February 26 2024 | Team nudge
Reward Leaders' top 4 financial wellbeing benefits questions
Want to know the top four questions Total Reward Leaders are asking about financial wellbeing benefits today?
5 min read
Being a carer has a large impact on your life, personally and financially. Employees with care responsibilities could include parents, or people caring for elderly relatives, or relatives and dependants with additional caring needs. A recent report revealed that 73% of employees in the US are caregivers. Juggling work responsibilities with caregiving duties can be overwhelming, and employers have a unique opportunity to provide valuable support. One effective way to assist employees with carer responsibilities, to make the most of their salary, and support the overall financial health of the household is with financial education. By helping caregivers manage their finances more effectively, employers can contribute to reducing stress and improving overall wellbeing.
So, here are our three top tips on how you can support carer employees with financial education:
1.Talking can lighten the load
Consider hosting a Talk Money Week at your organization. Getting employees to talk about money – particularly employees’ money stories relating to the challenges they face, things like the ‘mommy penalty’. Destigmatizing talking about money is proven to help people be more open, and encourages people to ask for help when they need it. Talk Money Week gives businesses the opportunity to engage different employee communities – like the carer community – with personalized financial education and training.
2.Educate through workshops and seminars
Arrange workshops or seminars that focus on topics most relevant to the carer community, like planning, budgeting, and saving. Tailor the session to address the specific challenges faced by caregivers.
We regularly run masterclasses alongside our clients on topics such as creating a budget, managing debt, and building an emergency fund. The team highlights hyper-relevant information like government assistance programs and tax benefits that are available to caregivers. A workshop environment also creates a safe space to ask questions.
3.Benefits and insurance education goes a long way
Ensure that employees with caring responsibilities are aware of all the benefits and insurance options available to them. Provide clear explanations of health insurance coverage, life insurance policies, and any other relevant benefits that may ease the financial burden associated with caregiving.
By recognizing the unique challenges faced by employees who are also caregivers, employers can take proactive steps to support them. Financial education programs, tailored to the specific needs of caregiving employees, can empower individuals to make informed decisions about their finances. By combining financial education with flexible work arrangements and a supportive workplace culture, employers can create a holistic support system that enhances the overall wellbeing of caregiving employees. Ultimately, investing in the financial education of caregivers is an investment in the health, productivity, and satisfaction of the workforce as a whole.
Interested in learning more about how nudge can help your carer employee community? Get in touch!
February 12 2024 | Team nudge
A recent report revealed that 73% of employees in the US are caregivers. Juggling work responsibilities with caregiving duties can be overwhelming, and employers have a unique opportunity to provide valuable support.