NOTE: This post was originally published by CUES.
After more than 18 years as an executive in the retirement industry, our Senior Vice President of CUNA Mutual Retirement Solutions Paul Chong is convinced that credit union employees need more than basic retirement plan education—they need "financial wellness" training.
Workplace survey reports from PricewaterhouseCoopers and Aon Hewitt in 2017 back up Chong's assessment. More than half of the workers surveyed by PricewaterhouseCoopers in 2017 reported being under financial stress.
The financially stressed survey respondents were significantly more likely to become ill, miss work or be distracted at work because of personal financial matters, among other blows to productivity.
Some employers are clearly getting message.
Nearly six out of 10 employers surveyed by Aon Hewett in 2017 are very likely to focus on the financial well-being of workers—beyond merely helping them make retirement decisions—and another 33 percent are moderately likely to do so.
In working with credit unions and other types of employers over the years, Chong says a common misperception is that simply providing employees with basic financial literacy materials will change their behavior.
Financial well-being: the ability to fully meet current and ongoing financial obligations; to feel financially secure enough to enjoy life and prioritize personal fulfillment.
Individualized financial coaching programs were the "unambiguous choice for top effectiveness," according to the Filene report. Group seminars and workshops were rated the second-most effective programs overall.
Chong stresses that whichever outreach program your CU chooses, it's critical to measure the program's success.
"The more our industry uses a common method of measurement, the more we can help one another. There are several great candidates out there," Chong says, referring to financial well-being assessment tools available from the Consumer Financial Protection Bureau, UW-Madison and Filene.
In the webinar, "Financial Wellness for Your Employees and Credit Union," CU leaders will learn and discuss the increasing strategic importance of employee and member financial wellness. Chief Economist Steve Rick will focus on the trends driving employers to invest in improving employee financial wellness. SVP/Retirement Solutions Paul Chong will highlight best practices from successful credit union financial wellness programs. Sign up here.