ABOUT THE NETWORK The Network for Social Work Management is a professional, international organization focused on strengthening and advancing social work management within health and human services. Our Mission As a group, we work together to develop and create a future in which all social organizations across the U.S. and overseas can become purposed, high performing systems of service and influence. The goal of the Network is to bring together prominent managers and leaders, aspiring managers, and students within the field to share ideas and discuss challenges to enhance their skills.
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FINANCIAL SOCIAL WORK FINANICAL WELLNESS in the WORKPLACE Reeta Wolfsohn, CMSW Founder of the Financial Social Work discipline Creator: My Money Myself – Online Money Support Groups for Women
FINANCIAL SOCIAL WORK JUST A FEW BASICS
FRIENDS History Feelings Save Earn Psychosocial Borrow/ Debt Thoughts SELF MONEY Awareness RELATIONSHIP Invest Share Acceptance Discipline Attitudes Holistic Spend Control Race Strengths Based Culture Interactive Beliefs Emotional Education Disconnect Needs/ Introspective Wants Motivation Multidisciplinary Birth Support Education Death Technology LIFECYCLE Family F I F I N A N C I A L S O C S O C I A L W O R O R K Illness F E F E M O N O M I C S Marriage Divorce Education Retail Media SOCIETY Social Media OTHERS Friends BEHAVIOR HEALTH Economy Rent/Own Community Family Behavioral Reactive Physical Political Economics Social/Economic Spouse/ Environment Active Partner Colleagues Psychological Injustice Healthy Credit School Proactive Mental Emotional Religion Unhealthy TH E WOL FS OH N “ WH OL E PERS ON” FI NA NC I A L H EALTH M OD EL
FSW is about RELATIONSHIP with MONEY & SELF Financial Sustainable, Long-term Financial Behavioral Change BEHAVIOR • Earn • Spend • Save • Share • Borrow
F I N A N C I A L SOCIAL WORK ~ is ~ A B O U T M O R E T H A N M O N E Y Where financial behavioral change happens Client’s Client’s Client’s Relationship Financial Financial with Money Behavior Circumstances with Self WOLFSOHN Financial Wellness Model
OVERVIEW of the FINANCIAL SOCIAL WORK MODEL HIGHLY EXPERIENTIAL BEHAVIORAL MODEL PSYCHOSOCIAL Education ON- Motivation GOING Validation Support Interactive, introspective and strengths based Individually and/or with groups Financial Therapy
FINANCIAL WELLNESS in the WORKPLACE FINANCIAL ST STRESS in the WORKPLACE
F I N A N C I A L S T S T R E S S i n t h e W O R K P L A C E Sustainable, Long-term Financial Behavioral Change
F I N A N C I A L S T S T R E S S i n t h e W O R K P L A C E Employees’ financial problems become their employer’s financial problems when they inevitably spill into the workplace. The numerous negative repercussions that result impact an organization’s overall wellbeing. Sustainable, Long-term Financial Behavioral Change
F I N A N C I A L S T S T R E S S i n t h e W O R K P L A C E EMPLOYEES FINANCIAL PROBLEMS BECOME THEIR EMPLOYERS’ FINANCIAL PROBLEMS WHEN THEY: Sustainable, Long-term Financial Behavioral Change Miss work ( according to Prudential’s research employees experiencing • financial problems lose a full week of output ) Grow less productive • Are late to work • Make more mistakes (distracted) • Take time off for court dates • Develop (are diagnosed) with mental health conditions • Take second jobs (unexpected money emergencies/daily expenses) •
Financial Wellness in the Workplace Sustainable, Long-term Financial Behavioral Change Interactive Poll What percentage of your staff do you think may be struggling financially?
F I N A N C I A L S T S T R E S S i n t h e W O R K P L A C E Sustainable, Long-term Financial Behavioral Change
F I N A N C I A L S T S T R E S S i n t h e W O R K P L A C E THE WHY RETIREMENT SAVING Sustainable, Long-term Financial Behavioral Change F i n a n c i a l s t r e s s i n t h e w o r k p l a c e i s o n t h e r i s e . CONSUMERISM UNPLANNED EXPENSES RISING COST OF LIVING DEBT AND CREDIT CARDS STUDENT LOAN DEBT CHILDCARE/HEALTHCARE HOME OWNERSHIP ENTERTAINMENT STAGNANT WAGES SANDWICH GENERATION DEBT MANAGEMENT Greater Share of Financial Responsibility
F I N A N C I A L S T S T R E S S i n t h e W O R K P L A C E Sustainable, Long-term DIFFERENT GENERATIONS; DIFFERENT STRESSORS; DIFFERENT NEEDS Financial Behavioral Change
Financial Wellness in the Workplace Sustainable, Long-term Financial Behavioral Change Interactive Poll How many hours (at work) per month do you think your staff spends worrying about money?
F I N A N C I A L S T S T R E S S i n t h e W O R K P L A C E Sustainable, Long-term Financial Behavioral Change
Why Do Employees Spend So Much Time Worrying About Money? THE DEBT PROBLEM
WHY DO EMPLOYEES HAVE A DEBT PROBLEM? • Digital spending • No savings • Unread credit card • Tapping into retirement funds Sustainable, Long-term fine print • Stagnant incomes Financial Behavioral Change • Lack of usury laws • Job loss • Consumerism • Divorce • Illness • Foreclosure • Student loans • Bankruptcy • Easy access to credit • Unemployment • Interest rates and fees • Underemployment • Subprime mortgages, ( part-time economy ) ARMs, and HELOCs • Emotional/Impulse spending
WHAT HAPPENS WHEN EMPLOYEES HAVE A DEBT PROBLEM? More Susceptible to PHYSICAL Problems: Sustainable, Long-term Financial Behavioral Change • Ulcers • Muscle tension/Back Pain • Obesity • Headaches/Migraines • Diabetes • High Blood Pressure • Hair Loss • Stomach Ulcers • Heart Disease • Insomnia • High Blood Pressure • Heart Attack • Tooth/Gum Disease
WHAT HAPPENS WHEN EMPLOYEES HAVE A DEBT PROBLEM? More Prone to Experience EMOTIONAL Problems: • Anxiety Disorders • Depression • Hopelessness • Helplessness • Shame • Anger • Panic • Obsessive-compulsive Disorder • Fear, Nervousness, Guilt
WHAT HAPPENS WHEN EMPLOYEES HAVE A DEBT PROBLEM? Increased Potential for MENTAL HEALTH Problems: Sustainable, Long-term • Stress • Instability Financial Behavioral Change • Worry • Discontent • Guilt • Hypervigilance • Abuse • Shock/disbelief • Suffering • Fear/uncertainty • Denial • Disappointment • Avoidance • Grief/sadness • Powerlessness • Frustration • Vulnerability
WHAT HAPPENS WHEN EMPLOYEES HAVE A DEBT PROBLEM? MORE LIKELY TO LACK SELF: Sustainable, Long-term • Awareness Financial Behavioral Change • Confidence • Acceptance • Respect LESS LIKELY TO BE ABLE TO: • Esteem • Cope at home or at work • Worth • Make sound personal or financial • Concept decisions • Take control of their money or their lives
Financial Wellness in the Workplace Sustainable, Long-term Financial Behavioral Change Interactive Poll Who is more likely to have financial problems?
WOMEN and MONEY in the WORKPLACE
W O M E N a n d M O N E Y i n t h e W O R K P L A C E Sustainable, Long-term Financial Behavioral Change
W O M E N a n d M O N E Y i n t h e W O R K P L A C E Sustainable, Long-term Financial Behavioral Change
https://financialsocialwork.com/downloads/ online-money-support-groups Sustainable, Long-term Financial Behavioral Change
The COST and IMPACT of EMPLOYEE FINANCIAL STRESS in the WORKPLACE
Financial Wellness in the Workplace Sustainable, Long-term Financial Behavioral Change Interactive Poll What percentage of Americans live paycheck to paycheck?
F I N A N C I A L W E L L N E S S i n t h e W O R K P L A C E American Adult Financial Behavior by the Numbers • 77% live paycheck to paycheck Sustainable, Long-term Financial Behavioral Change • 56% don’t have a budget • 50% don’t participate in employer-led 401(k) programs • 41% grade themselves a C, D or F in personal finance • 40% carry credit card debt month to month
F I N A N C I A L W E L L N E S S i n t h e W O R K P L A C E American Adult Financial Behavior by the Numbers • 28% don’t pay their bills on time Sustainable, Long-term Financial Behavioral Change • 32% have zero non-retirement savings • 29% can only handle emergencies by using a credit card • 22% don’t know how much they spend on food, housing, and entertainment • 21% believe winning the lottery is their most viable way to fund retirement
F I N A N C I A L W E L L N E S S i n t h e W O R K P L A C E The Real COST of Stress in the Workplace • Employees Affected by Financial Stress: 80% or more Sustainable, Long-term • Overall Cost of Stress to American Businesses ($300 Financial Behavioral Change billion/year) • Unscheduled Absenteeism ($760,000/year) • Reduced Employee Productivity ($7,000/employee/year) • Increased Workplace Accidents ($29,000/workplace accident) • Higher Employee Turnover ($8,000/employee replacement) According to Human Resources Magazine , more than 53% of financially stressed employees spend time dealing with their financial issues while on the clock.
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