Exactly what each individual will need can vary, making it difficult to find a solution that works for everyone. While
For example, while Gen Z needs entry-level education around budgeting and setting up their 401(k), Gen X and boomers will need more specific guidance around converting their investments to more retirement-ready assets. Understanding the nuances of each group will also reduce any stigma employees may have around discussing money at work.
"There's a tendency to have shame and moralism around money, and when you're not doing well financially you feel like you're doing something wrong," says David Straughan, a financial expert with MarketWatch Guides. "A lot of times that's not the case; it's just hard for people right now. Empathy and clarity [from employers] are key."
Read more for a complete guide to financial wellness at every age:
Once employees feel more secure with their finances, they can focus on other areas of their life, like their physical health. A lack of funds is a primary reason why 40% employees avoid necessary healthcare, a dangerous combination that could lead to disaster for organizations and their workers. Employers need to ensure their healthcare plans are
"The task before employers and benefit plan designers is how to ensure the plan comes with the certainty of affordability," says Brian Whorley, founder and CEO of Paytient. "How do they make sure employees are secure to make good decisions and not harmful ones? There's a social contract here where you bring your best self 40 hours a week, and [your employer] takes care of you."
Read more about the harm of delaying care, and how to improve your healthcare plans:
Supporting employeehealth could prevent more expensive interventions later on. For employees seeking to start a family, family benefits provider Maven is expanding their offerings to include pre-conception support through their Trying-to-Conceive program. The aim is to educate employees about fertility and potentially prevent the need for IVF, which can be prohibitively expensive.
"Our chief medical officer always likes to say, so many of us learn how not to have a baby and almost none of us learn how to conceive," says Kate Ryder, Maven's founder and CEO. "By the time we're ready, we don't really have a clear place to turn. If Maven can step up and fill a lot of those gaps, it's a really critical part of healthcare that is often overlooked."
Read more about the program and how it can empower employees to make the best decisions around their fertility care:
Often, an unexpected event later in life can potentially get in the way of previously-attained financial stability. For older people experiencing divorce, the financial implications can take a serious toll on their retirement. After a late-in-life divorce, seniors experience roughly a 50% drop in their wealth, according to researchers at the
"It's almost like you're starting over, but with less time," said Travis Anderson, a managing member at
Read more about the impact of divorce and how to help employees bounce back:
