Financial well-being is closely related to the emotional well-being of workers and directly affects productivity and absenteeism. In this framework, an agreement was signed between the financial application Fintonic and Affor Health, a consulting company specialized in mental health at work, to promote the development of financial skills and competencies that improve the psychosocial health of people in organizations.
In this context, on October 20, the meeting “The importance of financial management for emotional well-being” will be held with the participation of Lupina Iturriaga, founding partner and co-CEO of Fintonic, and Anabel Fernández Fornelino, co-founder and CEO of Affor Health, to address the main the implications of financial problems on the emotional health of workers and on company operations.
“Stress caused by a negative economic situation affects six out of ten workers, according to international studies, and women are 33% more likely to suffer from it1. There are very significant data on the significant frequency of financial stress in the work environment, which, in addition, can increase in times of uncertainty such as the present.”provides Lupine Iturriaga.
According to Affor Health, 60% of sick leave in Europe is caused by episodes of stress. “We are facing a silent enemy, but very destructive, but also expensive because the economic consequences of neglecting the mental health of employees are unaffordable for any company or society. To get an idea of the magnitude of the problem, in 2016 the International Labor Organization estimated the cost of postpartum depression in Europe to 641,000 million euros per year.he says Anabel Fernandez Fornelino.
The agreement between the two companies will facilitate access to the Personal Finance Program, designed by Fintonic to promote financial education, for more than 400,000 active workers in the AfforHealth Employee Assistance Program (PAE).
This personal finance program will offer a pioneering online training environment, interactive in nature and supported by experts, which facilitates the understanding of basic concepts, shows the rules to follow and the best management techniques, as well as tips for changing unhealthy daily habits. This proven methodology allows you to optimize control of your home economy, plan your income and expenses, manage your debt, save and increase your income, among other aspects.
The impact of lack of financial education on emotional well-being
Lack of training in financial matters leads to difficulties in saving and insecurity in the face of possible unforeseen events. The Fintonic study reveals that in Spain only one out of two citizens saves, and the average saver reserves 7% of his salary for this purpose, well below the recommended 20%. Looking ahead, barely 5% of under-35s have a retirement plan.
In addition, various analyzes confirm that financial education is the basis of financial well-being, and that it affects not only economic stability, but also emotional, family and social balance.
About Affor Health: At Affor Health, we’ve been innovating as psychological health managers in organizations around the world for over a decade. Convinced that people are a fundamental part, we positively influence our environment by offering services that contribute to promoting their mental health and well-being in the professional and personal spheres in order to improve their quality of life (SDG 3). We are the first Spanish B Corp specialized in the management of psychosocial health at work.