From our archive. This article was published on 8 August 2018. Rules and amounts may have changed since.
Het Financieel Huis, the Financial Well-Being Academy, is the Financial Well-Being partner par excellence of the conscious employer. After years in the field, we are witnessing many financial challenges among households. We see this problem, which is also a societal one, emerging in all layers of the population, and all too often among people with a good income too. They are often called the working poor. There is by now also enough scientific evidence to support our findings.
Financial problems and worries lead to financial stress, and that causes enormous harm to everyone who faces it. The people around them, but also the employer, are affected. The impact on the sense of well-being, on participation in society and on general happiness is dramatically high.
Through our close ties with the financial sector and the network of brokers and agents affiliated with Het Financieel Huis, we also obtain information that supports these findings. Financial advisers are often a sounding board for their clients, but by then it is usually too late to offer a solution. Our own Financial Well-Being & Budget Coaches confirm these findings.
The cause of poor financial decisions is something that needs to be worked on, but it is not part of the job description of a “financial adviser”; that is work for Financial Well-Being coaches, career guidance counsellors and (corporate) psychologists or budget counsellors. Unfortunately, awareness is still insufficient. The mental consequences manifest themselves in the form of physical conditions and complaints. People increasingly exclude themselves socially or are excluded. This often goes hand in hand with spending that exceeds income, resulting in debt, which in turn increases financial stress again.
That is why we believe that Financial Well-Being programmes, supplemented with an in-depth wealth programme, are one of the basic pillars of a Well-Being or wellness programme that embraces a total vision. Additional training, workshops, courses and guidance ensure faster acceptance and a higher return.
We use two different definitions of Financial Well-Being or Wellness. The difference lies in the standpoint from which the societal problem is viewed, as an employer or as an employee.
- For employers, financial wellness is a programme or a combination of modules, put together into a pathway, to improve the financial behaviour and actions of employees. The result is an increase in positive effects for the company.
- For employees, financial wellness is a holistic concept defined by health and not by riches or assets (wealth). It is important to point this out and to remember that the goal of financial wellness programmes is to improve the employee’s overall financial health.
On our website you will find a free test: Test your financial well-being and your peace of mind. This basic test immediately shows your level of Well-Being and will be the first step towards positive change.
Contact the head office of Het Financieel Huis to arrange an appointment with the (HR) manager within your company or organisation, or for more no-obligation information on how together we will make your employees even healthier.