A, B, C. Not Always as Easy as 1, 2, 3: Financial Wellness for Back to School
Back-to-school may look a little different this year. Whether your student will be attending school in person or online, there are now more preparations required to ensure a successful start to the school year. We applaud all of the school systems, administration, and staff that are going above and beyond to ensure students are set up for success this year. Regardless of how your child will continue their education this fall, it takes a village to make it happen.
This article offers great recommendations for school supply lists by grade level and tips for how to create a successful at-home learning environment. Though we know all the suggestions, deals, and advice in the world won’t lessen the stress felt by parents. The typical school supply expenses may feel unusually hefty this year, with the average family planning to spend $790 – and that doesn’t even include additional expenses associated with at-home learning. Back-to-school preparations coupled with the financial challenges families are already facing as a result of the pandemic are bound to leave employees feeling overwhelmed.
Financial wellness resources and services can help alleviate some of the burden families are shouldering as a result of COVID-19. While your employees prepare for a school year full of unknowns, they will appreciate the support a financial wellness benefits program can provide.
How can you put your ABCs into practice as we head in to open enrollment and back to school season?
Availability of resources.
Financial wellness services are valuable for all of your employees, no matter where they are on their journey to financial health. Whether your employees are looking to maximize their savings, optimize their budget or consolidate debt, they will find useful educational resources, professional coaching and financial services available in a holistic financial wellness program.
If you wish to offer financial wellness services to your employees, we’d love to help.
A financial wellness program isn’t just about education. It’s more than planning for retirement.
Financial wellness embodies the four pillars of spend, save, borrow, plan. In order to help employees achieve financial stability and improve their financial health, a financial wellness program must motivate them to make positive behavioral changes that will lead to healthy financial habits and decisions.
Culture of caring.
Employees are struggling to maintain financial stability. 73% of Americans said their income was cut as a result of COVID-19. 55% of employees expect to postpone their retirement due to their financial situation.
Offering a financial wellness benefit that creates awareness surrounding financial health, provides supportive resources and offers a savings program supported by the employer is a great way for your organization to demonstrate the importance you place on the well-being of your employees. When organizations create a caring, supportive environment, employees will rise to the occasion and co-create a company culture that will yield long-term financial success. Elevating your team’s well-being will unlock their greatest potential, reduce stress, boost their performance, and allow each employee to grow.
What steps should you take to offer FinFit to your employees? That IS as easy as 1, 2, 3: