A Healthy Workplace Includes Your Employees’ Financial Well-being

August 9, 2019 | Connecting Iowa Sean McTaggart, Senior Vice President of Business Development and Client Solutions, Wellmark Blue Cross and Blue Shield, McTaggartS@wellmark.com

It is no surprise that taking an active role in health and physical wellness can help us lead better, longer lives. That’s one of the reasons you, as an employer, offer health benefits to your employees. However, financial well-being is also an important part of maintaining and promoting a healthy lifestyle.

Financial stress doesn’t just affect workplace productivity. According to the Centers for Disease Control and Prevention, individuals facing financial stress are less likely to follow medical guidelines for treatment and therapy of certain conditions. In other words, employees under financial stress aren’t getting maximum value from their health benefit plan. Eighty-five percent of large employers and 50 percent of small employers offer wellness programs promoting healthy diet and exercise habits—but far fewer offer programs that educate employees about money management and help them take control of their financial health.

Knowing that 78 percent of Americans live paycheck-to-paycheck, it’s more important than ever to give all employees the tools to monitor how their income is spent and set goals to reduce the stress of financial worry. Employees who engage with a financial wellness program may be more likely to:

  • Take advantage of preventive medicine offered through their health plan.
  • Establish a food budget and prepare healthy meals.
  • Reach out for dietary help from a doctor or nutritionist before serious health problems occur.
  • Reduce absences and show more engagement at work.

Take the time to research what financial well-being programs are available for your employees and how they can be incorporated into your current wellness offerings.

Wellmark Blue Cross and Blue Shield has suggestions on how to improve financial well- being in your workplace. Check them out at Wellmark.com/BlueAtWork.