Financial Wellness Workshop_Trainees/I&AWD

Financial Wellness

3

INTRODUCTION TO COMPREHENSIVE EMPLOYEE FINANCIAL WELLNESS PROGRAMS
FINANCIAL WELLNESS OVERVIEW

How will a Financial
Wellness Program Help
You?
Relieving the stress of
financial burdens will
help everyone!

What Does
Financial Wellness
Mean?
Contributing factors
to achieve financial
wellness.

The Financial
Planning Process

How to start and
reach your goals.

4

HOW WILL A
FINANCIAL
WELLNESS
PROGRAM HELP YOU?

5

BENEFITS OF A
COMPREHENSIVE
EMPLOYEE
FINANCIAL
WELLNESS
PROGRAM
INCLUDE:
HELP MANAGE

PERSONAL:

Assets

Liabilities

Income and

expenses

Insurances and

protections

Nouf is shopping for a bank. She does not write checks or use the ATM. She pays for lunch with her debit card 25 times each month. Which bank is a better deal for Nouf?

​Activity...

Multiple Choice

Nouf is shopping for a bank. She does not write checks or use the ATM. She pays for lunch with her debit card 25 times each month. Which bank is a better deal for Nouf?

• Nation-Bank is the better deal for Nouf because the fees for this bank are $2.75.

• Nation-Bank is the better deal for Nouf because the fees for this bank are $20.754.

• Tex-Bank is the better deal for Nouf because the fees for this bank is $12.25 per month

• Tex-Bank is the better deal for Nouf because the fees for this bank is $3.50 per month.

Which of the following is true about credit cards & debit cards?

​

​Debit or Credit?

Multiple Choice

Credit cards are useful when you don't have enough money to buy something.

• True

• False

Multiple Choice

Debit cards is money you have available in your account.

• True

• False

Multiple Choice

Purchases made on credit cards do not incur any interest if you do not pay by the payment deadline.

• True

• False

Multiple Choice

Purchases made on debit cards incur a 5% interest on every purchase.

• True

• False

Multiple Choice

Purchases made on debit cards are immediately withdrawn from your bank account. Purchases made on a credit card are to be paid at the end of each month (or period) when you receive a credit card statement.

• True

• False

Multiple Choice

Ahmed wants to buy a new stove and refrigerator, but he does not have enough money in her bank account to pay for one. Which of these is an option for Ahmed?

• He can use his debit card to buy her stove and refrigerator now.

• He can use his debit card at the ATM and withdraw money from her bank account.

• He can pay with a credit card and make monthly instalments later.

• He can pay with a credit card and the money will be withdrawn from his bank account immediately.

6

Other Benefits from a Comprehensive
Employee Financial Wellness Program

Include:

Positive impact

on wellness

Reduces stress and
health-care costs

Improves
employee

productivity

Reduces

absenteeism

Improves
retirement
outcomes

7

WHAT DOES FINANCIAL WELLNESS MEAN?

Four Elements of Individual Financial Wellness

All Elements Are of Equal Importance.

8

Four Elements of Individual Financial Wellness

All Elements Are of Equal Importance.

Having control over

day-to-day,

month-to-month

finances

WHAT DOES FINANCIAL WELLNESS MEAN?

9

Four Elements of Individual Financial Wellness

All Elements Are of Equal Importance.

Having control over

day-to-day,

month-to-month

finances

Having the capacity to

absorb a financial

shock

WHAT DOES FINANCIAL WELLNESS MEAN?

10

Four Elements of Individual Financial Wellness

All Elements Are of Equal Importance.

Having control over

day-to-day,

month-to-month

finances

Having the capacity to

absorb a financial

shock

Being on track to meet

financial goals

WHAT DOES FINANCIAL WELLNESS MEAN?

11

Four Elements of Individual Financial Wellness

All Elements Are of Equal Importance.

Having control over

day-to-day,

month-to-month

finances

Having the capacity to

absorb a financial

shock

Being on track to meet

financial goals

Having the financial

freedom to make

choices that allow one

to enjoy life

WHAT DOES FINANCIAL WELLNESS MEAN?

12

PERSONAL FINANCIAL WELLNESS
NEEDS DIFFER, BUT FOLLOW SAME

MODEL:

First Job

Life Happens

Life Changes

Retirement!

13

The Financial
Planning
Process

Why Is Financial Planning Important? It Helps to:

Identify and work
toward achievable

financial goals

Organize the pieces of
your whole financial

picture

Balance competing
financial priorities

Fill in the Blanks

16

QUESTIONS?

17

THANK YOU

18

CITATION SLIDE

https://www.mercer.com/content/dam/mercer/attachments/global/webcasts/gl-2016-next-frontier-in-
financial-wellness-mercer.pdf
https://www.linkedin.com/pulse/four-elements-financial-wellbeing-all-good-plans-must-ryan-watson/
https://www.sfmic.com/financial-wellness-program-resources/
https://www.pwc.com/us/en/industries/private-company-services/images/pwc-9th-annual-employee-
financial-wellness-survey-2020.pdf
PwC’s 9th annual Employee Financial Wellness Survey COVID-19 Update, PwC US, 2020
https://www.slge.org/assets/uploads/2020/05/financial-literacy.pdf