Why Employers Need to Care About Their Employees’ Financial Health

We tackle the hidden cost of ignoring employees' financial health, from the shift away from pensions to the rising pressure on individuals to manage their 401(k)s. We break down the evolving employer-employee relationship, the role of financial literacy, and why employers should care about their team’s financial well-being. In this episode we look at employees' financial health, pensions, 401(k) plans, financial literacy, employee engagement, employer-employee relationship, and the rising costs of healthcare, education, and housing. Together, these insights illuminate the future of work and the need for data-driven financial decision-making. Key Takeaways: The shift from pensions to 401(k) plans has drastically reduced financial certainty for employees. Employers that care about employees' financial health boost engagement and retention. Financial literacy is essential for employees to manage rising costs in healthcare, education, and housing. Employee engagement strategies should include support for financial goal-setting and literacy. Upbringing and cultural influences shape how individuals approach financial habits and spending. The uncertain future of social security underscores the importance of personal financial planning. Chapters 00:00 Introduction and Technical Difficulties 01:35 Introducing the Guest and Topic 03:05 The Impact of the Shift from Pensions to 401(k) Plans 07:33 The Changing Relationship Between Employers and Employees 10:23 The Importance of Employee Engagement and Financial Goals 13:43 Addressing Employees' Financial Health 15:24 Case Study: Southwest Airlines' Approach 19:38 Living Within Means and Financial Literacy 21:21 The Influence of Upbringing and Popular Culture on Financial Habits 21:28 The Desire for Instant Gratification 22:11 The Impact of Rising Costs 23:30 Data-Driven Decision-Making 24:05 Setting Financial Goals 29:06 The Belief in Windfalls 30:49 The Uncertainty of Social Security 36:40 Finding Reward Differently 39:25 The Addiction to Saving 41:15 The Need for Informed Decisions Connect with Pete Dunn here: https://www.linkedin.com/in/petetheplanner Visit YourMoneyLine.com William Tincup LinkedIn: https://www.linkedin.com/in/tincup/ Ryan Leary LinkedIn: https://www.linkedin.com/in/ryanleary/ Connect with WRKdefined on your favorite social network The Site | Substack | LinkedIn | Instagram | X | Facebook | TikTok Share your brand across the WRKdefined Podcast Network Learn more about your ad choices. Visit megaphone.fm/adchoices