Data from financial firm John Hancock shows that 69 percent of workers are stressed over their finances, with 72 percent admitting that they worry about their personal finances at work. In fact, when asked what they feel causes them the most stress, more employees cite financial matters than any other life stressor. 

Not only does financial stress take a big toll on employees’ health, it can result in everything from depression and anxiety to migraines, ulcers, and heart issues—and takes a hard hit on employers. Employees with money issues typically suffer from presenteeism and absenteeism and are less productive.

Financial wellness programs can help. The goal of a good financial wellness program is to help employees find more financial stability, reduce anxiety, and feel capable of dealing with an uncertain world. Here are some ideas:

Offer financial education sessions

Financial education helps employees understand how finances affect them and how to create a stable relationship with money. Consider holding learning sessions once a month and include topics about budgeting, building credit, reducing debt, understanding and managing student loans, personal attitudes and behavior toward saving and spending, and managing financial crises. Below are two nonprofits that offer workplace financial seminars:

• LifeBalance Solutions
• LSS Financial Counseling

Offer an employee assistance program (EAP)

EAPs are confidential counseling services for a range of personal and professional concerns, including financial stress. They can also be used to support employees struggling with mental health challenges like anxiety and depression.

Communicate regularly to your employees about the mental health benefits your company provides. By offering an EAP, you can encourage your employees to seek treatment that will help them cope with the stress they are experiencing.

• Choosing EAP Providers
• Getting the Most Out of Your EAP

Offer an employee assistance fund

These funds help employees and their families who are experiencing financial difficulties. The fund can be supported with contributions or matching funds from the employer as well as contributions from employees.

Learn more:

• Employee assistance fund
• Employee hardship fund

Communicate to employees about COVID-19 financial resources and services

• Steps employees can take to help protect themselves or their loved ones financially from the impact of the coronavirus
• State of Minnesota financial assistance, resources, and information for those needing to manage payments and provide for themselves and their families during the pandemic
• Resources for Hennepin County residents, with information in Spanish, Hmong, Oromo, and Somali (or call 612-348-3000)

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Click here to read this month's E-tips for your employees: "Managing financial stress."

To share these E-tips with employees, you can:  

• Email the E-tips document to your staff as an attachment. 1) Click the link to download and save the E-tips to your computer. 2) Add your organization's logo in the bottom left corner. 3) Then send it as an email attachment to staff. 
• Print the document once you've added your organization's logo and post it in a common area in your workplace.
• Copy and paste the text into your organization's newsletter.

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