Who’s Managing your Department Budgets?

Written by FinFit on December 3, 2018.

According to a 2017 CareerBuilder survey, 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.

FinFit Loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. Loans subject to credit approval. Residents of Colorado, Connecticut, Iowa, Vermont, West Virginia, Nevada and Massachusetts are not eligible for loans. Nothing in this advertisement constitutes an offer or solicitation for loan products to residents of those states. Actual time it takes for loan approval dependent upon loan verification set up with your employer.

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Student loan services are provided by unaffiliated third parties. FinFit loans issued by Celtic Bank do not include student loans.

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Residents of California, New York, North Dakota, South Dakota, Tennessee and Vermont are not eligible for WageNow. This does not constitute an offer or solicitation for WageNow to residents of those states.

FinFit’s Financial Wellness Program, which includes educational content, a financial assessment and a financial dashboard, are free to registered members.
Services offered may incur fees and/or interest. All fees will be disclosed prior to entering into any agreements.
Products listed are a representation of FinFit offerings. Actual availability may vary. The products available to you and your organization will appear on your FinFit membership dashboard. Actual loan amounts and rates offered vary based on lender, credit worthiness and other factors.