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Should employers care when their workers are in financial distress?

Written by FinFit on .
Should employers care when their workers are in financial distress?

So, back to our question. What happens when an employee doesn’t have an emergency savings? In one such case, out of desperation, the employee stole from their employer. This very real scenario resulted in the formation of FinFit’s financial wellness solution. David Kilby, president of FinFit, knew there must be a better way to support employees.

Kilby, answers the question, “Should employers care when their workers are in financial distress?”, during a recent Data Drivers podcast with podcast host and CEO of PYMNTS, Karen Webster.

Scenario 1 – Candy Land: You and your child are making short strides forward. You’re beginning to accomplish something! All of a sudden, through the draw of just one lousy card, you’re back to where you started. Better you than a 3 year old, but no less deflating.

Scenario 2 – Real Life: An employee is utilizing the financial wellness program offered by their employer. They take the initial assessment to see where they can gain the greatest benefit and start the educational track recommended. They create their first real budget and start to follow it, getting a little better at saying no to impulse purchases and paying off as much of their debt as possible each week. One payday at a time, they make short strides forward. They’re beginning to accomplish something!

And then, Candy Land hits. They draw a lousy card. They’ve been hit with an unplanned financial emergency that their meager savings isn’t big enough to handle yet. Just like that, they’re staring down the starting line. Is it back to square one?

Listen to the podcast or read the full article here.

1 DATA DRIVERS – The $300B Employee Financial Stress Tax On Employers