First, what is financial health? It is simply the state of a person or company’s finances. Someone with good financial health deals with their finances on a day to day basis making payments on time, and knows how to manage their money. Someone with poor financial health usually owes a lot of money, not focused or even aware of the income and out go of money and usually isn’t making all their payments on time. It is the balance of mental, spiritual, and the physical aspect of money. Financial wellness is the understanding of your finances and taking care them so you can be prepared for any changes.
The Hard Truth when it comes to Financial Wellness
Corporate Wellness magazine states 20% of the population smokes, 30% is obese and 70% is concerned with finances. They also state that 61% of workers say they live paycheck to paycheck, and 30% of those making $100,000 also live paycheck to paycheck, 36% do not save for retirement and 33% do not save at all.
Financial Stress leads to poor Physical Health
Financially stressed out employees are not good for business. Those with money worries tend to be less engaged and productive and can even raise the cost of the employers’ health care costs. Poor financial health causes stress, which can lead to obesity, heart disease, stroke, cancer and many other health problems, not to mention reduce creativity, and job retention. Financial wellness programs have shown that reduce absenteeism, disabilities and workman’s compensation costs. Due to this, Forbes mentions that the top companies in the US are creating financial wellness programs to be added to employee benefit packages and fast pace.
How Mandala Can Help
Mandala’s Financial wellness program is not set up to sell anyone products and services. It is to offer financial education that focuses on changing the habits and behaviors plus help the employee make financially sound decisions where they are informed with strong planning. A start is by providing guidance around the employee’s specific financial services and needs. Guidance geared to that person’s individual need will bring success at behavioral changes. You cannot treat each employee as the same. It is a process, a lifestyle, not a seminar, meant to be completed in a day. It like working out. One does not work out once or eat one clean meal and their health is restored. Financial wellness programs are ongoing with financial coaching so that employees have the support and accountability they need to develop financial habits that become their lifestyle.
It takes a strong commitment from strong leadership to think differently about financial wellness. Mandala Financial wellness will result of happier and healthier employees for your company. On September 29, will be Mandala’s Professional Development Forum at Rhythm City Casino. All the strong leaders will be there with their manager to learn more on taking your employees to the next level.
Jean Schertz is a Finance coach at Mandala Integrative Medicine. She specializes in financial goal setting, professional growth and work productivity. To learn more about our lifestyle program or about our clinic please follow our blog.