Lancaster Chamber Digital Article Series / Financial Wellness and Resilience
By James Gagliano, Founder/Chief Strategy Officer – CUDE, DEEU
Financial Resiliency and Housing Insecurity is headed in the wrong direction for families, children, and the elderly in Pennsylvania. Young adults are feeling this pressure exponentially. They are often the invisible “uncounted” population who live in their cars or on friend’s couches. These are people we all know (whether we are aware of it or not.) The good news is that we are capable of making a positive impact.
For many of us, we are blind to the struggles that our colleagues we work alongside every day may be dealing with outside the workplace. Unfortunately, the adage “leave your baggage at the door when you come to work” is easier said than done. Many employees may not know what financial pitfall awaits them when they leave for the day. These employees hold their breath for eight hours, waiting for the other “financial foot to fall”. This could be in a form of a call or text from their parent or child with a financial emergency. Like it or not, this will disrupt their workday.
Financial literacy coupled with actionable steps and knowing one’s resources, is not a nice-to-have, but a must-have. Approximately 60% of employees report financial stress, which reduces productivity, increases absenteeism and leads to high employee turnover. This costs businesses annually up to $500 billion (about $1,500 per person in the US).
Life does not promise anyone an easy path. However, as employers and individuals blessed to be in a position of influence, we can do a better job at providing resources and tools to support our employees while impacting our bottom line. Employee financial resiliency through financial literacy is something that business owners must address for the sake of their business growth, decreasing operational costs, and increasing employee retention.
Let’s get ahead of the curve and champion our employees, clients, members, and students ~ Shark-Wise stands ready to help ~
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