Financial wellness programs in the workplace are designed to help participants understand how interrelated budgeting, debt, and savings are so they can make better choices. Most companies who offer such “wellness” programs will invite employees to a retirement discussion once a year about where they have invested their 401(k) money. The employee knows they will leave that meeting with no answers, only more questions, but the employer has fulfilled their obligation to instruct. This is stupid, to say the lease.
This is a what a valid, quality financial wellness program looks like:
- An employee can ask any question about any financial subject (not just 401(k) stuff) at anytime during the year and get high quality answers that can be implemented, not just talked about.
- Employees will be given responsibilities and held accountable for accomplishing what is taught in the wellness program. Such accountability would include a time table for meeting certain goals, etc.
- Training will be offered for how to manage all aspects of finances, including how to control spending, pay down debt, save for retirement, and pay the right amount of taxes and how to do all this years in advance of issues that come as employees age, so they can plan ahead.
- The program will be based on time-tested principles and not on some financial product. Life insurance is a good product, but may not work when the employee is trying to balance their spending, for example. For example, if an employee purchased life insurance but was unable to pay for it after one year, this will result in a waste of money. While the product may be of value, the timing to buy is more important.
- Employees will receive ongoing and consistent training.
A quality financial wellness program teaches principles that will lead and guide the employee into making better decisions, rather pushing a product in a one-and-done meeting with an investment adviser.
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