Introduction

The way we use and spend money is changing at an ever-increasing rate as a result of all the rapid cultural and technological advancements. The majority of the current monetary systems have only recently formed, and the economic environment is still changing. 

It is considerably simpler to stay current with these quickly evolving trends if economic systems awareness is developed as early as possible. You won't run the risk of being overtaken by cutting-edge options like internet banking and cryptocurrency if you comprehend concepts like money management and investing. Herein lies the significance of financial education for employees for fostering lifelong financial literacy.

Inadequate financial wellness increases stress levels, causing health problems leading to absenteeism at the workplace

In India, only about 40% have some financial literacy. Financial education for employees is an important benefit program that can not only satisfy existing employees but also attract high-performing candidates to a company. 90% of the employees prefer to continue working with a company that meets their wellness engagement needs.

Tackle Emergency Needs And Secure Future

According to an S&P survey, more than 75% of Indians don't understand basic financial concepts such as budgeting, saving, and investing. Most people try to gather knowledge from their friends and family, which are not reliable and educated sources of reference.

Employers must try to educate their employees on the various facets of financial well-being through dependable financial tools like financial coaching, webinars, workshops, etc. A solid financial education not only helps employees deal with short-term crises, but also effectively plan for the long-term by enabling them to make smarter investments and save money. If your employees feel that their financial well-being is taken care of, they will be more motivated to stay with your business.

Make Employees Feel Valued

In the PWC survey, 41% of the employees felt that money troubles make them less productive at work. With a strong financial support system from the company, employees will not be stressed as they will handle money better and plan for retirement.

When everyone working is content knowing they have a good retirement plan and emergency funds, it improves their mood. As a result, the team morale increases, and they can generate new ideas. More than 64% of companies have implemented a holistic employee wellness program. It has proven to be successful in increasing productivity.

Reduce Finance Stress For Employees

70% of Indians have to spend huge chunks of their salary on healthcare, while 3.2% have insufficient resources to pay off their medical bills. Employees prefer working for a company that cares for overall wellbeing.  About 42% of employees look for a new job in another company if they feel stressed.

Financial education will help employees reduce their debt and improve their family's financial health. Not worrying about finances will in turn, help them stay focused on their job.

Choose The Best Financial Education Program

To provide financial education for your employees, you don't need to work on creating a program from square one. The employee perks and benefits platform, such as Batik, provides you with a comprehensive financial education plan that fits your employees' needs. You can customize the employee benefits offerings of your company by choosing online, in-person, or a combination of programs.

Financial education gives employees the tools to handle personal finances and reduce money-related stress. Batik takes one step forward by providing direct access to the financial benefits program. Besides gaining financial literacy, your employees will also have easy access to cash loans, digital investment options, down payment assistance, and more. Promoting employees' financial health should not stop at literacy. Employers should also provide tools and resources to seek financial help immediately.

Ensure A Secure Future WIth Financial Education

Financial education uplifts not just the employees but their entire families. 69% of Indian households are vulnerable due to the lack of financial security. On the other hand, 60% of companies with an all-inclusive financial and health benefits program have seen higher employee engagement. Such a program boosts employee morale and productivity while lowering health costs for the company.

Parting Thoughts

Financial education programs will help employees to be mindful of their spending and help them focus on saving for the future. According to the SHRM human resources survey, employees prefer to work in companies that provide financial wellness. With intelligent tools and services to deal with financial stress, your employees will gain more control over their finances. Less stress improves their mood, productivity, and engagement within the organisation.

About Batik

Batik provides a one-click support platform for the financial education and well-being of your employees. Your organisation can provide financial literacy and tools at a exclusive prices for your employees with no administrative burden.

Let Batik do all the heavy-lifting while your company and your employees can enjoy the benefits of introducing a comprehensive employee benefits and perks platform.