The uptick in interest for client financial wellbeing programs has grown exponentially over the last couple of years. We’re so fortunate to work with forward-thinking client groups looking for help bringing this important pillar of the wellbeing spectrum to the foreground.
Similarly, many of our long-tenured benefit providers have started offering online financial wellness services alongside their core services to our clients – specifically to be able to bring more value and resources to employers and stability and protection to employees.
Debt programs. Identity theft protection. Financial counseling. Savings education. Investment coaching. (I could keep going here.)
Employers know that stress over money is affecting their employees. 78% of their employees, in fact. Research shows that employees who are bringing financial worries to work lose about a month of productivity every year. Worrying causes stress. Stress causes absenteeism. It’s a vicious cycle where nobody wins.
And in the industry of wellness, where technology reigns supreme, it always seems super disruptive to me when people can just get back to the basics. When I came across this article on money mindfulness from Healthline (coincidentally researching information for another article on mental wellbeing) it made me realize that practical and emotional tools can be just as effective as expensive digital ones. Maybe more so. “Money-healing” tactics like this create a space for employees to make decisions that are more in line the lives they live.
Nerd alert: I love it when wellbeing worlds collide.
Enjoy the read.
Originally posted on Healthline
Mindfulness — the art of paying attention to what shows up for you without judging it or trying to change it — can be useful for everything from reducing anxiety to improving your eating habits.
Although a lot of the claims being made about mindfulness these days can sound like hype, it works for a reason. When we become aware of what’s really going on in our minds and bodies and step back from the need to immediately change it, we create an opportunity to respond intentionally and effectively.
That applies to managing your money, too.
In her book, “The Art of Money,” financial therapist Bari Tessler explains how to heal the painful relationship with money that many of us have and learn new practical and emotional tools for handling it.
One of those tools is something Tessler calls a body “check-in”. A check-in involves six steps:
A body check-in can take 30 seconds or 30 minutes, depending on what you need and how comfortable you are with meditation. It’s okay if yours is more toward the 30-second end of that spectrum.
It may seem like a lot to do this every time you interact with money, but as you practice it, it’ll become second nature. And being aware of how you feel, physically and mentally, can help you make better financial decisions.
Here are a few ways:
Of course, ‘money mindfulness’ won’t magically solve debt, poverty, or a society with rising income inequality. The point of tools like the body check-in isn’t necessarily to “fix” any particular financial problem. It’s to learn more about yourself and to get better at coping with difficult thoughts and feelings. That way, when there is something you could be doing better with money, you’re more likely to figure it out. And when there isn’t, you can practice self-compassion and let go of shame for things that are out of your control.
We ask that all employees at Grooms Benefit Solutions contribute ideas to our Insights blog. Everyone here has a voice, and we love that.