There is Something You Can (and Should) Do for Your Employees Right Now
For many, the post-holiday financial hangover is about to set in with the arrival of January credit card bills. Ouch. The National Retail Federation estimated the average consumer planned to spend more than $1,000 on their holiday celebrations1. If the average American doesn’t even have $1,000 set aside for an emergency2, and 41% of all households carry some sort of credit card debt3, you can bet, for many, the holidays were funded with plastic.
Why is it particularly impactful to act now?
The December federal rate hike is going to bring an unpleasant surprise to anyone already financially stretched with credit card debt. The impact is going to be realized with the arrival of the January or February credit card statements bringing higher monthly minimum payments, higher interest charges and longer payoff periods.
What can you do?
- If your company offers a financial wellness program, use this federal rate hike as the impetus to reintroduce the benefit and its values to your workers now.
- Refamiliarize yourself with the resources available in your financial wellness program. If your program includes education, look for guides that explain compounding interest or tips on consolidating / paying off debt (something that would be particularly beneficial right now).
- Get familiar with your program’s budgeting tools to help your employees start 2019 off on the right financial track.
- Share links to these resources along with real-world reasons for using the information presented.
What better time?
Capitalize on the enthusiasm of a new year and the positive energy surrounding resolutions for change. Tap into that energy before it fizzles. Remember, if you have a financial wellness program, you have what your employees need to turn their financial resolution into a financial success story.
If your organization doesn’t offer a financial wellness program, consider the fact that based on a 2018 PwC survey, 25% of employees would most like to see financial wellness added to their employee benefits. Employees want your help. And ultimately, financial wellness programs not only benefit the employee, they can directly impact your organization through increased productivity, a reduction in stress-related health claims and greater employee retention.
Give FinFit a call. We’d love to help you improve the financial wellbeing of your organization.
1 National Retail Federation
2 Most Americans don’t have enough savings to cover a $1K emergency
3 Average credit card debt in America: January 2019
4 2018 Employee Financial Wellness Survey