The Importance of Financial Wellbeing

Why is it important for Leaders to encourage Financial Wellbeing?

Financial Wellbeing can have a significant impact on the Physical and Mental Wellbeing of employees. Baylor Wellbeing provides a holistic framework to support employees along these and other dimensions that influence employee engagement, productivity, absenteeism, morale and even turnover.

What resources are available to support financial wellbeing?

The Employee Assistance Program is a great starting point. Through the EAP, employees can receive free and confidential consultations on a variety of financial matters, which include consumer/credit card issues, debt, personal finance, taxes, and other financial topics.

The Baylor Family Compassion Fund is a charitable assistance program funded by Baylor faculty, staff, and others for the sole purpose of providing financial assistance to Baylor faculty, staff, official retirees, and official vendor partners who are struggling with an unforeseen financial emergency that is beyond their control and requires immediate action to avert severe hardship.

While CAPTRUST is known for assisting employees with their retirement savings goals, planning resources are also available for early career and middle career employees.

TIAA is also a great resource to help employees take control of their financial life from managing money and debt to understanding health savings accounts, to investing toward a secure future. Financial education and live webinars can be accessed through www.tiaa.org/webinars2024.

Prioritizing Financial Wellbeing can lead to more positive employee experiences.

Financially well employees will be more engaged, present and productive. Financially healthier employees tend to have higher morale and job satisfaction leading to lower rates of turnover.

Sources:

It’s Time to Prioritize Employees’ Financial Health

The Connection Between Financial Well-Being And Mental Health

Navigating the Future of Work: Employee Financial Wellness in 2024