Financial Wellbeing-The Missing Piece in Holistic Wellbeing

The top causes of stress for employees, based on various studies, are financial or money matters and their challenges. Organisations recognise the impact this worry creates for the firm at large and thus financial wellbeing programmes are slowly gaining popularity. There is evidence to show how financial wellbeing is an integral part of holistic wellbeing, and organisations are experimenting with methods to disseminate financial literacy. In order to avoid the pitfalls of trying something big and failing, organisations and particularly human resource (HR) should spearhead the initiative of duly customised financial wellness programmes (FWPs) for their employees which address their pains and keep aside a budget for the same. Like any relationship, this too needs time to grow; finding a partner early whose objective aligns with that of the HR in ensuring holistic wellbeing for the employee is the important first step. The recent regulations for Registered Investment Advisors promulgated by SEBI allow HR in organisations to use them as a first filter in selecting their financial wellbeing partner.