Starting Your Employees (and you) on the
Road to Financial Wellness
Hallie Hawkins, JD
President
Get It Together, A Financial Wellness Company
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Define financial wellness
Elements of a Financial Wellness for everyone
Articulate the most common financial concerns
Design and implement an effective financial
education program
SHRM definition - Any workplace initiative,
program or resource designed to provide
employees with information on how to manage
their financial resources effectively for a lifetime
of financial well-being.
A TON of people
• 1/3 of couples who combine money admit to lying to
their partner about money
• 30% hide a purchase, account or bill
• 13% commit severe deception
Of people 45-55
• 48% do not have a handle on cash flow
• 32% are uncomfortable with their non-mortgage
debt
• 44% do not regularly pay off credit cards
Envision
Engage
Explore
Experiment
What does money DO for you?
• Security
• Lowers stress
• Gives you options
• Gives you choices
Why are you going?
and with who?
Where you are going?
Where you are now?
Identifying your priorities:
• People
• Organizations
• Things
• Actions
• Ideals
• Other driving forces
Discover your reality
• Challenge your assumptions
• Get the facts
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Expenses
Debt
Income and saving
Credit Reports
Risk
Key components of a money life
• Income
• Expenses
• Debt
• Savings
• Investments
• Credit
• Insurance
• Legal documents
Income
Debt
Cash Flow
Credit
• Cash flow – What comes in and what goes out
• Debt
– Add it up
– Manage it
• Savings and Investments
– Short term – emergency savings
– Mid-term – goal based savings – for an item or experience, new
house, college
– Long term – retirement
• Credit
– Scores and reports
– How they impact you
• What could be different?
• What should stay the same?
• What do you control? Or not…
• Preparation vs Planning
• What are you scared of?
• 83% of HR professionals say personal financial
challenges have an impact on overall employee
performance
• Aspects of employee performance MOST
negatively affected :
– 47% say ability to focus on work
– 46% say overall employee stress
• A survey of employer-sponsored financial
education initiatives shows that U.S. workers’
money worries are impacting their work
performance and retirement savings plans.
HR Professionals identify these personal finance issues
as having a large impact on employees:
- lack of funds to cover personal expenses (49%)
- medical expenses (35%)
- saving for retirement (26%)
- Credit Card (22%) and other Debt (8%)
72% strongly agree or agree employees were more
likely to dip into retirement savings plans
Source – Financial Education in the Workplace Survey SHRM 2012
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Matures (pre-1946) – Educational Expenses
Baby boomers (1946-64) – Retirement
Generation X (1965-80) - Credit Card Debt
Millennials (after 1980) - Home rental
Savings
Cash
Flow
Debt
Credit
Score
Income
Creating a well rounded financial picture
• Cash flow
• Credit
• Debt management
• Savings
• The benefits of benefits
• Preparing for the future
• Retirement planning
• Sales – hidden or overt
– Make sure you are aware of ANY additional services or
products that will be offered to your employees
– If additional services, products or financial products will be
offered, approve them so you are aware of exactly what
your employees will receive
• Narrow expertise and focus
• Online only
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Generate buzz – get them talking!
Provide ongoing education
E-mail or newsletters
Support materials
• Measure the right things
– Personal impact – reduced stress and absenteeism
– Debt reduction, increased savings
– Increased engagement and satisfaction
• Look at the long term
• Create realistic goals
Thinking of wellness in broader terms may be a
more effective way to affect the bottom line of a
company’s balance sheet. A person’s overall
personal wellness affects many aspects of their
work life including health, attitude, ability to
concentrate on the job, and interaction with others.
Hallie Hawkins
[email protected]
www.moneyandcreditguides.com
980-229-7675