Check out these four tricks used to get you to spend more (without you knowing it).
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Two workers—we’ll call them Larry and Harry—carpool together to the plant where they are both line workers. They have the same job on parallel lines. They started their careers the same year, and both have earned several identical raises.
Harry and Larry—Which One’s the Problem?
Harry and his wife are upside-down on their home. They covered the shortfall—and the payments on two new vehicles, a 3D flat-screen TV and a vacation—by spending their 401(k) and maxing out their credit cards. Now, collectors have started calling. Larry is worried. The last thing he needs is for a credit card company to garnish his wages. Yet he worries even more about disappointing his wife and children. He sees his life as a runaway train.
Larry and his wife took a well-known financial literacy course a few years ago. They moved out of their McMansion and scaled down. They sold two cars to cut out payments, saved an emergency fund, and are committed to getting out of debt in three years.
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Which of the two is more likely to be focused on work all day long? Which is the least likely to be distracted and make a mistake—one that could cause a shutdown, or even worse, an injury to himself or others?
These examples are mild compared to the real-life stress American workers are experiencing in this post-recession world.
Employers And Employees Agree
A “virtual epidemic” of financial illness is how MetLife’s 9th Annual Study of Employee Benefit Trends described the beleaguered state of American workers.
78% of employers agree that financial problems render employees distracted and less productive. 69% acknowledged that financial stress contributes to health costs; 58% admitted that financial “illness” contributes to employee absence.
81% of employees who admit that they are financially stressed want help and would definitely be interested in financial advice and guidance.
It has been reliably calculated that lost productivity due to stress-induced absence, tardiness or inattention can cost companies as much as $7,000 per worker per year.
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So what if your business is the exception rather than the rule? What if your loss is half of that, or one third, or one fourth? Can you really afford to ignore a problem that’s costing you even that much per worker, per year?
Financial Literacy Month—A Great Time To Start!
Personal finance is 80% behavior and 20% knowledge. It’s not enough to tell your team what they need to know. A quality program must help them change their behavior so they don’t fall right back into the pit they’re climbing out of.
Enter Dave Ramsey with Financial Wellness.
Dave himself will do the teaching on video in your place of business. Engaging workshop activities and thought-provoking group discussions will entertain your team and inspire them, too, leaving them with a step-by-step process for overcoming debt and a long-term plan for making it last.
Dave doesn’t just stop the bleeding; he helps heal the wound. He’s proven that for decades all over the world, and he’ll prove it to you too.
Discover how Financial Wellness can help your team and your bottom line starting today!