Employee financial well-being

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By TP


There are many companies that are concerned about the health and mental well-being of their employees, implementing policies to prevent psychosocial risks, promoting good eating habits and physical activity; forgetting that one of the most common causes of stress is related to financial issues. According to a study by Mercer, 60% of employees demand that their companies improve financial well-being benefits. In countries where the involvement of companies in promoting the good financial health of their employees is less developed, it is quantified that workers use more than 10 hours a month of their working day to solve financial problems, with the impact on productivity that this entails. Among the benefits that companies that promote the financial well-being of their employees can find, in addition to increased productivity, there is a reduction in absenteeism, improvement of the company's image, attraction and retention of talent, motivation of teams, good work environment and improved results. Having knowledge and skills that allow understanding how aspects related to money and financial management work are a great resource for well-being. It means having a clear vision of how income and assets are generated, used, invested and managed in one's own life. Technology is a great ally when it comes to implementing financial wellbeing plans in companies, providing online training in fundamental financial concepts and principles such as budgeting, saving, investing, debt, taxes or insurance, among others, and applying them to the personal context. There are web-based tools or apps that allow monitoring of the personal or family budget, as well as controlling investments or savings products contracted. Policies related to financial wellbeing also focus on defining flexible remuneration measures, social benefits, promoting teleworking schemes, flexibility in the number of payments and improvements in the optimization of travel costs. The recent results published in the PISA report also warn of the importance of increasing financial knowledge from an early stage. As this same newspaper published a few days ago, “four out of ten Spanish students do not know how to interpret an invoice or a pay slip.” In short, individuals having a better understanding of “their personal finances” helps and brings benefits in practically all areas of life. The peace of mind of a controlled and healthy economy contributes to improving self-esteem and well-being. Mónica Guardado and Carolina Pos are the general director of Afi Escuela and the person in charge of customized training, respectively. Follow all the information on Economy and Business on Facebook and Twitter. Xor in our weekly newsletter