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August 2022 Edition

Employees may need help with household budgeting, debt reduction and short-term savings advice

It’s no secret inflation has an adverse effect on employees. At over 8 percent, inflation is the highest it’s been in 40 years,1 impacting the price of food, gas, clothing, cars and more. This is also the reason nearly a quarter of workers say their finances are in worse shape than a year ago and 78 percent worry prices are rising faster than income.2

To help employees navigate these challenging financial waters, many companies are offering financial tools and educational opportunities. What’s more, now is the time to have employees take a close look at their finances and understand how inflation affects budgets.2

Employees want help

According to a workplace survey, employees need the most help with household budgeting, debt reduction and short-term savings.3 Many employees are also reporting financial stress is harshly affecting their work and personal life. A recent survey found that 71 percent of employees are open to receiving personal finance support at work.4

How companies can help

Employees aren’t the only ones concerned. A Morgan Stanley workplace survey showed that 82 percent of employers are concerned that personal financial issues affect employee work productivity and quality.3 Businesses can help employees deal with a wide range of financial woes by improving their overall financial literacy. This, in turn, can help with better financial decision-making to achieve their goals.5

To build a solid financial wellness program, many employers start with a minimum of these four topics:5

  1. Budgeting basics — The first step in regaining control is a proper budget to find where money is going.
  2. Understanding credit — Learning to read a credit report and how it affects the ability to borrow.
  3. Debt management — Debt is a major source of financial stress. Help employees understand how to pay off and reduce debt.
  4. Investment and retirement planning — Why employees should invest in company retirement plans. One of the best benefits companies can provide employees is access to financial professionals.

Securian Financial offers financial services to employees

As part of Securian Financial’s Financial Wellness 360® program, Advisor Connection brings financial education directly to employees with turn-key virtual and in-person offerings. Advisor Connection sessions allow employees to learn and explore various financial wellness topics that impact them at all ages and career stages. Every offering concludes with an opportunity for a one-on-one complimentary, no obligation conversation with a financial professional, if additional personal review is desired.

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1. "The Federal Reserve is raising rates. Here’s what it means for your financial future.” Insurance NewsNet, July 6, 2022.

2. Barker Buissereth, Krystal. “Surviving inflation: 4 ways companies can support employees.” BenefitsPRO, April 28, 2022. 

3. Shaw, DJ. “The role of financial wellness amid rising inflation.” Plansponsor, June 29,2022.

4. Barker Buissereth, Krystal. “How to help employees understand the value of financial planning.” BenefitsPRO, September 1, 2021.

5. Stone, Sarah. “5 topics for a successful employee financial wellness program.” WilmingtonBiz Insights, March 2, 2022.

Insurance products are underwritten by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not a New York authorized insurer and does not do insurance business in New York. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.

Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company and Securian Life Insurance Company are subsidiaries of Securian Financial Group, Inc.

DOFU 8-2022