The idea that young employees live a carefree life is a fantasy. These folks are learning to adjust to life outside the dormitory that is not always easy. Managing money is a stressful challenge for them.
It is not because they are not making enough money. On the contrary, those who have high-tech skills are doing rather well. They can afford to move out of their parent’s house, but they often run into financial troubles. Recent developments are causing many to deal with a double whammy.
The eviction moratorium is lifting, and those who forgot to pay rent face sizable debt. The same is true for college debt, and lenders want their money as soon as possible. Some young employees get into bad spending habits and rely too much on credit cards. That type of obligation charges double-digit interest rates, and the hefty balances are not getting any smaller. Financial wellness is moving from being a problem to a crisis.
Employers must be sensitive to these cash issues. Young employees are highly productive, but money issues can distract them. They do not need any cash advances or loans. Good advice and guidance are usually all that is required. Countrywide Pre-Paid Legal Services has a financial wellness plan that will guide a plan member to solid ground.
Understanding the Crisis
Those who are overwhelmed by the figures need immediate attention. Each plan member has a unique set of problems. We have a nationwide network of certified counselors ready to fix problems. There is one in every community that has a Countrywide client.
Empathy is going to be critical in working with a newly minted college graduate. Emotional intelligence is something we expect of all our counselors. These are financial professionals who deal with common problems in a very effective way. They listen. A counselor will hear a plan member’s challenge without lecturing or criticizing. Once it is determined what the core difficulties are, the counselor will get to work.
The Very Best Tools for Financial Wellness
The Countrywide counselor conducts a budget analysis to discover trouble spots. The issues may be rent but might also include college debt and credit card issues. Then, working with the financial wellness plan member, a counselor will devise a workable budget that permits all bills to be paid and still have some money left aside.
Counselors provide suggestions on what to do to correct any cash problems. There are programs and strategies a plan member might have no idea exist, but the counselor does. Anything that can lighten the college debt load is explored, and proven means of handling credit card balances are discussed. It does not take long before the individual discovers there is a way to financial wellness.
We Will Work with the Client
Countrywide does not work with a boilerplate plan document. We believe that any employee benefit must reflect the needs of the workforce as a group. We ask the decision-makers to work with us because we are unfamiliar with an organization’s demographics.
The executives know what their employees need. We explain all our benefits to benefits to the prospective organization’s management. Whatever the client wants is what the client will get. We include all selections in the final plan document. Countrywide will furnish the administration and member services.
Young employees want to do well, and they also want to fit into the adult world. It is not always easy, but an employer can provide some practical help. Financial wellness is essential to succeed in the working world, and Countrywide is here to assist. Those plan members who have serious problems can take advantage of our debt management plan, which costs a little more but is very effective.
Please feel free to contact us at your convenience if you want to learn more about our benefits. We want to help your employees deal with financial issues successfully.