Knowing what to do is only a small part of the financial struggle for our clients. Money is personal which is why businesses that are motivated to help solve for employees’ financial health need a personal solution.
This Financial Literacy Month, let’s imagine that all U.S. workers have easy access to TrustPlus Personal Financial Coaching, to trusted experts who help them with not only what to do — the financial literacy part — but how to do it, and, often, with actually doing it: joining a call with a creditor to negotiate debt payments; writing a letter to dispute incorrect information on a credit report; navigating student loan repayment options; exploring retirement planning questions; you name it.
What do you see happening with these individuals, at these individual businesses, and in our economy overall? Good things, right?!
TrustPlus’ willingness to go above and beyond with every client to ensure that they’re on a path to financial health is what we take pride in. It’s what sets us apart as the leading financial wellness solution for small and medium businesses nationwide.
Lots of businesses offer help with financial literacy, an impersonal app, a group workshop, etc. But for us at TrustPlus it’s about more than just literacy because literacy alone isn’t enough. To get a bit wonky about it:
“One-size-fits-all financial education has little to no effect on changing real-world financial behaviors. A meta-analysis of more than 200 studies found that educational interventions explained only 0.1% of the financial behaviors studied,” found Martha Menard.
Knowing what to do is only a small part of the financial struggle for many of our clients, too. There are emotions involved, fear, pride, shame, desire. Money is personal which is why businesses that are motivated to help solve for employees’ financial health need a personal solution.
Our small business customers get it. They’re smart. They understand that it’s smart business to offer a financial wellness benefit that’s a personal solution for each employee — that financially healthy workers are happier, healthier, and more productive, and more likely to stick around. And that finances are on employees’ minds already, on and off the job.
Workers Are Stressed About Money
A recent CreditWise survey from Capital One found that finances are the number-one cause of stress (73%), especially among younger generations. Yet, fewer than one in five respondents reported being very familiar with how to improve their credit score, while nearly six in ten wanted to learn more about how to do so.
Offering TrustPlus Personal Financial Coaching as one of your financial wellness benefits can help your employees reduce their financial stress and improve their overall well-being in ways that financial literacy resources alone simply cannot do.
A Personal Financial Coach can help your employees understand their financial situation, set goals, and develop a plan to achieve those goals.
But that’s not all. Here are some of the ways that Personal Financial Coaching can benefit your employees and business:
Financial Coaching Differentiates Your Business
Small businesses are the backbone of the American economy, employing millions of people and driving innovation and growth.
However, many small business owners struggle to attract and retain top talent due to limited resources and stiff competition from larger companies. One way to differentiate your small business and attract and retain top talent is by offering financial wellness benefits, including Personal Financial Coaching. In today’s competitive job market, employees are looking for employers who offer comprehensive benefits packages that support their overall well-being.
By offering Personal Financial Coaching, you can demonstrate your commitment to your employees’ financial health and attract top talent who value these benefits.
Reduce Financial Stress
Personal Financial Coaching can help your employees reduce their financial stress by providing them with a clear understanding of their finances and a plan to achieve their goals.
By working with a TrustPlus Personal Financial Coach, your employees can develop a budget, manage their debt, and plan for the future, which can help them feel more in control of their financial situation.
Improve Financial Literacy
Many employees lack the financial literacy skills they need to manage their finances effectively. Personal Financial Coaching can help your employees improve their financial literacy by providing them with the education and resources they need to make informed financial decisions.
Increase Savings And Retirement Readiness
Personal Financial Coaching can also help your employees increase their savings and retirement readiness. A Personal Financial Coach can help your employees develop a plan to save for emergencies, pay down debt, and invest for the future. By working with a Coach, your employees can also gain a clear understanding of their retirement needs and develop a plan to achieve their retirement goals.
Boost Employee Loyalty And Job Satisfaction
Offering Personal Financial Coaching can also help you boost employee loyalty and job satisfaction. When employees feel supported and valued, they are more likely to be engaged and committed to their work. By providing your employees with the tools and resources they need to achieve their financial goals, you can demonstrate your commitment to their well-being and foster a culture of trust and support.
At the end of the day, offering financial wellness benefits, including Personal Financial Coaching, is a smart way to set your business up for success in the years ahead. A TrustPlus Personal Financial Coach can help your employees understand their credit score, develop a budget, and navigate complex financial products and services, to name a few areas.
By providing your employees with more than just tools and resources to manage their finances on their own, you can help them reduce their financial stress, improve their productivity, and increase their loyalty and job satisfaction.
