Boosting Workers' Financial Wellness

Staten Island business bank lauds practices to help employees

 

STATEN ISLAND, N.Y. – Employers are getting federal encouragement to help jobholders improve not only their financial lives but also their productivity.

Victory State Bank, Staten Island's only community-based commercial bank, favors the move to show managers how a more satisfied workforce can be beneficial. 

The Consumer Financial Protection Bureau (CFPB) has assembled case studies about employees' financial wellness. 

Its examples describe ways that employers can help workers develop the skills to avoid distress in an increasingly complicated financial marketplace.

The CFPB cites research that indicates widespread financial concern across the American workforce, with a resulting negative impact on work performance. 

Decreased productivity, higher absentee rates, and even health are ways that workers -- and then employers -- can be affected.

Financial wellness guidance, on the other hand, can help employees plan life goals and make responsible financial decisions, the CFPB reported.

The Bureau said it found that many businesses believe financial wellness programs generate greater engagement, loyalty and productivity. Some of the promising practices that best support financial wellness include:

The "Financial Wellness at Work” report can be found at: consumerfinance.gov/reports/financial-wellness-at-work.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.

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Begin at orientation: When employees are new to a company, they are generally more open to change. As a result, this can be a good time to work on financial wellness priorities as new employees are focused on making important decisions about tax withholding, retirement savings, and employer-offered health insurance. Successful programs that begin at employee onboarding can include financial education workshops and individual financial coaching.

Peer-to-peer support: Coworkers can help each other develop better financial habits. Work teams that go through financial wellness training together end up supporting each other and creating a more collaborative environment. As employees form small teams, they often encourage each other, and that peer support may help individuals adopt and sustain sound financial habits.