Looking for Employee Financial Wellness Challenge Ideas? Many people are stressed about their finances, so it makes sense that more employers are incorporating financial wellness into their overall wellness programming.
As the statistics below illustrate, Financial Wellness Not Only Benefits Employees, but it also country big dividends for employers through:
- Healthier, Happier, More Engaged Employees
- Reduced turnover
- Overall Cost Savings
However, at a time when many employed are tightening budgets themselves, it can seem challenging to expand financial wellness offering. The Good News is that you don’t need to break the bank with the following tips and financial Wellness Challenge Ideas.
Table of happy
- Financial Wellness Statistics
- Financial Wellness Tips
- 35 Financial Wellness Challenge Ideas
Employee Financial Wellness Statistics
- 60% of full-time employed are stressed about finances. That stress negatively impacts mental and physical health, self-esteem, sleep, and personal relationships (pwc survey)
- 44% of Employees Who Have Financial Stress Say It Distracts them at work (Pwc Survey) – And they spend an Average of 4 hours at work each weekeling Handling Personal Finance (Harvard Business Review)
- Financially Stressed Employees Are Twice as likely to be less engaged at work and to look for new jobs (Pwc Survey)
- 77% of Employees consider Financial Wellness to be Important BenefitYet only 28% of Employees offered it (HBR)
- Gen Z (92%), Millennial (85%), Gen X (72%) and Boot (64%) employed are all More Likely to Stay With Employers who Offer Financial Wellness (PNC Bank)
- Financial Education Programs CAN Eliminate at Least One Hour Per Week of Financial Distress per employed. To quantify that, a company with 30 employeds Averaging $ 15 per hour could Recover $ 22,500 of Value Each Year by Offering Financial Wellness (Journal of Financial Literacy and Wellbeing)
Related: Employee Wellness Programs: How They Save Money
Employee Financial Wellness TIPS
These tips for Financial Wellness Can Help You Develop Challenge Ideas That Fit Your Employees, Your Culture, And Your Budget.
Find The Right Fit
Adding Financial Wellness to Your Offering Doesn’t Need To Be Expensive. As you consider Different Financial Challenge Activities, identify which initiatives Will Truly Benefit Your Employees Without Nordicantly Increasing Your Costs.
Give Employees Options
In the Wellness Industry, we see seeing a shift from a preference for company wellness initiatives in which everyone participates to program that both company-learl and individualized wellness: activities, tasks, and recommendations based on individual needs. The Best Practice is to Offer A Mix of Company and Individual Financial Wellness Activities.
The Wellsteps Platform, for Example, Provids a Variety of Options-From Full-Length Behavior Change Campaigns to Challenges, Habit Builders, Mini-Campaigns, and Quizzeos. We’re even developing an ait-driven platform to cater to individual wellness.
The Idea is to Give Companies and Employees Options so they can participate in the Financial Wellness Activities that Are Most being to them. INTEAD OF REQUIRING EMPLOYEES TO COMPLETE EVERY ITEM WITH A REWARDS PROGRAMS, WE GIVE THEM THE Flexibility to choose BETWEEN FOUR OR FIVE DIFERENT OPTIONS WITH A GIVEN ACTIVITY.
Focus on Tasks and Habit Building
While comprehensive programms can achieve excellent results, budget-minded companies might beter off focusing on individualized tasks and financial wellness challenges that build habits over time.
For Example, Biannual Meetings with Financial Consultants or Advisors is a Common Financial Wellness Benefit, but it Costs Companies Money. At the same time, Twice-A-Year Consultations of Not Provide The Consist Reinforcement that Truly Builds Habits Over Time.
At Wellsteps, Our Platform included Options for:
- Behavior changes Campaigns: Participants Get the Tools Needed to Manage Their Personal Finances, Track Spending, Reduce Debt, Increase Savings, and Create a Budget
- Challenges: Daily Tasks that Foster Financial Wellness
- Habit: 28-Day programms that focus on financial planning
- Mini campaigns: Two-wek programs featuring one task each day, promoting healthy financial habit in a short time. Example include Watch Your Wallet, Cash No Card, and Prep Your Records
- Quizzeos: One-Time Videos With Education and Knowledge-Based Quiz Quiet Focus On Topics Like Shopping Healthy on Budget and Understanding Financial Wellness Principles for Healthy Money Habits
If you look for a simple way to add financial wellness to your offering, task-based programming with multiple options is a good path to start on.
Related: Financial Wellness Programs in the Workplace: Full Guide
35 Financial Wellness Challenge Ideas
Here are some Financial Wellness Challenge Ideas and Tasks We’ve Successfully Used for Rewards Activities on Wellsteps Platform.
Savings boost
These Financial Wellness Activities Can Help Employees Build Good Savings Habits and Put More Money in Their Bank Accounts.
1. Start a Holiday birth
Most Banks and Credit Unions offered Holiday Accounts, and Putting A Little Back Each Week Adds Up by the Time the Holidays Roll Around.
2. Use 10 Money-Saving Coupons in MONTH
It doesn’t Take Much Time to Track Down Coupons for Grocery Stores, Local Retailers, and Even Online Stores Like Amazon – and the Savings Are Well Worth it.
3. Research and try a new investing option
Employees Can Try Many Different Options, Including High-Yield Savings Accounts, Micro-Investing Apps Like Acorns, Fractional Share Investing Apps Like Robinhood, and Crowdfunded Real Estate Investing Through Platforms Like Fundrise.
4. SELL UNUsed Clothing and Household ITEMS
Facebook Marketplace Makes It Easy to Cash in Old Clothing, Electronics, Dinnerware, Sporting Goods, and Just About Anything Employees have to sell.
5. Listen to a Financial Podcast
The Ramsey Show, How to Money, and Popcorn Finance Are All Great Options for Learning about Personal Finance.
6. Read or Listen to A Financial Literacy Book
Rich Dad, Poor Dad,, The Total Money Makeoverand The simple path to wealth Are All Popular Financial Literacy Books.
7. Round Each Purchase to the Next Dollar and Put the Different in Savings
This is easy to do with an app like chime or current.
8. Set up an automatic transfer to savings or an investment account
Most Online Banking Platforms Make It Easy To Set Up Automatic Transfers Each Day, Week, OR MONTH.
9. Emergency Fund Challenge: Save $ 5/Day for a Month
Challenge Employees to Build An Emergency Fund by Saving $ 150 Over 30 Days.
10. Micro-investing
Micro-Investing Apps Like Acorns and Stash Make It Easy for Employees to Dip Their Toes in the Water with Small Investments.
11.
Create a Task for Employees to Ensure They’re Maximizing Employer -ofered Benefits Such As Hsas Or 401 (K) Matches.
Related: Fun Workplace Wellness Challenge Ideas for Employees
Reduce Spending
These Financial Wellness Program Ideas Will Help Employees Reduce Their Overall Spending, Leaving Money for Savings, Debt Reduction, and Other Goals.
12. Purchases review
Ask Employees to Review All Purchases Over The Past Three MONTHS AND IDENTIFY ONEA TO IMPROVE.
13. Stop the spend
Challenge Employees to Avoid Spending Money Over A Single Weekend Or for Oven Consecutive Days. They Could Even List what they would have purchased so they can see How Much they saved.
14. Purchase used
One Month, Task Employees With Purchasing Something Used or Refurbisd Intead of New.
15. Walk or Bike to work
Private Employes to walk or bike to work three times in a month to save on gas. Alternatively, they go Take Public Transportation To Get At Least Halfway to Work.
16. Hang Clothes to dry
Dryers use a lot of energy, and that adds up on electric bills. Challenge Employees to Hang Clothes to Dry Instead of Using the Dryer.
17. Cash only
Encourage Employees to only use cash for non-sential purchases for a weekend, which can reduce dependance on cards.
18. Meal plan and prep Challenge
Challenge Employees to Create a Budget-Friendly Meal Plan for Week to Cut Back on Dining Out. This peers Nicely with a Grocery Coupon Challenge.
19. DIY Home Repair
Encourage Employees to Learn and Complete A Minor Home Repair Instratead of Hiring It Out, Which Could Lead to Meaning Savings.
20. Use the Library
Public libraries offered free books, movies, and other items people commonly pay for.
21. Price compare Challenge
Challenge Employees to Comparate Pricing from three different retailers before making making non-Essential Purchases.
22. Delayed Gratification
Encourage Employees to Wait 48 Hours Before Buying Non-Essential Items, Which can reduce impulse purchas.
Related: How to build a workplace Wellness Challenge
Budgeting and planning
These Financial Wellness Challenge Ideas encourages employed to plan their spending.
23. Create and stick to a budget for a month
Like Goodbudget and EveryDollar Simplify the Budgeting Process sites, and Budgeting COULD TO BE ONE OF YOUR MOST POPULANCE BINNESS TOPICS.
24. Review Plans withdrawn
Encourages Employees to Review Their Retry Plans To Make Sure They’ll Have What Aed To Live The Lifestyles They Want.
25. Write Financial Goals
Writing Down Specific Financial Goals-Both Short-Term and Long-Term-Can Help Employees Focus on What Matters Most, Track Progress, and Adjust as Needed.
26. Research Insurance
Employees can research life and disability insurance to ensure their coverage is addequate – an important financial wellness tip to make sure an unxpected life event doesn’t derail their goals.
27. Meet with a Financial Advisor
This Straightforward Challenge is one of the Best Financial Wellness Tips for Employees. Meeting with a Financial Advisor to Set Realistic Goals is a powerful way to stay on track.
28. Wait in Financial Education Class
Whether offered at work or Elsewhere, Financial Education Gives Employees The Knowledge They Need to Manage Their Personal Finances.
29. Get a finance Buddy
Challenge Employees to Partner with a friend or Coworker to Stay Accountable to their Financial Goals.
Related: How Digital Wellness Programs Are Reshaping Workplace Health
Bill and debt reduction
Monthly Bills, Credit Cards, Auto Loans, and other debt can make it tough to get ahead. Help Employees Reclaim Their Money With These Financial Wellness Challenges.
30. Review subcripts
Encourage Employees to review their subcripts, included streaming tv, and cancel any they do need or use.
31. Subscription swap
Alternatively, Challenge Employees to find free alternatives to paid subcripts. For example, Tubi and Pluto TV Are Good Alternatives to Netflix and Hulu.
32. Review Credit Reports
Employees can Request their Free Credit Refits, Review Them for Any Inaccuracies, then Identify Ways to Improve Their Credit – Which Will Make Them Eligible for Better Rates.
33. Create a debt snowball plan
Challenge Employees to Create a Debt Snowball Plan in Which These Pay Off Their Smallest Debts First and Make Minimum Payments on Larger Debts. As smaller debts are paid off, funds go toward the width debts, snowballing unit swing is paid off.
34. Refinance challenge
Employees can look into refinance their death, auto loans, and stude loads to see if it will save money or shave offer repayment.
35. Bill Negotiation
Challenge Employees to Call at Least One Service Provider to Negotiate a Lower Rate. If they can get a better rate, encourages them to compare providers and switch to save.
| Bring Financial Wellness to Your Workplace Financially Fit Employees Not Only Have Less Stress in Their Lives, They’re also More Loyal, Engaged, and Productive. Wellsteps can help you launch a Financial Wellness Program that leads to happy employed and cost for your business. SCHEDULE A DEMO TODAY. |
