It’s A New Priority Following The Pandemic
It has become clearer than ever, in the wake of COVID-19, that American workers are not prepared to handle a financial emergency.
As many millennials have only a couple months in emergency savings (if any), the pandemic has uncovered an issue that they’re realizing is serious - they don’t have a back-up plan when disaster strikes. Going forward, American workers will know the importance of budgeting and spending wisely (from experience!) and millennials are going to place an emphasis on core workplace benefits.
Financial wellness has been growing in awareness in recent years, but this pandemic is naturally bringing it to the forefront of many employees’ (and employers’) thoughts.
Google Trends illustrates this explosion of new queries like: ‘covid financial assistance,’ ‘coronavirus financial assistance,’ ‘covid 19 financial assistance,’ ‘financial assistance for coronavirus,’ ‘financial assistance for covid 19.’
Even the broad term ‘financial assistance’ hit a massive spike in March 2020 in the United States.
The influx of pandemic emergency loans and grants being offered is astronomical. It is hard to say exactly how the international pandemic will hurt education, business, and more, but one thing is sure. Many Americans are facing hardships they were not prepared for.
As this article, Financial Wellness Will Be the New Priority Following the Pandemic, outlines, “Retirement industry professionals might soon see a significant shift toward emergency savings accounts as millions of workers struggle to make ends meet after the financial hits brought on by the COVID-19 pandemic.”
Thus, financial wellness and benefits will become a competitive survival factor for many firms. Millenials will take this seriously, and will be comparing these financial wellness benefits when they decide whether or not to work at a company. Don’t wait to get an education on financial wellness. As an employer, you need to be prepared for this new priority, so that you can provide direction and prepare your employees for a life of financial wellness. Learn more about SPENDiD’s demographically-guided, simple-to-use approach. . And don’t waste valuable time and resources “reinventing the wheel,” but instead, start a conversation with us today! Let us show you how easy it can be to make a crucial, positive difference in the lives of your employees and their families.