Gallup identifies Financial Wellbeing as one of the 5 Essential Elements of Wellbeing. They identify individuals with thriving financial wellbeing as satisfied with their overall standard of living. In order to get to this place, they discovered these individuals, “manage their personal finances well to create financial security,” ultimately eliminating the daily stressors caused by debt.
For many employers, democratizing financial support and education is important to their diversity, equity and inclusion (DEI) goals. For many underrepresented groups, lessons around finances may not have been discussed at home and by family members. It may also be that an employee from an underrepresented group is a first-generation college graduate, so DEI efforts focused on financial wellbeing have an opportunity to help generate lasting wealth for employees and their families. Additionally, studies have shown that minorities and women are less likely to invest their money in the stock market. By providing education around investing, employers can help close this gap.
So, how can an employer get started? Below are a couple of strategies to consider:
Offer a regular schedule of financial wellbeing workshops covering a range of topics such as, Estate Planning, Understanding Employee Stock Options, Saving for College, Managing Debt, and more.
Make it clear that you encourage employees to carve time from their workday to attend these workshops. Even better, consider incentivizing attendance.
Partner with a Third Party
Solutions dedicated to financial planning and advice are available to help deepen your financial wellbeing efforts. These solutions allow employees to seek personalized advice from certified planners without the minimum investment threshold, create financial goals, and explore resources on a number of topics related to financial wellbeing.
Interested in building out your financial wellbeing strategy? Contact your Sequoia advisor, or connect with them in HRX, to get started.
Disclaimer: This content is intended for informational purposes only and should not be construed as legal, medical or tax advice. It provides general information and is not intended to encompass all compliance and legal obligations that may be applicable. This information and any questions as to your specific circumstances should be reviewed with your respective legal counsel and/or tax advisor as we do not provide legal or tax advice. Please note that this information may be subject to change based on legislative changes. © 2021 Sequoia Benefits & Insurance Services, LLC. All Rights Reserved