ESI EAP is pleased to introduce a new benefit: Certified Financial Coaching. Here’s why it’s important and what it includes.
The Problem: Financial stress, debt, worry
Most Americans worry about their personal finances, with 65% saying they worry enough about money that it causes them to lose sleep. In addition, three out of five say money stress affects their ability to focus while at work. Money is also a major source of family and relationship conflict.
What’s causing all this financial stress? According to Gallup, retirement savings is a big concern for 54% of Americans surveyed; unexpected healthcare costs and financing health crises comes in a close second. Other concerns include educational costs, housing costs and debt.
Recent reports show that Americans are saving less and spending more. The average US personal savings rate is 3.8% of disposable income, down from 6% in 2015. Plus, too much spending involves credit cards, causing personal debt to inch up. High credit card debt is easy to careen out of control: it can take up to 20 years to pay off a 15% interest credit card debt of $10,000 when making minimum payments.
Financial stress and money worries take a toll on the job, too. They can be a significant distraction and productivity drain. Financial anxiety often triggers a domino effect: People who have high financial stress are more likely to struggle with depression, anxiety and health problems. They also experience more relationship issues and substance abuse problems.
The Solution: Certified Financial Coaching
To enhance the financial well-being of Member employees and their families, we’ve added a comprehensive new benefit: Certified Financial Coaching. Members who need help with budgeting, debt, money management issues or savings now have unlimited access to Certified Financial Coaches, as well as more than 100 new Personal Finance and Investing courses! Our Coaches can also help Members address any related stress that so often accompanies financial problems.
The 3 components of the new Certified Financial Coaching Benefit include:
Certified Financial Coaches
One-to-one telephonic coaching to:
• Financial assessments
• Goal setting structure and support
• Determining strategies for problem resolution
• Establishing focus on financial wellbeing
• Recommending services. tools, and resources
• Providing structure, accountability, support and encouragement
Financial Assessments
Tools and coaching to help:
• Calculate net worth
• Analyze budgets
• Verify debt to income ratios and credit scores
• Assess Financial well-being scale
• Profile habits and obstacles to success
• Assess family dynamics around money
Financial Education:
More than 100 online courses covering a wide range of money issues:
• Financial basics – budgets, savings, debt, credit
• Financial planning for today and tomorrow’s needs
• Goal setting & saving for the future: retirement, home buying, education
• Understanding and dealing with debt; getting out of debt
• Investing – stocks, bonds, funds, creating balanced portfolios and managing risk
Learn more:
- Members of ESI EAP can call 800 225 2527 or 800 252 4555
- If you are not a client, click here to learn more about how ESI EAP can benefit your organization,
ESI EAP: More Benefits. Better Results. Higher Satisfaction.