Among stagnant wages, rising costs of living
and crippling student loan debt, company-sponsored financial wellness programs and benefits are
gaining popularity. Experts say that business leaders should make
sure their initiatives follow some simple criteria: Make sure advice is holistic and personalized
to provide the best solutions for individuals. Money management education should be compassionate,
nonjudgmental and nonmathematical. Although basic math is necessary for managing
money, it’s better to learn to manage the emotions around money. Ensure there is continued engagement. Financial wellness needs to be a lifestyle
in order to have long-term effects. If engagement is low, companies need to improve
communication and marketing of their offerings. Measure and show data on the effects of initiatives
and third-party providers. Keep the information aggregate. Privacy is important, so there should never
be information going to management that is about individual employees. Finally, be sure vendors don’t have hidden
agendas, such as wanting to sell other products. This will impact engagement among employees. To learn more about financial wellness initiatives,
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