{"id":21032,"date":"2021-03-03T14:25:52","date_gmt":"2021-03-03T14:25:52","guid":{"rendered":"https:\/\/benefex-dev.local\/en\/2021\/03\/03\/financial-wellbeing-how-to-understand-the-day-to-day-needs-of-your-workforce\/"},"modified":"2021-03-03T14:25:52","modified_gmt":"2021-03-03T14:25:52","slug":"financial-wellbeing-how-to-understand-the-day-to-day-needs-of-your-workforce","status":"publish","type":"post","link":"https:\/\/benifex.com\/en\/financial-wellbeing-how-to-understand-the-day-to-day-needs-of-your-workforce\/","title":{"rendered":"Financial Wellbeing: How to Understand the Day-to-Day Needs of Your Workforce"},"content":{"rendered":"

As time goes on, we are beginning to see more of the long-term<\/a> impacts of COVID-19. Experts<\/a> warn that a sizeable minority could be left with mental health problems that outlast the pandemic, including long-term anxiety.<\/span><\/p>\n

For many, money concerns have always been the most significant source of stress. Worries over one\u2019s finances can significantly impact an individual\u2019s physical and mental health. As a result, our financial wellbeing or lack thereof affects our overall wellbeing.<\/span><\/span><\/p>\n

Unfortunately, COVID-19 has only heightened people\u2019s concerns with the pandemic resulting in millions of job losses across the world and many others forced to reduce their working hours. Even for those whose work situation or household income has not been affected, it\u2019s hard not to feel insecure and anxious about one\u2019s day-to-day finances in the current climate. Luckily, more and more employers are trying to put their employees\u2019 minds at ease by prioritizing employee wellbeing.\"Day_needs_3\"<\/span><\/span><\/p>\n

Investing in Your Employees\u2019 Financial Wellbeing<\/h2>\n

Recent research<\/a> reveals that 60% of employees who use financial wellness programs offered by their employers describe their overall mental health as \u201cgood\u201d. On the contrary, 30% of employees without access to financial wellness benefits say they worry a lot about their current and future finances.<\/span><\/span><\/p>\n

Many business leaders think of financial wellness in terms of pensions, insurances, and offering their employees incentive programs. But to truly understand what financial wellness means to employees, employers must put themselves in their employees\u2019 shoes.<\/span><\/span>\"Financial<\/p>\n

Financial Concerns Across the Ages<\/h2>\n

For most employees, an employer-sponsored retirement plan is expected, however, retirement isn\u2019t what keeps them up at night.<\/span><\/span><\/p>\n

Depending on their age, stage of life, and employment level, it\u2019s likely employees have more pressing financial concerns. Below are the most common financial concerns for each age group:<\/span><\/span><\/p>\n

20s:<\/h3>\n