Money Matters

It’s Tax Day: an oft-dreaded yearly event that compels us to turn our attention toward our personal finances.

For most people, that’s not a pleasant thing to do. A poll earlier this year found that more than half of American workers say they are “much more concerned” about their finances than they were a year ago.

Money is a leading source of stress for Americans. And because stressed-out employees are less productive and more susceptible to a host of mental and physical health problems, their financial concerns are yours, too.

The negative effects of financial strain are impossible to ignore. Workers in financial distress report poorer overall health, according to The Partnership for Workplace Mental Health. They often spend time on the job worrying about or dealing with their personal money matters. In some cases, distressed individuals may turn to alcohol or drugs to cope, leading to a whole new set of problems for both employee and employer.

Anxiety over financial worries can be overwhelming and difficult to work through without help. As a valuable benefit for employees who need assistance, you might consider looking into a financial wellness program or setting up financial education courses at the office.

Addressing such issues as financial goal setting, budgeting, credit education, smart shopping, and debt management, financial education can help your employees overcome the burden of their monetary stress.

Be sure to keep the lines of communication open with the whole staff. It’s especially important in tough economic times to reassure workers about job stability and the company’s overall standing. Knowing where they stand and having some knowledge of the status of their job’s security may help employees put their already-taxed minds at ease.