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Managing finances isn’t just stressful, it’s time-consuming. Without control of their financial health, employees bring their worries into the workplace. In fact, 37 percent of those surveyed said they spend three or more hours at work each week thinking about their personal finances.
Stress, loss of focus, low morale, and sickness are all issues that can arise from employees having low financial wellness, causing Indian businesses an estimated Rs.33 Crores per annum. In fact, 53% of workers admit to feeling stressed about their finances. Despite this, only 15.2% of Indian employers have a Financial Wellness Program in place.
In very simple terms, financial wellness means the art of efficiently and successfully managing one’s economic life. Financial wellness is a combination of knowledge about your finances, making good financial decisions, and consolidating financial decisions into other important aspects of your life. Moreover, financial wellness means the capability of managing efficiently the short term finances and making preparations for achieving long-term goals simultaneously. Money plays a very important role in our lives and it has to be managed in a very wise manner.
The very simple concept of financial
wellness encloses some of the below-mentioned major factors.
1. Making a proper budget and spending according to the budget.
2. Keeping a concrete track of expenses.
3. Being prepared financially for any kind of emergency.
4. Having a perfect plan for the future.
5. Being well-informed about the information which can be used in making correct financial decisions.
To begin with, employers need to understand just how critical financial planning is for overall workplace wellness and happiness. Unfortunately, money is not something we discuss at home openly or learn about in school or colleges and even in B-schools. Thus, when we have enough money (or the lack of it), we don’t know what to do in that situation (apart from spending it, obviously). Just the way physical and mental wellness initiatives are playing critical roles in ensuring employees are happy not only at work but outside of work too, financial wellness programs can also be made an indispensable part of employee wellness. Here’s how:
Some of the major signs of financial wellness can be listed below such as
1. Having sufficient money to meet the necessities.
2. Being able to afford medical and health care facilities.
3. Sufficient savings for post-retirement life.
4. Being able to afford a good living standard.
5. Complete control over one’s own financial situation.
6. The level of financial stress is low.
1. Owner KYC (Pan Card, Address Proof)
2. Business Registration Proofs
3. Bank Statements for latest 9 Months
4. ITR, Financials for last 2 years
5. GST Returns for last 1 year
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