Our financial stress and the issues that result from it affect more than just our personal lives and our relationships, it affects the work we do, too. It is no surprise to financial professionals that many hard-working Americans are struggling with basic money management and adequate savings. Recent studies show:
- 59% of employees cited money as #1 stressor in their lives
- 49% of employees say it is difficult to meet household expenses each month
- Average 401K account balance – $108,000 (Ages 50-59: $174,100)
- Employees withdraw 30 to 40 cents of every dollar that goes into a 401(k) account before retirement
- 28% of U.S. adults have no emergency savings. Only 18% have 6-month cushion
- Salary $100K+ – 42% carry credit card balance, 37% struggle to make minimum payment
The results of poor money management on the workplace manifests in an increase in turnover, a decrease in productivity and creativity, lower participation in employer sponsored retirement savings plans and increased requests for pay advances and 401k loans. Survey results report:
- 50% of employees are distracted at work and spend 3 hours per week dealing with financial issues.
- Employees struggling with financial issues are 88% more likely to report being dissatisfied at work.
- Personal debt abounds with employees overburdened with student loan and credit card debt.
- As a workforce, we are massively underfunded for retirement resulting in employees working part-time and full-time long into their golden years.
As a result of these findings, employers have started to take note of the opportunity to help their employees overcome their personal financial hurdles and financial wellness programs in the workplace continue to grow as an integral piece of many companies’ health and well-being strategies. This presents an opportunity for AFC® (Accredited Financial Counselors®) to use their financial knowledge and coaching experience to serve companies that see the connection between financially fit employees, a happy workforce, and their bottom line.
Organizations are seeking out dynamic resources for their teams in the form of lunch-and-learn style workshops, longer-format programs, webinars, group-coaching, as well as one-on-one coaching in the workplace and by phone or video conference software.
Popular workshop topics include credit counseling, debt management, budgeting, saving-strategies, home-buying, investment basics/understanding retirement plans, student loan debt management and pre-college planning. All areas that AFC® practitioners excel in, making for a great fit.
Expanding your business
Workplace wellness workshops and services are a great way to expand your financial coaching business or private counseling practice. Companies will pay you for your expertise and the benefit that you provide to their workforce, but there is more. Presenting financial information in person will build trust between you and employees, which often leads to private coaching work. If a company enjoys your dynamic approach to improving the financial lives of their employees, then a long-term relationship can be established. You can provide workshops or programs on a regular basis throughout the year and develop coaching programs to assist employees that need more specialized attention both expanding your reach and providing an added income stream for your business.
If the idea of growing a financial education and coaching business by providing workshops and coaching services is attractive to you, I would like to encourage you to give it a shot.
Test out the idea to make sure that it is a good fit for you and that you enjoy presenting to groups of employees in a workplace, community center, church, professional networking setting, or other organization. Reach out to your network and offer to put on a 1-hr workshop on a popular topic like Budgeting 101 or something fun and catchy like Five Habits of Millionaires That Can Help Your Thrive in Your Financial Life. Build a simple PowerPoint presentation, create a hand-out, get out there and deliver it. You will know right away if delivering workshops is the right strategy for your business.
Financial wellness in the workplace is a growing trend in corporate wellness and employee development and you are perfectly positioned to provide the services employees and their employers are seeking. As you consider the opportunities that your AFC® and FFC® certifications can provide you, make sure to consider that presenting in a workshop setting and serving corporate clients might be an excellent fit for you!
Guest Contributor: Shane Robson-Smith, Founder of Workplace Money Coach, Inc
Shane turned a flailing financial coaching business into a boutique financial wellness company serving corporate clients throughout the Tampa Bay area of Florida. Workplace Money Coach’s Living Paycheck to Purpose financial empowerment program is facilitated by financial professionals throughout the country. Shane is currently registered in the AFC certification program. Learn more at www.workplacemoneycoach.com.
2017 IBM Health Risk Assessment and 2017
2019 PwC Employee Financial Wellness Survey
Fidelity Retirement Report Q2, 2019
“Employers Help Workers Build Household-Emergency Funds” – WSJ, 2019
Survey: Most Americans wouldn’t cover a $1K emergency with savings – Bankrate, 2019