Improve Employee Financial Wellness with SECU’s Bank at Work Program

May 22, 2023

Key takeaways:

  • Financial stress negatively affects employee productivity
  • Workers are looking to their employers for financial resources
  • Partnering with credit unions through programs like SECU’s Bank at Work gives employees easy access to membership at a trustworthy financial institution
  • SECU’s Bank at Work gives employees access to member advisors, including one-on-one financial support

Financial stress – everyone is feeling it

57% say finance is their number one stressor. Plus, research shows that it’s more than just entry-level workers who are struggling. Nearly 50% of workers making more than $100,000 a year report struggling with financial stress as well.

Stress about debt or money management has a direct impact on well-being. People experiencing financial stress report negative impacts on their sleep, mental and physical health, self-esteem, and relationships.

Employees everywhere are stressed about money. inflation and student loan repayment are further exacerbating the stress. Meanwhile, businesses are dealing with a variety of mounting pressures. Simple financial wellness solutions like SECU’s Bank at Work program can drive positive impacts in employees’ day-to-day lives. Read on to see how this no-cost benefit can support employee success.

How financial wellness impacts the workplace

Financial stress has a ripple effect. It can negatively impact employee engagement, productivity, and morale. Studies have shown that financial stress is a major distraction for employees. Experts estimate that, over time, those distractions cost the average business $3,922 each year.

Financial stress can contribute to productivity loss and hinder recruitment and retention efforts. Money troubles at home can drive dissatisfaction at work, ultimately driving turnover and absenteeism.

Employers should offer benefits packages beyond the standard 401 k plan and insurance. Financial education programs like SECU’s Bank at Work program support their employees’ overall well-being. When people feel secure in their personal finances, they perform better, take greater pride in their work, and are more satisfied with their jobs.

Financial wellness benefits: low-cost, high-value

In the past, discussing money matters at work was taboo, and people often felt too ashamed to use financial resources. However, recent studies reveal that attitudes are changing. Employees today are more welcoming to resources, and they’re taking advantage of financial literacy programs more often.

As a result, it’s more important than ever for employers to provide access to trustworthy financial information and support. To make the biggest impact, resources should address employees’ immediate financial concerns, such as budgeting and debt repayment. SECU’s Bank at Work program offers a no-cost, highly-valued benefit.

The benefits of employee financial wellness programs

Financial resources empower people to feel more engaged with their jobs. Businesses can get a financial wellness program tailored to their employees’ needs through Bank at Work.

Through SECU’s Bank at Work program, your employees get access to:

Financial education for employees

Employees can get free financial education, such as online learning modules, seminars, and webinars. Members can also get one-on-one counseling.

During these sessions, a Member Advisor gets to know your financial situation. Together, you’ll craft a plan to achieve your financial goals. Additional sessions are built into your plan to provide support along your journey.

Competitive rates and a wide range of financial services

SECU members benefit from competitive loan rates on mortgages, credit cards, and more. Plus, money works harder at SECU thanks to competitive deposit rates and fewer/lower fees than most traditional banks. Members also get mobile and online banking and a full range of financial products.

A trusted financial partner

Employees are more likely to trust personalized financial advice when it comes from an objective source. As a not-for-profit credit union, we’re motivated by our members, not profits. Credit unions consistently receive better customer satisfaction ratings than traditional banks.

Companies in our Bank at Work program give employees easy access to financial wellness resources. Many employees don’t realize just how easy it is to join a credit union like SECU. Your employees get immediate access to competitive financial products and unique personalized service.

Employee benefits for a thriving business

Programs like SECU’s Bank at Work show you’re invested in the well-being of your employees. As your team members improve their financial stability, you can expect people to be more engaged and productive.

To get started, all you need to do is fill out a form. We’ll reach out to start building your Bank at Work program.

Already a partner? Connect with us about how we can help you better support your team.

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