Who’s Managing your Department Budgets?
According to a 2017 CareerBuilder survey1, 1 out of every 10 workers making $100,000 per year or more say they either always or usually live paycheck-to-paycheck. 59 percent within this salary bracket are in debt. And, 28 percent of workers making $50,000 - $99,999 per year either always or usually live paycheck-to-paycheck - 70 percent within this bracket are in debt.
So it’s important to ask, if more than half of the employees in the mid-to-higher salary ranges are personally in debt, who’s in charge of the departmental budgets in your organization? And why isn’t this a little alarming?
Do you provide newly-appointment managers with guidance on how to understand and take over the budgets of their departments? Although managing a department budget isn’t the same as managing a household budget, you still want to be sure the people in charge of the finances within your organization are practiced at making healthy financial decisions.
If you offer a financial wellness benefit to your employees, consider this benefit from a new perspective. It’s not just those in the lower pay bracket that are in need of financial education. Everyone has a need for financial education and wellness. Encourage all of the employees in your organization, no matter their role or pay scale, to take part in your financial wellness program. And if you don’t offer one? Now’s the time to start planning for next year. Give us a call. We’d love to show you how FinFit can make a difference in the financial wellbeing of your employees and the overall health of your organization.
1 Living Paycheck to Paycheck is a Way of Life for Majority of U.S. Workers, According to New CareerBuilder Survey