Many households are facing a frightening reality: They are completely unprepared to deal with personal financial crisis. How do I find out more?
The problem is a widespread lack of basic understanding of financial principles and the poor choices that result. Job loss, declining home values, and giant drops in the value of retirement savings have many Americans finding themselves in financial distress. According to the Federal Reserve Board, in 2008 Americans amassed more than $2.5 trillion in personal consumer debt – up 22 percent from 200
0. Clearly, Americans are in financial trouble – and they need help. Employers are sharing in their employees’ pain. Individuals, who suffer stress caused by large outstanding debts and unstable financial situations, report incidences of ulcers and digestive problems, migraine and other headaches, anxiety, depression, and even heart attacks at rates between two and three times the national average. The stress translates into higher health care costs and other negative effects on the workplace; financially stressed employees experience higher absenteeism and turnover, lower levels of job satisfaction, lower satisfaction with compensation and lower productivity. Another recent survey showed employees spend between 12–20 hours of work time per month dealing with personal financial issues. It’s difficult to function in a job when debt and financial uncertainty are causing physical and emotional distress. Employers can help their employees improve their financial wellness. Often they bring in their company broker, but the education doesn’t go much beyond employer-provided benefits or retirement. Marathon Financial Coaching allows an employer to provide real help for its employees. IT'S WORTH THE EFFORT
Employers stand to recoup as much as $3 for every $1 spent on investing in such programs. Yet businesses often overlook the impact of financial wellness and its link to physical health. In polls, individuals rate personal financial concerns five times more stressful than physical health concerns. Just as Americans did not become obese and physically unhealthy overnight, neither did their poor financial situation just happen. It took a steady diet of poor choices and behaviors, and a lack of education to create this unhealthy state. It will take sustained effort to put it right. Regardless of education level or pay scale, many people lack basic financial skills to make sound decisions about personal debt and other financial issues. Marathon Financial Coaching will cover the importance of budgeting, investing, taxes and insurance. Coupled with personalized advice or planning services, Marathon Financial Coaching can go a long way toward boosting financial literacy. Employers who stay ahead of the financial wellness curve will benefit from a more engaged and productive workforce, lower absenteeism, lower turnover, and better overall employee health. Employees, of course, are the clear winners, enjoying the benefits of less debt, less stress and a more secure financial future. Marathon Financial Coaching offers a free consultation to discuss your personal needs, or if you’re an employer – how to assess the needs of your employees. Call Paul at 701.471.7808 today to learn more.
