Consumer Financial Protection Bureau Promotes Financial Wellness at Work

Consumer Financial Protection Bureau Promotes Financial Wellness at Work
August 27, 2014

The Consumer Financial Protection Bureau (CFPB) is encouraging employers to enhance their employees' financial wellness using case studies included in a report released this week.

"Financial wellness at work is increasingly important both to employers and to employees," CFPB Director Richard Cordray said in an official release. "A financially capable workforce is a more satisfied and engaged workforce that is also more productive. Today's report showcases some examples of how employers are helping consumers develop the skills they need to navigate a complicated financial marketplace."

This sort of distress, like any other, can have a significant negative impact on an employee's work by decreasing their productivity and increasing their absenteeism. It could also affect their health. Companies that have instituted financial wellness programs generated greater engagement, loyalty and productivity among their workforce.

The report offers suggestions such as beginning these programs at orientation. Employers could help these new employees make important choices about their tax withholdings, retirement savings and health insurance. The most successful programs start at the beginning and include financial education workshops and financial coaching.

Coworkers can also help each other form better financial habits and stick to their goals. Employees could form small teams that will encourage each other and hold each other accountable.

To read the entire report, visit consumerfinance.gov/reports/financial-wellness-at-work.