Day-to-day life for millions of Americans has swiftly been upended, with shelter-in-place orders affecting millions as a result of the coronavirus. Meanwhile, the damage to the economy is at a scale not seen since 1987.1 Millions of people are now unemployed, while stock market declines have erased several years of bull market growth.
If there was ever a good time for Americans to take stock of their financial situations, it's now. Financial experts advise people to have emergency funds saved, but now that the country is amid a pandemic, where can employees turn for help?
Even before the coronavirus struck, many people were living paycheck-to-paycheck. Nearly 40 percent of Americans say they couldn't cover a $400 emergency expense without using a credit card or borrowing money from friends or family.2
And many employees have reported they aren't prepared financially to endure a quarantine in case their companies are shut down.3
How can employers help?
First, employers must recognize that their workforce is stressed. Financial worries are the leading cause of stress in 60 percent of American workers, according to a PwC study.3 And, of course, stressed employees are less productive.
Right now, employers have a unique opportunity to throw employees a lifeline in the form of financial wellness benefits. Companies that offer employees financial wellness benefits directly address both emotional and physical health.3
The good news is robust financial wellness packages are available. Securian Financial offers Financial Wellness 360® — which can help reduce daily financial stress by inspiring, educating and encouraging employees to make lasting behavioral changes. Comprised of mix-and-match solutions and tools, some at no cost and some at preferred rates, companies of all sizes can create custom programs:
- Advisor Connection
- CommonBond for Business™
- Lifestyle Benefits — self-service tools and resources
During these unprecedented times, organizations across industries are struggling to find the right balance of helping dedicated employees with appropriate benefits, amid a business climate affected by falling consumer demand.
But this moment is also an opportunity for employers. Acknowledging the financial stress of their employees can go a long way in helping many psychologically weather our current new normal. And taking the next step by offering financial wellness solutions can well equip employees now — and create positive financial changes that can last well beyond the current coronavirus crisis.
To explore Securian Financial's Financial Wellness 360 program, visit securian.com/financialwellness360.