It is no secret that financial stress has a significant impact on mental health, productivity, turnover and absenteeism in the workplace. By some estimates, pre-pandemic financial stress cost US businesses upwards of $500 billion per year. Lost productivity, turnover and other factors related to stress cost the average company between 11-14% of their total payroll expense.
Have you filed your 2020 taxes yet? At Financial Fitness for Life, we know it can be overwhelming doing your taxes, especially having to deal with a Pandemic, there are even more questions surrounding this year’s tax season and Tax Day.
According to Investopedia, “financial literacy is the ability to understand and effectively use various financial skills including personal financial management, budgeting, and investing. [It] is the foundation of your relationship with money, and it’s a lifelong journey.”
This time last year, we were all forced to make drastic changes to our everyday lives — working from home, acting as educators to our children and grandchildren, and settling in for the unknown long-term. Fortunately, there is finally optimism and a shred of pre-pandemic normalcy.
Over the course of the last year, the global pandemic has shined an unfortunate spotlight on financial insecurities within the American workforce.