A new study from the National Financial Educators Council (NFEC) has demonstrated a clear connection between employee financial wellbeing and workplace productivity.
Employees highly value employers that provide financial wellness programmes, according to NFEC’s latest study. It also noted that US companies are becoming increasingly more aware of the need to raise financial wellness amongst their employees, particularly after the financial hardship caused by Covid-19 for many employees.
Aside from the moral case for providing staff access to financial wellness programmes, there are many business advantages too, highlighted the study. This includes increased productivity, greater job satisfaction, and lower employee turnover.
FINANCIAL WELLNESS PROGRAMMES
The NFEC conducts an annual survey to evaluate support for employee financial wellness programmes; and study how employees’ financial wellness relates to various employment measures. Key findings from this year’s survey revealed that:
- 45.6% of employees would have a more favourable opinion of an employer that provided personal finance education training.
- 50.4 % of staff would be more content with their salary if other areas of personal financial situation improved.
- 48.4% of workers would be more productive at work if their personal financial situation were more secure.
EMPLOYEE MONEY CONCERNS
“These results are consistent with what we hear anecdotally from employees around the US. People are concerned about their money situations; and they think highly of employers that make top-quality financial wellness programmes available to employees,” stated NFEC’s CEO Vince Shorb.
Click here for more information about the survey findings.
Earlier this year, the UK’s CIPD called on all employers to recognise both the moral and business case for taking more responsibility for their employees’ financial wellbeing. Click here to read more.
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