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How Employers Can Help

How PFEEF can help? We offer our PFW Scale™ which provides management with a simple way to evaluate employee financial stress. Visit our website for the most updated studies and articles on financial literacy and wellness in the workplace

Want To Provide Value To Your Employees? Support Their Financial Wellness

Financial wellness is a universal need, like quality healthcare and education. Yet, financial well-being has become more challenging for many Americans due to rising housing costs, student loan and credit card debt, and the lack of financial knowledge. 

It’s important to understand just how stressed out employees have become. Their anxiety affects your company and their quality of life. A study by PwC demonstrate why financial wellness should be a corporate priority:

• Personal finances are the No. 1 stressor for employees.

• 47% of employees report that financial worries have either caused them to occasionally miss work or impacted their productivity at work.

• Fewer than half of baby boomers are confident about their retirement. Click here to read more of the articles from Forbes

5 Myths About Employers’ Role in Financial Wellness

Despite the compelling reasons for employers to adopt financial wellness benefits, there are a few myths that have been holding benefits managers back when it comes to implementing these programs.

Myth 1: Financial education = financial wellness

Despite what many people think, providing financial education does not automatically result in financial wellness. Financial education provides the knowledge and tools to understand finances (i.e., calculating APRs, budgeting, planning, etc.) but financial wellness can change spending, borrowing, and savings habits.

For example, some people prefer to save rather than spend. They often experience stress and anxiety when they’re unable to save, whereas some people are less worried about saving as long as they have enough to get by. Financial education and financial wellness solutions both have a role to play within your benefits strategy, but they are not the same.  Read the rest of the article from BenefitsPro

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The PFW Scale™ is an effective metric to measure the financial acumen of employees. Click here to learn how your organization can benefit by using the Personal Financial Wellness Survey™
Personal Financial Employee Education Fund (PFEEF)
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