Motivated By Your Tax Return to Examine Your Finances?
Consider using your tax return as an opportunity to assess your financial situation and make positive changes. Find out if your Employee Assistance Program (EAP) benefit offers resources and support to help you achieve your financial goals.
Employees enter the workforce with varying degrees of financial literacy. In the United States, most of us did not learn money basics through public schools. Households on both ends of the socioeconomic spectrum have varying degrees of knowledge on basics such as budgeting, saving, investing, and debt management.
Financial literacy can differ across cultures, generations, and genders too. In some families, it can even be a forbidden topic, or one reserved for the men of the house.
Whether like nearly two-thirds of Americans you are living paycheck to paycheck worried about an unexpected expense, or you are financially secure but seek tips on growing your retirement portfolio—now is an excellent time to leverage your EAP benefit for better financial health.
Financial education resources offered through EAPs are available in a variety of formats. For example, through Wellspring EAP we offer online tools such as financial calculators, videos and articles, and access to a set amount of time, or sessions, with a financial coach to provide personal guidance and support.
Together these resources can help you better understand and address:
- Credit and debt concerns
- Budgeting and emergency funds
- College planning questions
- Retirement planning and cash flow management
- Savings and investment portfolios
- Tax planning
If your workplace doesn’t have an EAP now with a financial services benefit, it may be adding one soon. On the heels of the pandemic and high inflation, more employers are recognizing the significant impact financial stress can have on employee productivity, engagement, and overall well-being.
Employers who fail to address this issue risk higher rates of absenteeism, reduced productivity, and increased healthcare costs. By providing access to education, counseling, and other resources, employers can help their employees build stronger financial skills to achieve their goals and reduce financial stress.
Employers—considering adding an employee assistance program to your benefits plan? Learn how you can invest in the well-being of your team and your bottom line with Wellspring EAP.
