Benefits Alliance’s Post

Reducing Financial Stress to Improve Mental Health: Financial challenges are a significant source of stress that can negatively affect mental health, productivity, and employee engagement. By prioritizing financial wellness initiatives, HR can alleviate this stress, fostering a healthier and more focused workforce. Supporting employees in managing their financial challenges not only enhances their wellbeing but also drives overall organizational success. Pursuing a dual career as a financial services advisor, I had the privilege of being part of creating a comprehensive personal financial plan for one of my team member who recently immigrated and is a sole breadwinner with two children Here’s a snapshot of our multifaceted approach 🔹Financial Goals: Setting short, medium, and long-term objectives. 🔹Budgeting: Emphasizing effective expense tracking for better cash flow management. 🔹Debt Management: Crafting a strategy to manage and reduce liabilities. 🔹Emergency Fund: Establishing a safety net covering 3-6 months of expenses. 🔹Million Dollar Baby Plan: Funding whole life insurance for each child using a portion of the Canada Child Benefit. This plan accumulates cash value, which can be accessed for future education, marriage, or home purchases. 🔹RESPs: Setting up Registered Education Savings Plans for educational futures. 🔹FHSA: Creating a First Home Savings Account for tax-free home-buying savings. 🔹Investment Strategy: Maximizing TFSA contributions and exploring segregated funds for potential growth with added protection against market fluctuations. 🔹Proper Protection: Provided a Permanent Life Insurance policy for retirement, tax-free growth, lifetime coverage, and wealth transfer. 🔹Retirement Planning: Estimated retirement needs and set up RRSPs for tax-efficient savings. 🔹Estate Planning: Developing an estate plan to preserve the family’s legacy. Considering the incorporation of financial literacy programs as part of your HR initiatives can help build a financially secure workforce that is more resilient, motivated, and engaged if you’re considering a dual career and want to learn about the government licensing process to pursue a career as a financial services advisor, let’s connect! I’d be happy to share all the necessary information. #FinancialWellness #EmployeeEngagement #MentalHealth #FinancialLiteracy #StressReduction #Budgeting #DebtManagement #RetirementPlanning #FinancialSecurity #HRInitiatives #WorkplaceWellbeing #EmployeeSupport #ImmigrantSupport #WorkforceDevelopment #FinancialEducation #EmployeeBenefits #PersonalFinance

With 1 in 2 Australians now under financial stress, we are working with employers across the country to inspire people with our financial wellbeing seminars, both online and in person. Across every sector and industry, financial stress is not discerning. It affects every level of income earner. Here are a few things employers can do to support their staff, written by our CEO Vanessa Stoykov. #financialstress #costoflivingcrisis #moneyeducation  https://lnkd.in/gmYyQdS2

The Paramount Importance of Financial Wellbeing: A Pathway to Prosperity Financial wellbeing, characterized by economic security and the ability to make informed financial decisions, profoundly impacts individual and societal advancement. This article emphasizes the tangible benefits of fostering financial wellbeing, extending beyond material wealth to encompass factors like financial literacy, stability, and resilience. One critical aspect is its positive influence on mental health, as financial stability reduces stress and promotes peace of mind, ultimately enhancing overall wellbeing. Research consistently links financial stress with anxiety and depression, highlighting the importance of mitigating financial burdens through prudent financial habits. Empowered by financial security, individuals gain the freedom to pursue their goals and values. Financial wellbeing allows for choices aligned with personal aspirations, be it education, entrepreneurship, or retirement planning. Moreover, it provides autonomy in navigating life's uncertainties, enabling individuals to weather unexpected events without jeopardizing their financial stability. Emergency savings and insurance coverage serve as buffers against adversities like job loss or medical emergencies, bolstering confidence and resilience in facing challenges. Financial harmony within households is another benefit of financial wellbeing, fostering healthier interpersonal relationships and family dynamics. By cultivating financial literacy and collaborative decision-making, couples can strengthen their bond and mutual trust, reducing conflicts arising from financial strain. Early instillation of financial values in children also promotes responsible money management skills, contributing to intergenerational prosperity and confidence in adulthood. On a broader scale, widespread financial wellbeing contributes to economic resilience and social mobility. A financially healthy population actively participates in the economy, invests in education and skill development, and fosters sustainable economic growth. Policies that promote financial inclusion and equitable access to education and asset-building opportunities play a crucial role in narrowing socioeconomic disparities and fostering societal prosperity. Ultimately, embracing the principles of financial wellbeing is not just an economic necessity but a moral imperative for societal advancement. By prioritizing financial literacy and equitable access to economic opportunities, individuals and policymakers can collectively pave the way for a future characterized by prosperity and empowerment. Financial wellbeing holds the key to unlocking human potential and fostering a more just and equitable society, benefiting both individuals and communities across all facets of life.

A great quick read of the important basics to Financial Wellness! A good read BEFORE Black Friday to not overspend!

#Employers: With nearly half of workers worried they don't have enough money saved for an emergency, now is the time to #invest in your #employees! Learn more about Marsh McLennan Agency's ProsperWise Financial Wellbeing solution. https://lnkd.in/escG6Pkr #FinancialWellbeing #emergencysavings #retirementplanning #plansponsors #marshmma #mmanewengland

Boost your financial confidence with this new article, “How Financial Literacy Benefits Ticket To Work Participants And All Employees” At Allsup Employment Services, we are here to support your journey back to the workforce and help you move toward financial stability. As a participant in the Ticket To Work (TTW) Program, you may face challenges managing your finances, especially during these times of economic uncertainty. Financial literacy is key to working through these challenges, allowing you to create budgets, monitor credit and set long-term goals. Here‘s some ways to help you confidently manage your finances while working through TTW: - Plan for Long-Term Goals: Even if retirement is far away, start planning now. - Manage Your Debt: Avoid taking on new debt and learn how to consolidate what you have. - Understand Your Income and Benefits: Track your earnings and know how they impact your disability benefits. The Trial Work Period can help you earn more while protecting your SSDI benefits. Learn Financial Strategies Now: https://lnkd.in/g-CPSx9E … AES helps you use the Social Security Administration’s Ticket To Work Program by: - Assisting you with SSA communication. - Assisting you with completing your Individual Work Plan. - Providing career exploration, assistance and support. Start your return-to-work journey now: 866-540-5105 allsupes.help/genli #FinancialLiteracy #DisabilitySupport #FinancialIndependence #SSDI #ReturnToWork #TicketToWork #AllsupES

At Kashable, we're dedicated to helping employees improve their financial well-being, which is why we're proud to partner with forward-thinking companies like Reid Health, who understand the importance of supporting their workforce's financial health. In response to the challenges posed by the COVID-19 pandemic, Reid Health took proactive steps to help alleviate financial stress among its employees. By partnering with Kashable to help provide access to low-cost loans for eligible employees, Reid Health is helping to empower their employees to take control of their finances and build a brighter future. As highlighted in a recent article from SHRM, with increasing financial stress, employers are introducing benefits aimed at promoting financial wellness. Reid Health's commitment to their employees' financial health is a testament to their dedication to creating a supportive workplace culture. https://lnkd.in/g_kUv8p8 #FinancialWellness #EmployeeEngagement #WorkplaceWellbeing

Understanding the current health of your finances starts with having a solid plan in place, but it depends on following the plan so you stay on track and continue working toward your financial goals.

A common misconception is that it’s only really those on lower incomes who worry about money. But people right across the wealth spectrum have money worries. According to the Aegon Financial Wellbeing Index, roughly 40% of people in middle and higher income brackets have them. And simply earning more doesn’t necessarily remove those worries. While 55% of average earners worry about money, that only falls to 33% among top earners. This shows that financial wellbeing is not simply about your level of income.

Does your credit union's financial wellness program contain these three essential elements? ➡️ https://lnkd.in/gQ5fmrwg #creditunions #financialwellness #peoplehelpingpeople