Financial stress can have a negative impact on health and productivity, which can have a direct effect on a company’s bottom line. A recent PricewaterhouseCoopers (PwC) study shows that 52 percent of employees are stressed out about dealing with their financial situation — and many are bringing those challenges to work.
According to the PwC study, nearly half (45 percent) of those who are distracted by their finances at work say they spend at least three work hours each week thinking about or dealing with issues related to their personal finances. The number of employees dealing with these challenges continues to increase each year.
So what is an employer to do?
Today, two out of five employers realize the importance of educating employees on money matters in addition to stressing the importance of saving for retirement. And a growing number of companies are starting to include money in the budget for financial counseling.
Research conducted by the International Foundation of Employee Benefit Plans found that 14 percent of employers surveyed currently have a budget for financial education, and another 25 percent are looking to add budget dollars for these programs — and giving them the tools to improve their financial wellness.
In this edition of the Business Magazine, we’ll explore some of the financial resources that are available in the Association’s membership region, including Marquette Savings Bank’s growing Business Banking team, which prides itself in providing local lending and decision making that can positively impact
employers and the community.
We’ll also talk to Brian Hamilton of SmartDollar about how this financial wellness tool can benefit Association members and their employees. SmartDollar was created by financial expert Dave Ramsey and is offered by the Manufacturer & Business Association as a value-added member service.
Plus, be sure to check out our 2017 CFO Recognition of Excellence section that celebrates the outstanding chief financial officers in our membership region. These
individuals represent some of the best and brightest in the financial field.
As always, the Manufacturer & Business Association is constantly looking for ways to support our members’ financial wellness in their day-to-day operations. Take a look at our new, quarterly Training Catalog to find the latest training programs that can help improve your company’s bottom line.
For more information about the MBA’s services, visit www.mbausa.org!