Financial Wellness Health
Lessons in Financial Wellness
FINANCIAL STRAIN CAN BE A GREAT SOURCE OF STRESS TO ANY EMPLOYEE, YET WITH A LITTLE EDUCATION ON HOW TO STRUCTURE FINANCES APPROPRIATELY IT CAN EASILY BE AVOIDED. > Plan Ahead
Ensuring that staff perform to the best of their ability is in every employer’s interest, and that can involve taking an interest in their employees’ personal finance affairs. The ability for workers to plan ahead can ensure that they are not taken by surprise when it comes to personal financial strain. “The stresses that the lack of financial planning of an employee’s money creates tends to creep up on them,” warns Nick Lawlor, MD of Employee Financial Wellness, a fee-based education programme which aims to educate employees about overcoming personal finance challenges. Lawlor cites rainy days funds, mortgage deposits, education funds, illness protections, debt management and retirement savings as the most common financial strains cited by clients who are seeking his service.
> The Employer’s Role
Employers can play a significant role in helping their workers with their financial affairs – and that doesn’t always mean increasing wages. As Lawlor suggests, employees who are experiencing financial stress tend to be disengaged, distracted and, in more extreme circumstances, often absent from work. “I would suggest running some topical seminars on site, and backing these up with a day or two of on-site clinics,” says Lawlor. Taking such steps also helps develop a loyal and rewarded workforce, improve the atmosphere, the productivity and, ultimately, the profits.
> Make It Fun
Issues concerning financial planning can often appear daunting or dull in the eyes of employees. There might be a temptation to put off such conversations, however, by addressing these topics in a more fun and easy-going way, it is possible to face difficult questions and scenarios in a more calm and measured manner. “One of the highlights of running a programme like this is to be able to turn what tends to be considered a stuffy and boring topic into sessions that employees really engage with,” says Lawlor. “We try to make financial planning education as fun and as interactive as possible. It might seem boring to talk about tax, but when you simply change the title of a seminar to ‘How to Beat the Taxman’, the attendance numbers go through the roof!” W: www.employeefinancialwellness.ie SFA | BETTER BUSINESS 83
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15/03/2018 12:22