Effects of Financial Literacy on Health
Feature Points
Study-driven report on the effects of a financial wellness program on employee health.
A closer look at the effects of low financial well-being on employees health and the negative ramifications on employer expenses.
Description
Overall, America seems to be doing okay. We’ve roared back from the 2008 recession stronger than ever. We’ve built businesses; opened schools; created jobs; and each day is a testament to our unremitting will to be the best country in the world. But through all of our victories, there are issues that remain unresolved—costing people, young & old, of all races, colors, and creeds, serious setbacks in their health.
America has a money problem. According to the American Psychological Association, over 3/5 of Americans cited “money” as their biggest cause of stress—accounting for 70-95 percent of doctor visits. The most commonly reported symptoms of stress are anger, anxiety, low motivation, fatigue, depression, and exasperation—conditions that are exacerbated by the sedentary and unhealthy behaviors that employees engage in as a way of managing their stress.
The solution to this problem is to attack it at the root. We know that Americans have a money problem. Our lack of financial knowledge leads us to sign up for credit cards with astronomic interest rates or buy homes we can’t afford using loans that double in value after interest. Employers should take on the responsibility of helping their employees develop professionally both in and outside of the workplace— a common sense decision that can help save Billions.
