Finax Financial Wellness – A Unique Employee Benefit

Many employers understand the importance of complex employee care, and so they invest a significant portion of their resources and time into the physical and mental well-being of their colleagues. However, ensuring financial comfort of employees doesn’t end with a regular salary and bonuses.

Financial health is about proper money management, one that will allow you to have a stress-free, comfortable life, balance incomes and expenses, avoid “bad” debt, and build a healthy relationship with money. Finances that are well set allow people to focus on work, family, and leisure without having to worry about being unprepared for the future or potential unexpected risks. Finance doesn’t have to be complicated at all, when you know what to do.  

Why Is Employee Financial Health So Important? 

Companies that invest into improving the skillset and comfort of their workforce hold the future. Employees with stable financial ground are proven to be happier and more productive. On the contrary, negative impacts of finance-related stress have been confirmed by numerous studies and employee polls:

• Finance-related worries are the main cause of stress for 57% of employees, all while it negatively affects their sleep, and both mental and physical health.
• 18% of employees reported decrease in work productivity due to financial stress.
• Overwhelming 75% of US employees are financially stressed and dedicate up to 9 hours of their weekly worktime to personal finance.
• 28% of employees do not have an emergency fund  accounting for more than a month worth of expenses.

Worries about the potential inability to cover mortgage or rent payments, a surprise car repair, or an unexpected decrease in family income certainly do not improve the mental well-being and comfort of the household, and so, naturally, they also lower their productivity.

The good news, however, is that financial comfort doesn’t have to be for the rich only. Simply having more money won’t automatically solve all our problems if we fail to take care of the true causes of finance-related stress. All of us are able to improve our respective situations by following a few simple rules.  

What Is Finax Financial Wellness? 

Based on our long-term experience in the field of financial education, we developed a schooling series that covers all the aspects of personal finance. Our educational program is flexible and easily adaptable to an existing company training, whether it comes in the form of in-person lectures directly within the company’s office or as an interactive online training. 

The training sessions are thematically divided into four basic blocks:

1. Healthy Personal Finance Basics and Planning - focusing on an overview of income and expenses, creating and maintaining a budget.
2. Emergency Fund and Investing – building a sufficient emergency fund, the difference between saving and investing, creating an investment portfolio.
3. Retirement Planning - understanding how most pension systems work, setting up tax-advantaged saving schemes, European Pension (PEPP), independent retirement preparation.
4. Good and Bad Debt - distinguishing between good and bad debt, getting rid of bad debt, securing a favorable mortgage, and managing rising interest rates.

The educational program also includes an anonymous questionnaire, based on which we provide employees and companies with personalized reports. Thanks to feedback from employees, employers gain a better overview of their financial health, identify weaknesses, and can work more effectively on increasing their satisfaction and overall well-being.

At the beginning of 2023, we launched the pilot phase of this financial education program in companies, with positive feedback not only from employees but also from employers. This positive feedback inspired us to further develop and refine the program. Now, we are launching it in full.

The list of companies we have visited so far includes: Telekom, Muziker, Pelikan, Deutsche Telekom Cloud Services, Accenture, Dell, Bloomreach, and others.

Open the Door for Us, and We Will Be Happy to Help Your Company

If you want to find out how Finax can contribute to the prosperity of your company and the well-being of your employees, do not hesitate to contact us at business@finax.eu. Together, we will develop a plan that will improve the financial health of your employees and contribute to their overall satisfaction with the working environment.

If you are an employee and would like us to conduct training in your company, please share this blog with your supervisors or HR department. Together, we can work on building a healthy financial environment in your company too.