Employers can empower employee's financial wellness
Here’s how:
Financial debt is a stressor that can have consequences in the workplace.
Employers can empower employee’s financial wellness at work by offering them financial education to manage their finances better.
According to a recent survey report by SBI, household debt has sharply increased to 37.3% of GDP in FY21 from 32.5%of GDP in FY20 and the most likely possible reason could be a lack of understanding of their financial goals and money management.
As per the RBI Report (2018-19), an average Indian saves approximately Rs.30 out of Rs 100 which is one of the highest in the world.
An average Indian investor invests more than 85% of his investments into FDs, Life Insurance or other debt instruments which may give him only 6-7% returns. Post Tax returns maybe around 3%. Around less than 3% invests in the equity market (through direct stocks or mutual funds).
Only a few were able to understand the importance of Life Insurance and buying Term Life Insurance. Others are still buying Endowment/ULIP Plans.
Even though Indians are aware that equity has the power to generate a positive real return (Inflation adjusted returns) over other products, they still invest in traditional instruments. The main reasons are Fear of Loss, Lack of Knowledge, Lack of Patience & Skill, lack of education about equity in India, and lack of understanding of their own financial goals.
Often employees make decisions like converting their outstanding credit card payment in EMI (most expensive loan & a debt trap), buying a home for tax benefit without even assessing if this is going to support their cash flow which most likely creates financial stress.
To prevent this from happening at your organization, employers need to build a culture of financial wellness and empower their employees to take charge of their personal finance management.
What is financial wellness and why is it important for an organization?
Financial wellness results from making informed short- and long-term financial decisions that result in optimal health, productivity, and a solid foundation for every stage in life.
But why exactly is financial wellness important for an organization? Here are few reasons:
Financial stress is just like any other kind of stress, leads to health issues and reduced productivity.
Financial stress is gone, replaced by actions that support well thought out goals. In a nutshell, your employees mindfully manage their money, instead of money managing them.
A Happy Employee Leads To A Happy Organization
I help corporate employers who strive for the financial welfare of their employees by conducting an online session on “Financial Planning” where all sorts of personal finance and money concepts are discussed.
After this session employees will get new insights on handling their MONEY in a better way.
When employees are financially stress-free, they can focus on their work well. This way I help employers and employees position themselves in win-win situations.
My aim here is to create financial awareness so that your employees can manage their money efficiently, so their work.
Online Session
Session on "Money Management" for Millennial Career Hub
Session on "Financial Literacy For Innovative Mindset" for Goa-based School conducted by the Goa State Innovation Council
Fee For The Financial Wellness Session
The fees would depend on the audience, duration, etc. which we will communicate in advance based on the discussion.
Book Financial Wellness Strategy Call
If you take care of your people, they will take care of your customers and your business will take care of itself
