Workplace wellness isn’t just about your physical fitness anymore. Many employers have broadened the concept beyond health care to include programs that help workers get their finances in shape.
“I think financial wellness is becoming more than a buzzword,” says Bob Harris, director of financial wellness at Waddell & Reed, a Kansas City, Kansas-based asset management and financial planning firm that customizes financial wellness programs for clients in a wide range of industries. “It’s something that most employers are considering as an important part of their overall wellness program.”
New York-based Neighborhood Trust Financial Partners calls its customizable financial wellness program “The Employer Solution.” The nonprofit organization’s clients include home health care businesses, fast-food franchises and a home-cleaning services company, says Aaron Charlop-Powers, director of external relations.
Managing cash flow and controlling debt are two of the most common issues weighing on the employees that Neighborhood Trust counsels. Advisers begin by helping these employees create a budget and a cash flow calendar to track their finances. To tackle debt, the program helps workers understand what’s in their credit reports, how to dispute erroneous information and how to create a debt repayment plan.
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