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Three Reasons why Financial Literacy should be Included in Employee Benefit

HR Tech Outlook | Wednesday, April 28, 2021

Financial literacy services should be prioritized by businesses as workers want financial advice. Employers may do this by using a third-party financial counseling service or giving workers time to work out their budgets, schedules, and other matters.

Fremont, CA: Employees have always found health and fitness benefits to be the most appealing choices. But this preference is beginning to change. Financial literacy services, in particular, have surpassed the competition to become one of the most prevalent fringe benefits available. Financial advising, education reimbursement, and compensated time off are all part of financial literacy initiatives. Here are three reasons why financial literacy is essential:

Financial Stress Burnout

When an employee's financial burden is high, they are more likely to work longer hours or overtime if the opportunity arises. Although this can seem to be a positive thing at first, it often leads to burnout, which can be detrimental for a company.

Job frustration increased irritability at work, and the onset of depression are all common burnout symptoms. As a result, it's important to teach workers how to be financially literate to help them stay physically and mentally stable.

Financial Literacy Programs

Financial literacy services should be prioritized by businesses as workers want financial advice. Employers may do this by using a third-party financial counseling service or giving workers time to work out their budgets, schedules, and other matters. Employers may also introduce other ideas such as inviting financial experts to talk, holding seminars, webinars, and more. Since most workers don't need full-fledged guidance, employers can save money by providing annual or one-time guidance services.

Millennials Face More Struggle

The average worker is becoming younger, with millennials rapidly overtaking baby boomers as the largest generation in the workforce. Millennials are the generation with the lowest rates of financial literacy, despite their exuberance being highly important.

Employees who are constantly worried about their finances would be anxious, depressed, and less efficient at work. By providing tools to assist the employees in becoming more financially literate, they will be able to manage their finances and reduce their financial stress properly. As a result, they will be more efficient, which is a win-win scenario for both employers and workers.

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