Training

Do Your Finances Need a Wellness Checkup?

By Chris Kilbourne Oct 11, 2012 Training

Updated: Oct 12, 2012

Holiday spending is right around the corner. You know the holiday season can be stressful on your workers for a number of reasons, not least of which is financial strain. So this may be a good time to review sound financial principles with workers to minimize their stress—and the possibility of subsequent lost workdays.

Begin by asking your workers how they define financial wellness. Trainees will likely express different views, but most answers will include some or all of the following broad categories:

Living within your means
Managing debt successfully
Saving for the future
Investing wisely
Having a cushion in case of emergencies
Avoiding financial problems

Next, ask workers to give examples of financial assets. Answers would include:

Cash and bank accounts
401(k) and IRAs
Investments
Personal property (homes, cars, boats, jewelry, etc.)

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Discuss what constitutes a financial liability. Examples include:

Mortgage
Credit card debt
Car loans
Other loans
Outstanding bills

After these definitions and examples are clearly understood by your workers, now discuss the various strategies workers can take to achieve financial wellness. Ask for their input on steps they can take. Then discuss each strategy in turn. Fiscally sound strategies include:

Making a budget and sticking to it
Putting money into savings and investments to grow assets
Using credit cards wisely
Avoiding too much debt from credit cards or other loans
Handling major life events effectively
Taking prompt action to solve financial problems

The preceding strategies are certainly the ideal way to build and maintain financial wellness. But what about workers who are already in financial trouble?

Again, ask for solutions from your workers to get them thinking proactively about financial matters. Then discuss the options for how people who are spending more than they earn can improve the situation. Options include the following:

Analyzing spending habits and creating an effective budget
Cutting back on expenses (for example, eliminating some "wants" and concentrating on "needs")
Enlisting the help of a financial consultant to help restructure finances

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Why It Matters

In one recent year, U.S. consumers spent over $54 billion in the four days between Thanksgiving and Sunday.
That amounts to an average of nearly $400 per shopper over the Thanksgiving weekend.
Online sales on Thanksgiving Day totaled nearly $480 million.
Online sales on Black Friday totaled over $816 million.
Consumer borrowing rose by $20.4 billion in November.
Credit card debt rose by $5.6 billion in November.