The 2021 PwC Employee Financial Wellness Survey has sobering information for organizations as they begin adjusting to business after the pandemic. Financial stress has become a serious problem that employers cannot ignore. Approximately 63% of those surveyed reported that financial stress has increased since the start of the COVID-19 pandemic. More than 60% of the millennial, Gen X, and Gen Z respondents said that worry over money was a significant issue. The anxiety has led to decisions such as taking out payday loans, applying for a loan from a retirement account and postponing retirement decisions. The survey shows a significant impact on household expenses brought on by the pandemic.
Savvy executives immediately see the potential danger of financial stress. Money quickly becomes a serious distraction and will affect productivity. Educational seminars might help, but some employees are in dire straits and need more. Countrywide Pre-Paid Legal Services has a benefit that offers immediate assistance in these stress-filled times.
Professionals Show the Way
We have a financial wellness benefit that uses a nationwide network of certified counselors to help plan members. Countrywide believes that providing high-quality service means more than having a podcast or a Q&A page on the website. Direct face-to-face counseling is the best way to assist a person in coping with financial strain. Plan members do not have to worry about health safety because our counselors practice social distancing. Employers know their employees are getting what they need because there is a Countrywide counselor in every community where there is a Countrywide client.
Our counselors have made a career of helping ordinary people deal with everyday woes. These professionals understand the various situations and will provide expert help.
Collecting data is the first assignment. A Countrywide counselor will conduct a budget analysis to determine a plan member’s cash flow. This investigation uncovers monthly expenses and spending habits. It is incredible, but many high-paid technical folks live from paycheck to paycheck and are not prepared for any emergencies. Our counselors help these people readjust their spending habits. The counselors also show ways to save money so that a major bill is not a crisis.
Emergencies do arise and may require a large payment. Once again, Countrywide collects data. An asset inventory uncovers items such as whole life insurance policies and collectibles that a plan member can quickly liquidate for ready cash. People do not always know the actual value of their assets, and Countrywide assistance reveals crucial financial information.
Bankruptcy is a traumatic situation. Folks panic because they do not know what to do. Countrywide is ready to assist. We have a Debt Management Plan that provides additional counseling and support to allow a person to avoid filing for bankruptcy (this service costs a bit more but is worth the price). If a financial wellness plan member must file for bankruptcy, Countrywide will show how to do this properly and emerge from bankruptcy safely.
The Important Role of the Client
Countrywide has the mission of providing financial wellness services to all client employees. We need to know what the employees need, and a prospective client’s decision-makers are better judges of that than we are. Countrywide will explain all the financial wellness benefit options to the future client and answer all questions. The decision-makers then will select what options will be part of the final plan. Countrywide furnishes the administration and superior member services to the plan members. Our attention to individual pan members is a reason why we are a leader in the industry.
COVID-19 has been a shock to the system, but we all can rise about it. Financial wellness programs are an excellent tool in fixing temporary money problems. If you have any questions about our services, please feel free to contact us at your earliest convenience. Countrywide is here to give needed services to your workforce.