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Why should I get involved in my employees’ finances?

It’s a question that a member asked me last week while discussing the new FPSA Financial Wellness Program we are introducing in conjunction with Truist Momentum. The answer is pretty simple. The people we work with are everyday people with everyday concerns, much of which revolves around their financial situation.

Not compelling enough?

How about three survey results from a variety of financial industry studies:

  • Financial issues are the #1 cause of workplace stress;
  • Employees spend an average of 28 hours per month worrying about their finances while at work; and
  • 70% of employees believe their employer has little concern for their financial well-being

The FPSA Financial Wellness Program was launched thanks to a request by our Young Professionals Group to provide education or training in personal finances which they believe is a significant issue for young people. In truth, the more we dug, the more we realized this concern goes beyond just young people starting out in their careers. It also affects mid-level and upper-level management, in the plant or in the corporate office. And as those statistics above indicate, ultimately these are issues that may be affecting the productivity of your workplace.

On October 19th, FPSA and Truist will host a webinar introducing the new Financial Wellness Program and walking members through how simple, affordable, and impactful this program is. This is a program only open through employers who are current in their FPSA membership. If you have a question about that, I encourage you to reach out to me at any time.

Andy Drennan, FPSA SVP