There are measures that you can put in place to achieve this, namely, creating an employee financial wellness program. This is a program to help employees better manage their finances and reduce financial worries. In any financial wellness program offered to your employees (of all income levels) there are 5 key areas to focus on:
Budgeting and Spending
Stress the importance to your employees of tracking, spending and planning what you will spend via a budget. It is important for them to remember that their projected and actual spending may not match exactly, but they should have a goal and monitor where their money is going.
You can help your employees understand that besides ordinary expenses, there are always emergencies that pop up here and there, some major some small. They should be disciplined in saving for such unexpected events. Recommend to your employees that they should save the equivalent of three to six months of your typical salary.
When it comes to buying a car, house, or any major purchase (especially one that requires going into debt), it is wise for your employees to get expert advice. They should preferably get 2 or 3 experienced opinions before making a final decision.
Further, explain to your employees if they already have their day-to-day finances under control and have a sufficient amount of money saved, they can do well by investing any surplus funds. You can offer recommendations on how to invest for instance, it’s best to choose stable, low-risk investments rather than risk a big chunk of your “life savings”. They should look for investments that are almost sure to pay a respectable dividend, even that means waiting longer to receive it.
Improving the financial well-being of your employees’ matters not only because it will decrease employee absenteeism, presenteeism and increase their productivity but also improve the overall quality of life for your employees.