Financial Wellness is a state of well-being where an individual has achieved minimal financial stress, established a strong financial foundation, and created an ongoing plan to help reach future financial goals.
Seven out of 10 American workers say finances are their most common cause of stress. Financial pressures can impact productivity, engagement, absence rates, retention and even employee health. Financial wellness often falls under a typical fear/avoidance/stress cycle. People generally avoid managing financial wellness because it is fraught with personal taboos, takes time and effort, and people often lack confidence in their financial literacy.
- Emergency savings for unexpected expenses
- Retirement confidence
- Meeting household expenses (cash flow, budgeting and debt management)
Financial stress impacts work:
- Twenty percent of employees report that issues with personal finances have been a distraction at work.
- Thirty-seven percent say that at work each week, they spend three hours or more thinking about or dealing with issues related to their personal finances.
- Seventy percent of HR professionals indicated that personal financial challenges have a large or some impact on their employees’ performance, mostly citing stress and distractibility as the main factors
UC Davis Financial Resources:
Schedule a free financial education workshop or series for your staff:
UC provides free financial and retirement education to all employees. Fidelity Retirement Planner, Rand Erickson, is dedicated to UC Davis and is responsible for the financial and retirement education of staff and faculty. Rand provides classes that can help you get the most from your UC Retirement System including the 403(b), 457(b) and DCP Plans. He also provides classes on creating a budget and eliminating debt, investing basics, college savings, estate planning, and social security. View a list of available classes here. To schedule a class or series of classes for your group, contact Rand at firstname.lastname@example.org.
- SAFE Credit Union: offers free financial workshops for staff meetings | contact: email@example.com
- Retirement Planning Classes: provided by UC Davis Staff Development and Professional Services.
- myucretirement.com: information on your benefits, news, education and access to your account.
- Retirement Savings Program
- Staff Assembly Staff Pin and UC Davis Employee Discounts
- Dependent Care Flexible Spending Accounts: student academic employees and graduate student researchers are eligible.
- VITA: free tax preparation and assistance for lower income UC Davis affiliates.
- ARAG Legal plan (UC Access code: 11700uc): sign-up during open enrollment for online legal resources, telephone advice, and in-office services.
- UC Emergency Loan Program
- Fee Assistance: all career staff employees, with a minimum of one year of service, who wish to take courses supporting their individual UC career plans may apply to the Career Staff Development Fee Assistance Program.
- Public Service Loan Forgiveness Program: borrowers may qualify for forgiveness of the remaining balance of their Direct Loans after they have made 120 qualifying payments on those loans while employed full time by certain public service employers such as the University of California. Please refer to the UC Riverside page as it applies to UC Davis as well (just substitute your payroll) and is very comprehensive.
Financial Literacy Resources:
- Our financial partner, SAFE Credit Union, has offered UC Davis affiliates a remote access Financial Fitness Academy so we can be financially well, no matter our availability or schedule.This quick and easy online tool with short topical modules is free and covers various financial topics at a basic level with intuitive learning processes.Topics include; savings, checking accounts, credit cards, scores and reports, retirement, investments, auto loans, mobile payments, estate planning, overdraft, taxes, insurance, home ownership, identity protection, mortgages, social security, financing higher education, 529 plans and a budgeting tool.Try it out!
- Mymoney.gov: a product of the Federal Financial Literacy and Education Commission with numerous tools, quizzes and step-by-step information on building financial security.
- National Foundation for Credit Counseling: the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.
- Consumer Financial Protection Bureau: offers clear, impartial answers to hundreds of financial questions. Find the information you need to make more informed choices about your money.
- Consumer Finance, Paying for College: whether attending college soon, a current student, or already have student loans, find tools and resources to help you make the best decisions for you.
- The Simple Dollar: a place where anyone can acquire financial information on finding the best products and services, saving money, making smart investments, and controlling personal finances.
- The Ultimate Guide to Paying off Student Loans
- How to Budget for More Happiness
- Mom and Dad Money.com
- Fidelity Webcast Hub Free live and recorded webcasts on financial wellness
Action for yourself:
- annualcreditreport.com: get your free annual credit report, authorized by federal law
- *NEW* Schedule a free financial consultation appointment for yourself
- The New Family Financial Road Map from Mom and Dad Money
- Family Budget Calculator: learn how much it costs to support a family in California
- Personal Savings Calculator
- Student Budgeting Calculator
- Investment Calculator
- Cost of Living
- Invite a financial educator to your next staff meeting. These services are provided free and as often as you like from Fidelity and SAFE Credit Union. Please contact firstname.lastname@example.org