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How to Encourage Financial Planning for Employees

Employee on laptop conducting financial planning

As tax season rolls around again, more employees are feeling the pinch. While they may not necessarily owe taxes, the season itself can still be a reminder of the overall state of our finances.

Modern workplaces understand the importance of employee wellness and how a stronger sense of well-being can lead to more engagement and higher productivity. Stress, especially financial stress, can have a big impact on detracting from that well-being.

Less than 37% of Americans don't have the savings to cover a $400 emergency. Living day-to-day without a safety net or the fear of economic consequences can be a scary reality. To offset stresses, one of the best things workplaces can do to encourage well-being is to provide access to financial planning support.

A stressed out woman sitting at a table
Why Financial Planning at Work

Financial planning literacy and learning in the workplace is really catching on as a way for workplaces to lessen the load on their employees. Many people deal with financial stress on a day-to-day basis, even when they are secure in their careers.

There are certain areas of financial planning that are fairly universally applicable, including:

  • Eldercare
  • Insurance
  • Retirement
  • Estate Planning
  • Education Savings

Each one of these topics makes an ample subject for a learning experience in the workplace. Learning about financial planning for retirement, eldercare, estate planning, does not require anyone to disclose their personal or financial situations, but it can be helpful to have dedicated time to devote to personal enrichment.

The Passport program can offer your employees savings on these important areas, including care for elderly family members or children, home and auto insurance, wills and estates and tax services.

How Can Leaders Support Worker Financial Planning?

There are several leveraging points where leaders can step in to offer encouragement in the realm of financial planning.

three men laughing while looking in the laptop inside room
Educational Resources

Lunch and learns are quickly becoming a popular resource for HR departments who are seeking to increase engagement, foster team building, and as a way of offering upskilling opportunities in the workplace. Lunch and learns can provide information on company-specific upskilling or speak more broadly to wellness, such as financial planning.

Recruit Experts Already on the Team

Depending on the size of the organization, there is typically a financial expert or two in the bunch. So look no further than your own company's accounting department and see if anyone would be interested in hosting a seminar or a coffee talk on the topic of financial planning. This way, workers can feel comfortable asking questions and getting reliable advice.

Reduce Financial Strain in the Workplace

Not every company is big enough to provide massive job perks like gym passes, transportation coverage, or free lunches every day. But consider offering a free lunch Friday once a month. Better yet, if your company is in a position to cover any wellness opportunities like these, then it's a no-brainer!

Increase Benefits Use and Opportunities

There are a variety of benefit programs that can be opted into company-wide to help make life a little more affordable for employees. Health benefits can save workers enormous amounts of money, and there are other benefit programs and opportunities that can offer much-appreciated day-to-day savings. Savings through the Passport program can help support and supplement your existing benefits packages with a wide array of deals to suit many employee needs.

If you are looking for a reliable company that can provide you with the right employee engagement program for your employees, contact Passport Unlimited today. We provide personalized programs that can help you significantly enhance employee engagement in your company.