Making financial planning a key pillar of corporate wellness in Singapore

Why financial wellness matters in corporate wellness

In Singapore, the concept of corporate wellness has gained significant traction as companies recognise the importance of fostering a healthy workplace. 

Traditionally, employee benefits or wellness programmes in Singapore have focused on two main aspects: physical and mental health. However, financial wellness has emerged as a third pillar that is becoming increasingly vital in the context of Singapore's evolving economic and workforce landscape. Financial wellness can and should be a key component of corporate wellness programmes in Singapore, especially given that it is closely linked to the mental and physical well-being of employees.

The importance of financial wellness in Singapore

Financial wellness refers to an individual's ability to manage their money effectively, reduce financial stress, and maintain a sense of financial security in the face of challenges such as high inflation.

With the rising cost of living and the complexity of financial planning in Singapore, many individuals may find it difficult or stressful to manage their personal finances and household expenses. Inflation erodes the value of money over time, making everyday items and meals more expensive and putting an additional strain on individuals' financial resources, especially when it comes to big-ticket expenses such as getting married, starting a family, or buying a home or car in Singapore.

Why is financial wellness crucial for employee well-being? Employees fretting over their personal finances can in turn lose focus at work and become less productive, especially if they are also trying to deal with their money issues during working hours. Financial stress directly impacts a person’s job satisfaction, productivity, and overall happiness and mental health. 

The resultant psychological stress, when exacerbated by inflation and the rising cost of living, coupled with work demands, can result in a range of negative outcomes at work, such as reduced focus, absenteeism, and higher turnover rates. 

It is therefore essential that companies address their employees’ financial wellness and provide support in the form of employee benefits and helpful resources. This will not only help your staff better manage their personal finances and navigate the effects of inflation in Singapore, but also create a more positive, healthy, and productive work environment.

How financial wellness supports physical, mental wellness in Singapore

As numerous research studies have found, financial wellness is closely linked to both physical and mental health. Stressing over money matters can lead to health issues such as sleep disturbances, anxiety, depression, and even physical ailments like headaches and gastrointestinal problems.

Additionally, individuals who are facing financial challenges may be more likely to engage in unhealthy behaviours, such as poor eating habits, substance abuse, and a lack of exercise. Conversely, when a person is financially stable, that can help lower their stress levels and enable them to invest more in their physical and mental health and lead a healthier lifestyle.

As an employer, you can make use of workplace or employee benefits programmes to address the root causes of financial stress in your team and help improve their overall well-being. Examples of such financial wellness programmes are educational workshops to guide employees on how they can budget, manage their debts, and plan for retirement. Other potential initiatives include providing access to financial advisors and useful tools. 

By offering employees the resources and knowledge to manage their personal finances effectively, you can better foster an environment where workers can focus on their physical and mental health without being weighed down by financial woes.

Integrating financial wellness into employee benefits programmes in Singapore

Companies looking to create comprehensive corporate wellness programmes in Singapore should consider incorporating financial wellness initiatives alongside efforts to improve physical and mental wellness. 

This can be achieved by:

• Offering financial education seminars and workshops on topics such as budgeting, debt management, and retirement planning
• Providing access to financial advisors or financial counselling services
• Implementing tools and resources to help employees track and manage their finances
• Encouraging open conversations about financial well-being and addressing any potential stigma associated with financial stress

As Singapore's only digital wealth advisor that allows individuals to invest their CPF, cash, and SRS all on one platform, Endowus has collaborated with companies such as CapitaLand, Amazon, and Ninja Van to offer financial and investment education as part of their corporate benefits for staff.

Endowus conducts webinars on topics such as:

• Investing 101: What to know before making your first investment
• Planning for your future: Using Cash, CPF, and SRS to plan for retirement
• Personal finance: How to manage your money

You may check out more of our free Endowus Webinars as well, where we provide personal finance and investing tips for individuals from best-in-class experts. 

These educational resources empower employees to make better financial decisions and alleviate their financial stress. In turn, when their financial health improves, that can lead to better physical and mental well-being.

Endowus: Your partner in financial and corporate wellness

In addition, employees from partner companies of Endowus receive preferential rates when they invest with Endowus. This can further incentivise individuals to engage in responsible financial planning and invest with confidence and peace of mind. 

By incorporating services such as those offered by Endowus, companies can seamlessly integrate financial wellness initiatives into their existing employee wellness programmes in Singapore. Financial wellness is a critical component of corporate wellness that cannot be overlooked, especially in the context of Singapore's dynamic economic landscape. 

Foster a healthier, more engaged, and productive workforce at your organisation by taking care of your team and boosting their financial health. Integrating financial wellness initiatives alongside physical and mental wellness programmes in the workplace will ultimately lead to a more comprehensive approach to employee well-being — benefiting both employees and the organisation as a whole.

Endowus is Singapore’s only digital advisor where your employees can get expert advice to grow their wealth across all funding sources — be it Cash, CPF, or SRS.

Join Singapore’s top workplaces in benefiting from Endowus’ superior access to best-in-class solutions and taking care of your team. Want to help your employees better prepare for the future? Find out more about Endowus’ corporate benefits programme here or contact us at partnerships@endowus.com.

Read more: Seeking higher yields for your corporate cash management needs

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