The Hottest Perk of the Pandemic? Financial Wellness Tools

In the midst of the Great Resignation, with employers scrambling for ways to hang on to experienced staff, financial wellness programs might be an attractive addition to the benefits bag.

That was a key finding from PwC’s annual Employee Financial Wellness Survey, which was conducted in January 2021 and released in April. Among those polled, 72 percent of workers who reported facing increased financial setbacks during the pandemic said they would be more attracted to another company that cared more about financial well-being than their current employer. About 57 percent of workers who hadn’t yet faced increased financial stress said the same thing.

Financial stress doesn’t just affect worker retention; it also has an impact on productivity. PwC’s survey showed that 45 percent of workers experiencing financial setbacks have been distracted at work by their money problems. The menu of financial wellness tools employers might elect include educational tools for personal finances, one-on-one financial coaching, and even access to rainy day funds.

It’s a growing business sector, too. HoneyBee, a B2B financial wellness startup, recently closed a round of funding with $5.7 million in equity, TechCrunch reported. The financial technology company grew 225 percent during the pandemic and saw a 175 percent increase in usage for its on-demand financial therapy tools. Origin also recently announced that it raised $56 million in its Series B funding round, which it will use for customer expansion, as it saw increased demand for financial planning services during the pandemic, Business Wire notes.

Although one in five workers waits until they experience a financial setback to seek guidance, when they are offered continual support, employees are more likely to be proactive with their finances. According to the PwC survey, 88 percent of workers who are provided financial wellness services by their employers take advantage of them.

By Rebecca Deczynski, Staff reporter, Inc.@rebecca_decz

Source: The Hottest Perk of the Pandemic? Financial Wellness Tools | Inc.com

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Critics:

Making money is definitely the cornerstone of financial wellness and increasing your income can help you obtain your goals. You do not need to be a millionaire, but it’s important to obtain some level of income stability. Being financially well starts with having a reliable income and knowing at a consistent time, you will expect to be paid a certain amount. Steady and reliable income is one of the cornerstones of financial wellness.

Even if you don’t like budgeting or planning, it’s good to set goals for yourself. You are more likely to stick with it when you have goals to reach and can see progress. By creating a plan, you are visualizing the what, why, and how you will get there. If you don’t already have a household budget, grab your most recent bank statement and look at the total amount of money you have coming into your household each month. Then, factor in fixed, required expenses – things like rent or mortgage payments, utilities, insurance, and more.

f you do not have an emergency fund, now is the time to start building it. The goal of an emergency fund is to have available funds for when you are dealing with unemployment or you have an unforeseen cost. You won’t stress about the money because you have a nice cash reserve that you can access quickly. Finance experts often say that you should have at least three to six months’ worth of expenses in your emergency fund. If you have nothing in savings, putting away just $25, $50, or $100 a month is an amazing start. Ultimately, it’s what you feel comfortable with. You can also consider putting it in a high savings investment such as CIT Bank’s Savings Builder, which helps put your savings to work with very little risk.

Once you get a handle on your finances, you can start to map out life events and large purchases, so you can begin saving! Planning ahead is always helpful, and once you get a handle on your current financial plan, set some goals for what comes next. By building a plan, you have a road map to help guide you through the rest of your story. Putting even a small amount into savings on a consistent basis is one of the best ways to get your savings to grow so you can meet your goals, small or large. Set your own personal savings rule to live by and make a plan on how to achieve it. Prepare for life events and large purchases by planning ahead.

Your credit score is another critical part of your financial health. Things like late payments, too much debt or high balances negatively affect your credit score. Keep watch over your credit report and credit score with a free credit report from places like Credit Karma. A higher credit score tells banks and lenders that you’re a reliable and less risky borrower. 

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7 Ways Drugs & Alcohol Destroy Relationships

Maintaining a good relationship, whether it’s romantic or between family and friends, requires time and attention in addition to compassion and love. 

An unexamined relationship could have underlying problems that won’t become apparent until stress occurs, such as from financial difficulties or the emergence of drug or alcohol abuse. 

To help you avoid problems in your own life, or to recognize the signs of a fracturing bond, here are seven ways substance abuse can ruin relationships.

1. Secrets & Lies

When it comes to illegal drugs or using prescription drugs without authorization, your loved one may keep their use secret. Otherwise, they risk being shunned or stigmatized. 

In some cases, a person abusing alcohol or drugs will keep usage secret out of feelings of guilt and shame as well as not wanting to be judged. There is motivation to keep things under wraps, allowing secrets in the relationship to fester. 

This problem may unfortunately increase over time. Someone with addiction winds up doing things like hiding illicit substances in the house, periodically leaving for inexplicable trips, and lying to the people they love most.

2. Mental & Emotional Abuse

Under the influence of drugs and alcohol, your loved one may insult the people around them and increase verbal attacks to the point where it becomes mental abuse. 

Such ongoing abuse leads to mental health problems and feelings of low self esteem, whether directed at a parent, child, sibling, or close friend. Healthy relationships are not sustainable under conditions of ongoing emotional abuse.

3. Physical & Domestic Abuse

Injuring another person physically while abusing alcohol or drugs is an unfortunate reality. 

Someone who is out of control and not entirely aware of their physical capabilities can do some real damage. This is especially the case in parent-child relationships. 

Aside from the physical harm from fighting, the relationship will be effectively ended if someone is arrested or put in jail for domestic abuse. 

4. Loss Of Income & Stability

Losing your job is a distinct possibility when drug or alcohol abuse interferes with your ability to meet work obligations. If a pattern of absenteeism or tardiness emerges, the employer may have to take steps to put a stop to the pattern. 

But when your judgment is clouded because of alcohol or drugs, you may not be able easily comply with your boss’ instructions to fall in line. 

In a perfect world, you manage to take a leave of absence from work and enroll in a drug rehab facility. In reality, a chronically absent individual winds up being fired. 

The resulting loss of income, as well as feelings of shame and embarrassment, puts additional strain on relationships and threatens stability within the household. 

5. Loss Of Trust

Without a basic level of underlying trust, a relationship can quickly go sour, whether between friends, romance partners, or family. A person caught in the grips of drug abuse may continuously lie about their whereabouts, activities, or the people they’re spending time with. 

Sometimes trust dissolves in the presence of alcohol or drug addiction because of a pattern of broken promises, letdowns, and disappointments. 

For example, a father is coping with severe addiction and proclaims he will attend his child’s next music performance or little league baseball game, only to not show up once again. This causes a rift of mistrust to grow between parent and child.

6. Emotional Distance

When one half of a romantic couple loses control over alcohol or drug use, fights may happen more frequently. The strain of fighting can itself motivate the person to use even more drugs or alcohol, further complicating the dilemma.

At a certain point, this increased fighting can turn into a vicious circle. Without some intervention, including acknowledging that addiction is the disease, the relationship is more likely going to deteriorate further. 

Although it can be difficult, loved ones have the power to speak openly about their feelings and help motivate the person to seek therapy and treatment.

7. Codependency

In a codependent relationship, there is a power imbalance and a lack of harmony. A codependent person will tend to focus on their partner’s needs, ignoring their own. 

The problem here is that the partner with a drug or alcohol problem is being enabled. This could look like bailing your loved one out of jail or making excuses for their absences at work or school that were caused by intoxication. 

It’s easy to see, for example, how a codependent person would lie to a boss about her husband being sick when it’s actually the case that he has passed out or has gone missing while out on a bender with friends.

Although we mention several extreme hypotheticals, being in a relationship with someone with addiction is difficult. The good news is that there is hope in recovery for the whole family.

If you have any questions about the drug and alcohol rehab programs available at Ark Behavioral Health, please connect with one of our treatment specialists today.

Written by Ark Behavioral Health Editorial Team
©2020 Ark National Holdings, LLC. | All Rights Reserved.

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Todd Creager

https://toddcreager.com/ Todd Creager, a renowned marriage and relationship expert in Orange County, talks about 5 ways the alcohol can ruin relationships. From destroying the relationship with yourself, to inhibiting communication, alcohol is the most commonly abused substance and can create major barriers in your relationship. Learn more about Todd’s therapy and counseling services at https://toddcreager.com/. Based out of Huntington Beach, he serves the Orange County area – including Newport Beach, Irvine and Corona del Mar – with expert marriage and sex counseling services. TAKE ACTION: ============ Todd Creager, LCSW, LMFT Todd is a sex expert and therapist in Huntington Beach. He provides relationship counseling to couples throughout Orange County including Irvine, Newport Beach, Corona del Mar, Laguna Beach, Seal Beach and Long Beach. (714) 848-2288. Join Todd on social: ============== Facebook – https://www.facebook.com/Relationship… Instagram – https://www.instagram.com/todd_creager/ Twitter – https://twitter.com/toddcreager

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