances. No one likes to take a hard look at their finances and discover they need to make changes.
Many employers are managing this burden by incorporating services that are easily accessible to all employees, regardless of age or need. FinancialCounseling – Connecting employees with Financial Professionals allows them to seek guidance as they experience specific challenges.
When employees see a clear path for advancement within the company, they are more likely to stay and grow with your organization. Wellness Programs Employeewellness programs can enhance physical and mental health, leading to happier and more productive employees.
While you work to achieve company-specific goals such as employee retention, you also can foster a holistic work environment that addresses employeewell-being. Now, let’s shift our focus to a topic that hits closer to home for every employee: financialwellness.
When it comes to employeewell-being, physical health is only half of the equation. By investing in employee mental health benefits, companies can help their employees both personally and professionally while contributing to overall business goals.
Employee assistance programs (EAPs) provide confidential counseling services to help employees navigate personal and work-related challenges. These programs often cover a range of issues, from stress management to financialcounseling.
Flexible work arrangements Offer employees the flexibility to choose their work hours, work remotely, or have compressed workweeks. Health and wellness initiatives Implement programs that promote employeewell-being, such as on-site fitness classes, meditation sessions, or access to mental health resources.
Nearly two-thirds of Americans don’t think their finances will improve this year , and three-quarters are anxious about their financial situation. Related: Five FinancialWellness Ideas for Your EmployeeWellness Program. And, for many people, these do not feel like the best of times.
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