A new financial literacy program can help employers improve productivity while giving employees tools to manage stressful situations.
Overland Park-based Resource Investment Advisors Inc., a national co-op of independent financial advisers, has launched Financial Elements, a financial literacy and wellness program aimed at employees.
The program was developed to aid employers who experience the negative effects on business from employees who suffer financial hardships.
According to a 2017 employee financial wellness report by PwC:
- 52 percent of employees are stressed about their finances
- 28 percent of financially stressed employees are distracted at work
- 46 percent of distracted employees spend over three hours per week on personal finances at work.
These statistics and research led Resource Investment Advisors to develop Financial Elements as a preventive solution. The program, which launched May 1, simplifies financial concepts for employees to increase their financial literacy and reduce associated stress through education and behavior coaching.
Following a private online assessment of employees, the program identifies the financial health of all team members. Mentors are then deployed to assist employees in personal budgeting, retirement planning, debt and investment counseling. Active check-ins and evaluation of goals are reviewed with mentors, providing employees with accountability.
Financial Elements mentors are financial professionals who have experience in developing comfortable and innovative means for alleviating financial anxiety.
“We are in the retirement plan business but noticed a trend in the level of savings and engagement of the employees in the plans,” said Vince Morris, president and CEO of Resources Investment Advisors. “As a group, we decided that unless we were working to address the root causes of financial hardship impacting plan sponsors, we were not doing everything we could to help participants prepare for a secure retirement.”
Financial Elements is now available. Interested employers can learn more at www.financial-elements.com.