Did you know that just over half of workers say they are stressed about their finances, and 45 percent say their worries have worsened over the last 12 months? It’s true. These statistics are according to a PricewaterhouseCoopers survey taken in 2016. When survey participants were asked about overall financial concerns, the most frequently cited issues were not having enough emergency savings for unexpected expenses and not being able to retire when they want. Other top financial concerns included:
- Not being able to meet monthly expenses
- Being laid off of work
- Not being able to keep up with debts
Employee financial strain isn’t lost on the boss. “Companies recognize that there’s an issue,” said Kent Allison, national leader of PwC’s Employee Financial Wellness Practice. Programs often stem from the company’s concern about workers not saving enough for retirement but more employers are looking beyond retirement resources to help employees with other financial issues, from budgeting and debt management to investing, health care and saving to buy a home.
Employers are now adding or expanding financial wellness programs to “decrease employee time spent addressing financial issues.” In the PwC survey, 17 percent of workers said a financial problem had affected their work productivity, and 8 percent said it had caused them to miss work. Participating in these programs could pay off quickly with a better understanding of how to navigate current benefits. Here are some of programs that Bellin offers their employees:
- HELP Loan – one year interest free financing loan to help pay your medical bills. Everyone qualifies! 920.445.7210
- Community Care – Bellin’s Financial Assistance Program. Call a Patient Financial Counselor and see if you quality and get started. 920.433.3466
- Compare Care – Receive cost estimates for Bellin services before your appointment. Call to find out more – 920.431.5667 or 920.433.3466.
Many of the benefits of getting your financial house in order are obvious. But there are some lesser-known reasons to get it together in the money department you may have overlooked…
- Less stress and better health. The majority of people list money as the number one factor affecting their stress level. Stress is a significant contributor to a host of serious physical ailments like heart disease, stroke, depression, and even obesity. By doing the work necessary to get your financial house in order, you might also add some years, and greater quality, to your life.
- Better marriages. Money woes are hard on relationships. The inevitable day of reckoning (like when the credit card bill is due, or the mortgage is in foreclosure) can bring out the finger-pointing and cause couples to turn on one another, rather than work together to fix the problem. Couples with a sound, mutually-negotiated financial plan may not get everything they want, but they’re less likely to blame one another for it.
- More options in life. When you manage money well and plan for tomorrow, you have greater control over your own life. Those who are constantly mired in heavy debt, by contrast, are slaves to their payments and what the banks will allow them to do. Make small sacrifices now that will empower you later.
- The freedom to be generous. People who are financially stable have more margin. In other words, they don’t live to the end (or beyond) of their means. They build in a bit of a buffer in the financial plan for the “what ifs” in life. That’s a wonderful feeling when you’re suddenly confronted with a need or a cause that you want desperately to support…and you have the means to do so.
- Hidden Benefits of Financial Stability by Dana Hall McCain