3 Key Takeaways from Our Health and Wealth Webinar
By Welltok Marketing
As we continue to navigate through the pandemic, supporting all aspects of wellbeing - mental, physical, financial and social - are more apparent than ever before. To dive deeper into the role of financial wellbeing, Welltok’s Chief Communications Officer, Erica Morgenstern, hosted a live Q&A with Prudential’s Head of Financial Wellness, Vishal Jain. One thing became evident during the discussion: financial wellness support is an important piece of the puzzle, but a one-size-fits-all approach won’t cut it.
In case you missed it, here are the three main takeaways from this informative session:
Financial concerns and anxiety are prevalent among all income levels
Various life factors contribute to how people can manage the impact on their finances; however, COVID has impacted everyone in different ways, regardless of income level. A financial wellness census administered by Prudential to 3,000 consumers showed that women, people of color, and younger generations feel the most financial stress. But Vishal pointed out that, “Even for families that are doing ok, they’re nervous, ” and notes that generations relying on their 401K plan feel like they’re on a roller coaster ride with their savings. Prudential has developed timely programs designed to help people adopt the right financial behaviors and mindset.
Financial wellbeing impacts overall wellbeing
Erica shared some stats on how financial stress can affect other areas of our wellbeing; are you up late calculating budgets or worried about how you’ll pay rent or get healthy food on the table? She highlighted this stat: “those who experience debt-related stress have more ulcers, migraines, and heart attacks.” For essential workers, the inability to work from home has been devastating to their stability. In addition to worrying about keeping themselves and their loved ones safe from COVID, they have the added stress of providing basic needs on a budget.
Employees rely on their workplace for support
Before COVID, employers could see their employees regularly and have a general understanding of their wellbeing. Vishal pointed out that with many employees working now from home, employers need to provide more personalized support based on the vastly different situations their employees may now be in. Employer support remains vital, “employees can no longer leave work at the workplace, it’s all blurring together and employers need to keep people focused and productive by providing additional support in all aspect of their lives.” The proof is in the results – the financial education tool “how market volatility affects your retirement” by Prudential Financial has 71-75% completion rates by employees (meaning that 3 out of 4 people that started the programs, finished it).