Connecting employees to financial wellness programs year-round
When people feel supported, not only as it relates to financial stress, but also in their mental and emotional health, it creates a more resilient and engaged community and workforce.
Life may feel like a delicate dance of balancing work, childcare, family obligations, and a semblance of a social life, among other daily life routines. Juggling things like work meetings, playdates, or family dinners leaves little time for self-care, while the demands of adulthood constantly build up. Before we know it, we may feel the persistent tug of financial responsibility compounding on top of daily stressors. When the holidays approach, it’s common to think, “Can I afford to enjoy everything the season has to offer?”
Financial stress is a pervasive issue affecting many Americans, with two-thirds reporting anxiety related to their finances, according to a study by the American Psychological Association. The fear of not being able to pay for basic household items, maintain existing bills, invest in the future, pay off debt or enjoy daily expenses can be crippling to an individual’s mental health and lead to more serious mental health issues like anxiety or depression.
This financial strain increases during the holiday season, as reported by the Conference Board Consumer Confidence Survey, when consumers become increasingly cautious with their spending. This time of year exacerbates stress by introducing additional expenses; often a difficult tightrope walk between hosting gatherings, balancing the budget for gifts, caring for family, and travel, all while managing regular monthly expenses. In such circumstances, allocating money to retirement plans or savings accounts becomes difficult, intensifying stress about an individual’s financial futures.
Employers can play a pivotal role in helping employees manage stress and anxiety associated with finances during the holiday season, as well as throughout the year, by fostering an open and supportive environment for discussing mental health. To achieve this, employers can begin by openly acknowledging mental health’s importance and encouraging employees to seek help when needed, and if necessary, remind and help employees navigate these available resources. Holistic benefits can provide tangible support that addresses various aspects of financial wellbeing and build habits that help employees manage stress throughout the year.
Here are ways to support employees during the holidays, and always
If employers notice employees are increasingly disengaged or extra stressed, especially during the holiday season, supporting them however they need is vital, whether that be mental health resources or otherwise. One effective approach to supporting workplaces is to provide financial education programs that empower employees with the knowledge and skills to make informed decisions about budgeting, saving, and investing – and offering these throughout the year.
Employees can learn practical tips on managing expenses and avoiding unnecessary debt, which can help them be prepared for the additional spending that might come with the holiday season. Companies should explore offering financial wellness benefits such as employer-sponsored savings plans, emergency funds, or assistance programs. These actions can, in turn, create a “safety net” for employees facing unexpected financial challenges and promote a sense of security, contributing to improved mental wellbeing and reduced stress and anxiety.
Providing access to employee assistance programs that include mental health support services can also be instrumental in helping to address the emotional toll of financial stress; however, we understand that not everyone’s financial stress is the same. A CVS Health and Harris Poll survey found that 59% of Black and 64% of Hispanic Americans are significantly more likely to report that their financial situation negatively impacts their mental health.
When designing solutions, employers must understand the unique needs of their employee population and offer holistic benefits that are tailored to specific populations, including historically marginalized communities.
Read more: How can leaders support employee wellness through lifestyle benefits?
A comprehensive approach to employee benefits that encompasses financial education, tangible financial support tools, and mental health resources will contribute to easing overall stress during the holidays and throughout the year. Employers that offer benefits that address the stressors associated with financial concerns can help create not only a more resilient and satisfied team, but also aim to foster a positive workplace culture that values the total wellbeing of its employees.
Everyone benefits when employee personal needs are prioritized
During times of heightened stress, such as the holiday season, proactive steps to seek support can address concerns before they escalate into a crisis. Mental health resources, that include in-person or virtual care services, ensure that employees have the support they need and in a way that works for their lifestyle and preferences. To improve access, employers can use internal communications to promote awareness of mental health resources which can help employees better utilize tools, like any available financial benefits.
When people feel supported, not only as it relates to financial stress, but also in their mental and emotional health, it creates a more resilient and engaged community and workforce. A workplace that prioritizes both financial and mental wellbeing and acknowledges the interconnected nature of these personal issues promotes a more holistic approach to employee wellness. In turn, this provides a return for employers, since improved wellbeing increases productivity year-round.
Brooke Wilson, Head of Resources for Living at CVS Health