Well, here we are. 2021 is well underway with all of the expectations of any new year and the added hope that this year will be better than 2020. If you’ve spent any time on social media, then you’ve seen the memes about entering 2021 with caution and the posts expounding the reasons it has to be better. We haven’t gotten off to a super smooth start, but, well, it is a new year.
Everyone is looking forward to getting back to normal – normal will look different no matter what happens. First, the coronavirus will continue to impact our daily lives and the way we do business throughout 2021. Second, financial stress will remain. And let’s be real. Financial stress is normal. It was a serious concern long before COVID-19 entered the picture.
Over three quarters of workers were living paycheck to paycheck pre-Covid. According to the American Psychological Association, one fifth of Americans failed to seek medical help because of worries about money. According to Experian, over half of divorces are at least partially a result of financial concerns. This was happening even before the economic upheaval brought on by the pandemic.
Financial stress – the worry about whether or not a person will be able to meet financial obligations – is not new. What is new is employees’ desire for help. People want to do a better job of making financial decisions. They want financial peace. They want to pay their bills and save money for the future. And employees want their employers to help them achieve these goals.
With all of the changes we can expect to see in the business world in 2021, it will be vital for businesses to have a workforce with high morale and productivity. However, when employees are facing financial stress, both morale and productivity suffer. It is difficult to focus on the job at hand if you are worried about money problems waiting for you at home. Therefore, it is in any employers’ best interests to help their employees deal with financial stress.
That’s why 101 Financial offers a Workplace Financial Wellness Program. This program is more than just a package of digital tools. It provides access to a real person who can answer questions and help tailor a plan that will work for that employee’s lifestyle. It isn’t a one size fits all; it is an educational program personalized to each individual’s financial needs.
Help your employees navigate 2021 with hope and optimism. When they have better control of their finances at home, they will be better able to give their best at work. Let’s make that the new normal.