Financial wellbeing is a complex and multifaceted concept that encompasses various aspects of one's financial situation, behavior, and emotions. It is the ability to meet current and ongoing financial obligations, feel secure about the future, and make choices that allow one to enjoy life.
Millennials and Gen Z, though tech-savvy and socially conscious, face significant financial challenges such as student debt, low wages, and high living costs. They struggle to save for long-term goals and are vulnerable to financial shocks. Financial inclusion can help them overcome these obstacles, enabling them to achieve financial security and freedom, aligning their financial decisions with their values and aspirations. As organizations recognize the impact of financial wellbeing on employee performance, they are increasingly investing in supportive programs.
The 2024 joint study between SHRM and Nobias explores the concept of value-based financial wellbeing and its significance in the modern workplace. The study collated survey and one-one interview responses from over 58+ CHROs and Senior stakeholders across varied sectors ranging from IT, Pharma and Healthcare sharing insights on strategies to enhance financial wellness in alignment with company values, aiming to benefit both employees' well-being and business success.
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