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With over 76 years of experience, The Jordan Insurance Group is an industry leader in Life Insurance strategies and Employee Benefits. We strive for excellence through our due diligence in selecting products to satisfy our clients’ needs with proven benefit designs and tax strategies. Our Team utilizes a diversified multi-level approach in preserving, protecting and growing wealth for our business and individual clients.
Three Ways To Boost Your Workers’ Financial Health
mp900411794-smallThe financial well-being of your employees affects their health, their productivity and your bottom line! A recent nationwide survey by Purchasing Power, Inc. found that:
  • A high percentage of employees suffer significant financial stress. More than one in four workers surveyed (28%) find it hard to meet monthly household expenses and nearly half (44%) have less than $2,000 in emergency savings.
  • They bring these concerns to the job. More than four in ten (44%) worry about personal finances during work hours.
  • This stress leaves them less engaged at work and reduces productivity. Nearly three in ten employees (29%) deal with personal finances during work hours and almost half of these (46%) average two to three hours a week on money issues.
Purchasing Power Chief Revenue Officer Elizabeth Halkos offers some recommendations to help your workers maintain their engagement and productivity at the office:
  1. Help them reduce debt by offering education, either in groups (through webinars or with a live speaker) or individually so that workers can learn about topics such as budgeting, intelligent use of credit and savings programs. A referral to a qualified credit counseling agency can provide a useful follow-up.
  2. Give them access to responsible budgeting tools. Offering non-traditional voluntary benefits, such as employee purchase programs ( which allow workers to acquire high-ticket items and educational services on a “forced saving” basis through payroll deduction) can help reduce their financial stress significantly.
  3. Encourage employees to participate in retirement programs such as a 401(k) plan. However, before workers do this, advise them to deal with debt and budgeting issues and tuck away a nest egg.
Our Benefits experts stand ready to help you ensure financial peace of mind for your workers. Just give us a call.
William Jordan
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Categories: Maryland, The Jordan Insurance Group, Financial Planning, Employment Resources, News, Tips
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