BUSINESS

A concept of employee care and financial wellness at work. Employees being supported by the hands of their employer.  A concept of employee care and financial wellness at work. Employees being supported by the hands of their employer. CREDIT: Beckie Wright

The Importance of Financial Wellness: Explained by Footprint Connect

Tuesday 10 November 2020, 9:03AM
By Beckie Wright
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In New Zealand and around the world today, financial pressure is impacting the lives of people in countless ways.

In a recent article concerning financial health and wellness in the workplace, Angela Vale, CEO of Footprint Connect elaborated on this concept.

The article covers that, in the unprecedented times we live in, employers need to consider the financial wellbeing of their staff first if they want to promote a positive and productive workplace environment.

While COVID-19 has been a significant catalyst for the pressure and worry plaguing employers and employees today, Vale explains that even before the onset of COVID-19, money was a source of great stress.

The article states that “(69%) of New Zealanders are concerned about their money, with that figure rising to 74% of women and 82% of those aged 18-34.” Vale states that these figures are not new and that the coronavirus pandemic only brought them into light.

The lack of financial wellness in New Zealand and the importance of financial literacy is something that still needs to be addressed according to Vale. If anything, employers who choose to invest in the financial wellbeing of their staff only look to benefit from this investment.

Studies show that financial stress stifles work performance and company profitability. In contrast, “when an employee’s wellbeing improves due to financial wellness, then it will reflect in their workplace productivity.”

One of the best things employers can do, Vale explains, is to focus on how they can support their staff at work. If employers provide the right tools and resources for their staff, they will be enabling their employees to improve their financial literacy and empowering them to make confident and informed decisions concerning their money.

While many HR professionals are needing to cut down and prioritise their employees’ benefit budget for the coming year, now may be the perfect time to consider the advantages of an employee financial wellness package.

For employers looking for cost-effective ways to support the wellbeing of their employees and improve their financial literacy and resilience, Footprint Connect is a valuable option to consider.

As a provider of online Wills in New Zealand, Footprint Connect is designed to enable self-driven financial learning, planning, and management.

If you're interested in learning more about the wellness platform available at Footprint Connect and providing greater financial protection for your employees and their whānau, explore Footprint Connect online today at https://footprintconnect.co.nz/.