ABOUT THE NETWORK The Network for Social Work Management is a - - PowerPoint PPT Presentation

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ABOUT THE NETWORK The Network for Social Work Management is a - - PowerPoint PPT Presentation

Nov 06, 2023 249 likes •777 views

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

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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

  • rganizations 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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INVEST IN YOUR CAREER

Join a community of like- minded managers Be mentored by top leadership experts Access the latest professional development and training

  • pportunities
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FINANICAL WELLNESS in the WORKPLACE FINANCIAL SOCIAL WORK

Reeta Wolfsohn, CMSW

Founder of the Financial Social Work discipline Creator: My Money Myself – Online Money Support Groups for Women

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FINANCIAL SOCIAL WORK

JUST A FEW BASICS

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SELF RELATIONSHIP

Discipline Control

History

Birth Family

Psychosocial Feelings Attitudes Beliefs

LIFECYCLE

Education

Marriage

Retail Death

Community

Family

OTHERS

Friends

Earn Invest Borrow/ Debt

Save

Rent/Own Social Media

Credit

Media

Disconnect Needs/ Wants Emotional

Healthy Active Proactive Reactive Unhealthy

BEHAVIOR

TH E WOL FS OH N “ WH OL E PERS ON” FI NA NC I A L H EALTH M OD EL

Share Behavioral Economics

School

Spouse/ Partner

FRIENDS

Divorce Illness Thoughts

Education Motivation Support Strengths Based Interactive Introspective

Multidisciplinary

Holistic Political Environment Economy Social/Economic Injustice

SOCIETY

Technology

Spend

MONEY HEALTH

Mental

Physical Emotional

Psychological Education

Colleagues

Religion Awareness Acceptance Race Culture

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

F E F E M O N O M I C S

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Sustainable, Long-term Financial Behavioral Change

  • Earn
  • Spend
  • Save
  • Share
  • Borrow

Financial BEHAVIOR

FSW is about RELATIONSHIP with MONEY & SELF

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Where financial behavioral change happens

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

Client’s Relationship with Money with Self Client’s Financial Behavior Client’s Financial Circumstances

WOLFSOHN Financial Wellness Model

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Interactive, introspective and strengths based Individually and/or with groups Financial Therapy Education Motivation Validation Support

OVERVIEW of the FINANCIAL SOCIAL WORK MODEL

HIGHLY EXPERIENTIAL BEHAVIORAL MODEL PSYCHOSOCIAL ON- GOING

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FINANCIAL WELLNESS in the WORKPLACE

FINANCIAL

ST STRESS

in the WORKPLACE

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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

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Sustainable, Long-term Financial Behavioral Change

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.

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

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Sustainable, Long-term Financial Behavioral Change

EMPLOYEES FINANCIAL PROBLEMS BECOME THEIR EMPLOYERS’ FINANCIAL PROBLEMS WHEN THEY:

  • 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)

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

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Sustainable, Long-term Financial Behavioral Change

Interactive Poll What percentage of your staff do you think may be struggling financially?

Financial Wellness in the Workplace

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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

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Sustainable, Long-term Financial Behavioral Change

RETIREMENT SAVING CONSUMERISM UNPLANNED EXPENSES STUDENT LOAN DEBT HOME OWNERSHIP ENTERTAINMENT RISING COST OF LIVING DEBT AND CREDIT CARDS CHILDCARE/HEALTHCARE

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 .

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

STAGNANT WAGES SANDWICH GENERATION DEBT MANAGEMENT

Greater Share of Financial Responsibility

THE WHY

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Sustainable, Long-term Financial Behavioral Change

DIFFERENT GENERATIONS; DIFFERENT STRESSORS; DIFFERENT NEEDS

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

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Sustainable, Long-term Financial Behavioral Change

Interactive Poll How many hours (at work) per month do you think your staff spends worrying about money?

Financial Wellness in the Workplace

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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

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Why Do Employees Spend So Much Time Worrying About Money?

THE DEBT PROBLEM

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Sustainable, Long-term Financial Behavioral Change

  • Digital spending
  • Unread credit card

fine print

  • Lack of usury laws
  • Consumerism
  • Illness
  • Student loans
  • Easy access to credit
  • Interest rates and fees
  • Subprime mortgages,

ARMs, and HELOCs

  • Emotional/Impulse spending
  • No savings
  • Tapping into retirement funds
  • Stagnant incomes
  • Job loss
  • Divorce
  • Foreclosure
  • Bankruptcy
  • Unemployment
  • Underemployment

(part-time economy)

WHY DO EMPLOYEES HAVE A DEBT PROBLEM?

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Sustainable, Long-term Financial Behavioral Change

More Susceptible to PHYSICAL Problems:

  • Ulcers
  • Obesity
  • Diabetes
  • Hair Loss
  • Heart Disease
  • High Blood Pressure
  • Tooth/Gum Disease
  • Muscle tension/Back Pain
  • Headaches/Migraines
  • High Blood Pressure
  • Stomach Ulcers
  • Insomnia
  • Heart Attack

WHAT HAPPENS WHEN EMPLOYEES HAVE A DEBT PROBLEM?

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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?

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Sustainable, Long-term Financial Behavioral Change

  • Stress
  • Worry
  • Guilt
  • Abuse
  • Suffering
  • Denial
  • Avoidance
  • Powerlessness
  • Instability
  • Discontent
  • Hypervigilance
  • Shock/disbelief
  • Fear/uncertainty
  • Disappointment
  • Grief/sadness
  • Frustration
  • Vulnerability

Increased Potential for MENTAL HEALTH Problems: WHAT HAPPENS WHEN EMPLOYEES HAVE A DEBT PROBLEM?

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Sustainable, Long-term Financial Behavioral Change

MORE LIKELY TO LACK SELF:

  • Awareness
  • Confidence
  • Acceptance
  • Respect
  • Esteem
  • Worth
  • Concept

LESS LIKELY TO BE ABLE TO:

  • Cope at home or at work
  • Make sound personal or financial

decisions

  • Take control of their money or their

lives WHAT HAPPENS WHEN EMPLOYEES HAVE A DEBT PROBLEM?

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Sustainable, Long-term Financial Behavioral Change

Interactive Poll Who is more likely to have financial problems?

Financial Wellness in the Workplace

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WOMEN and MONEY in the WORKPLACE

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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

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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

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Sustainable, Long-term Financial Behavioral Change

https://financialsocialwork.com/downloads/

  • nline-money-support-groups
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The COST and IMPACT of EMPLOYEE FINANCIAL STRESS in the WORKPLACE

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Sustainable, Long-term Financial Behavioral Change

Interactive Poll What percentage

  • f Americans live

paycheck to paycheck?

Financial Wellness in the Workplace

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Sustainable, Long-term Financial Behavioral Change

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
  • 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

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Sustainable, Long-term Financial Behavioral Change

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
  • 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

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Sustainable, Long-term Financial Behavioral Change

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
  • Overall Cost of Stress to American Businesses ($300

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%

  • f financially stressed employees spend time dealing with

their financial issues while on the clock.

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R O I

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Sustainable, Long-term Financial Behavioral Change

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 ROI of Increasing Employee Financial Literacy Employers can expect:

  • $450/employee in positive job outcomes
  • A return of $3 for every $1 spent
  • Increased productivity
  • Better overall health
  • Improved job performance
  • Reduced absenteeism
  • Improved presenteeism
  • Potentially reduced healthcare costs
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Sustainable, Long-term Financial Behavioral Change

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 ROI of Increasing Employee Financial Literacy Employers can expect:

  • Lower turnover
  • Attract and retain workers
  • Better business stability during economic volatility
  • Reduced operating costs of $348/sick day on average
  • Higher employee commitment to the company
  • Fewer personal financial distractions, saving up to

$5,000/employee/year

  • Higher participation in employer-provided benefits (401(k),

FSA, HSA)

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HOW to HELP STAFF ACHIEVE FINANCIAL WELLNESS

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Sustainable, Long-term Financial Behavioral Change

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Sustainable, Long-term Financial Behavioral Change

ü Motivate employees to choose to create financial wellbeing. ü Provide the financial information and insight required to make more knowledge based financial choices and decisions. ü Support behavioral change and success. ü Help employees learn to anticipate, prepare for and cope with personal/financial setbacks and disappointments. ü Reduce self-sabotaging financial thinking, behaviors and habits. FSW EMPLOYEE FINANCIAL WELLNESS in the WORKPLACE PROGRAM 6 Week Course

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Sustainable, Long-term Financial Behavioral Change

Provides your employees with the ability to interact, in real

time, directly with their trainers who:

  • Can answer their questions
  • Will help them feel better about themselves
  • Understand the challenges of financial stress
  • Know how to help them build the financial

foundation from which to continuously improve their financial circumstances

FSW EMPLOYEE FINANCIAL WELLNESS in the WORKPLACE PROGRAM 6 Week Course

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Sustainable, Long-term Financial Behavioral Change

Provides your employees with the ability to interact, in real

time, directly with their trainers who will:

  • Teach them to think, feel and talk about money more

positively

  • Engage them in taking control of their money and gaining

control of their lives

  • Support them in developing

greater financial confidence and competence

FSW EMPLOYEE FINANCIAL WELLNESS in the WORKPLACE PROGRAM 6 Week Course

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Sustainable, Long-term Financial Behavioral Change

TAKE-A-WAYS for FINANCIAL WELLNESS

BASIC

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Sustainable, Long-term Financial Behavioral Change

6 BASIC TAKE-A-WAYS for FINANCIAL STRESS

1

NO ONE/WHERE to GET HELP

*

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Sustainable, Long-term Financial Behavioral Change 2

*

HEALTH and WELLNESS PERSPECTIVE

6 BASIC TAKE-A-WAYS for FINANCIAL STRESS

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Sustainable, Long-term Financial Behavioral Change 3

FOCUS on FINANCIAL BEHAVIOR (earn, spend, save, share and borrow)

*

6 BASIC TAKE-A-WAYS for FINANCIAL STRESS

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Sustainable, Long-term Financial Behavioral Change 4

*

THOUGHTS, FEELINGS, ATTITUDES and BELIEFS

6 BASIC TAKE-A-WAYS for FINANCIAL STRESS

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Sustainable, Long-term Financial Behavioral Change 5

*

KNOW HOPE

THERE IS ALWAYS HOPE

6 BASIC TAKE-A-WAYS for FINANCIAL STRESS

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Sustainable, Long-term Financial Behavioral Change 6

*

RAISE MORE FINANCIALLY LITERATE CHILDREN

6 BASIC TAKE-A-WAYS for FINANCIAL STRESS

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Q and A

www.financialsocialwork. com 800.707.1002 reeta@financialsocialwor k.com

PREVIEW for PROFESSIONALS Online Money Support Group for Women October 18th 2:00 PM Eastern

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