Financial Wellness in the Workplace

Financial Wellness is not about money; it's about decision-making.  That philosophy is central to the objective of the Waddell & Reed Financial Wellness Program, which helps employees build awareness of where they are financially, provides them education for establishing financial goals and empowers them to change their behavior to achieve those goals through the choices they make as part of the financial planning process. 

WATCH THE FINANCIAL WELLNESS VIDEO

 The Problem

  • A financially stressed employee spends an average of 20 hours per month of work time on their financial problems (Kansas City Federal Reserve)
  • Those who earn a high salary but do not manage it well are no better off than those who earn lower wages.
  • Unprecedented debt and lack of savings among Americans
  • One in four U.S. households does not own enough to support itself, even at the poverty line, for three months. Corporation for Enterprise Development 2005 Assets and Opportunity Scorecard
  • Financial problems lead to lower productivity and lower morale for employees.  Many see their employer as the cause of their financial problems – they “don’t get paid enough.”  
  • 15-20% of employees have financial problems severe enough to affect productivity (Kansas City Federal Reserve)  

 Potential Solutions 

  • Financial Literacy is a national priority.  In 2008, President Bush signed an Executive Order that established the President’s Advisory Council on Financial Literacy. 
  • Federal Reserve Chairman Ben Bernanke said, “I am personally convinced that improving education is vital to the future of our economy and all its citizens, and I strongly believe that promoting financial literacy, in particular, must be a high priority.
  • Awareness, education, and behavior change through classes, personalized financial plans, and ongoing counseling lead to hope when employees discover they can meet their goals. 
  • The Waddell & Reed Financial Wellness Program provides classes and 1:1 meetings with employees, creating a personalized financial plan for every participant.  Employees are encouraged to bring their spouses to the training and are required to bring them to the 1:1 meetings. 


The Potential Benefits

The Waddell & Reed Financial Wellness Program attempts to foster goodwill and provides a tangible benefit for employees and employers.

  • Increased participation in the company retirement plan  
  • Enhanced company culture
  • Potential reduction in employee turnover thereby reducing the costs associated with turnover
  • Reduce absenteeism – direct correlation between absenteeism and financial instability.  Lower absenteeism leads to higher productivity

If you're interested in having Brian conduct a Financial Wellness program in your workplace, please contact Kristine Hom (650) 349-2274 ext. 134 or khom@wradvisors.com