Starting Your Employees (and you) on the Road to Financial Wellness. Hallie Hawkins, JD President Get It Together, A Financial Wellness Company

Transcription

1 Starting Your Employees (and you) on the Road to Financial Wellness Hallie Hawkins, JD President Get It Together, A Financial Wellness Company

2 Define financial wellness Elements of a Financial Wellness for everyone Articulate the most common financial concerns Design and implement an effective financial education program

3 SHRM definition - Any workplace initiative, program or resource designed to provide employees with information on how to manage their financial resources effectively for a lifetime of financial well-being.

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6 A TON of people 1/3 of couples who combine money admit to lying to their partner about money 30% hide a purchase, account or bill 13% commit severe deception Of people % do not have a handle on cash flow 32% are uncomfortable with their non-mortgage debt 44% do not regularly pay off credit cards

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8 Envision Engage Explore Experiment

9 What does money DO for you? Security Lowers stress Gives you options Gives you choices

10 Why are you going? and with who? Where you are going? Where you are now?

11 Identifying your priorities: People Organizations Things Actions Ideals Other driving forces

12 Discover your reality Challenge your assumptions Get the facts Expenses Debt Income and saving Credit Reports Risk

13 Key components of a money life Income Expenses Debt Savings Investments Credit Insurance Legal documents

14 Income Debt Cash Flow Credit

15 Cash flow What comes in and what goes out Debt Add it up Manage it Savings and Investments Short term emergency savings Mid-term goal based savings for an item or experience, new house, college Long term retirement Credit Scores and reports How they impact you

16 What could be different? What should stay the same? What do you control? Or not

17 Preparation vs Planning What are you scared of?

18 83% of HR professionals say personal financial challenges have an impact on overall employee performance Aspects of employee performance MOST negatively affected : 47% say ability to focus on work 46% say overall employee stress

19 A survey of employer-sponsored financial education initiatives shows that U.S. workers money worries are impacting their work performance and retirement savings plans.

20 HR Professionals identify these personal finance issues as having a large impact on employees: - lack of funds to cover personal expenses (49%) - medical expenses (35%) - saving for retirement (26%) - Credit Card (22%) and other Debt (8%) 72% strongly agree or agree employees were more likely to dip into retirement savings plans Source Financial Education in the Workplace Survey SHRM 2012

21 Matures (pre-1946) Educational Expenses Baby boomers ( ) Retirement Generation X ( ) - Credit Card Debt Millennials (after 1980) - Home rental

22 Cash Flow Income Credit Score Debt Savings

23 Creating a well rounded financial picture Cash flow Credit Debt management Savings The benefits of benefits Preparing for the future Retirement planning

24 Sales hidden or overt Make sure you are aware of ANY additional services or products that will be offered to your employees If additional services, products or financial products will be offered, approve them so you are aware of exactly what your employees will receive Narrow expertise and focus Online only

25 Generate buzz get them talking! Provide ongoing education or newsletters Support materials

26 Measure the right things Personal impact reduced stress and absenteeism Debt reduction, increased savings Increased engagement and satisfaction Look at the long term Create realistic goals

27 Thinking of wellness in broader terms may be a more effective way to affect the bottom line of a company s balance sheet. A person s overall personal wellness affects many aspects of their work life including health, attitude, ability to concentrate on the job, and interaction with others.

28 Hallie Hawkins