Financial wellness (or financial well-being) refers to a person’s overall financial health and the absence of money-related stress. It’s the result of successful expense management.
Financial wellness is an important part of overall employee wellbeing which consists of physical, mental and financial wellness. According to the Society for Human Resource Management, financial stress results in a 34% increase in absenteeism and tardiness. Employees who worry about money also miss almost twice as many days per year compared to their unstressed colleagues.
Money-related stress can also lead to an increase in presenteeism; employees coming to work despite being physically or mentally unwell.