It has been commonly observed that young professionals like you find it difficult to manage or consider the thought of managing their personal finances at the onset of their careers.
That is primarily because –
You feel life has just started for you and you are too young to think of saving for the future as you have a lot of time at hand and can afford to think about financial planning and investments a few years later.
Do you lack knowledge of personal finance that could include but not limited to how to go about it? What it is all about? When to start saving/ investing? What is the right amount to invest – is my earning too little to consider? What is the right time to begin? What is the right place to invest to optimise return? etc.
You may be wondering who can guide you properly and not treat you as a ‘run-of-the-mill’ investor.
It takes time for a youngster like you to understand the importance of managing expenses responsibly early in life; at times till you have undergone real-life exigencies yourself.
If you find any of the reasons even somewhat matching your current mental state, then take a deep breath and read on, as this article will not only guide you on how to go about with personal finance for working professionals like you but also make you mindful of money-mistakes to avoid; thus saving you from guilt and repentance in future.
2) A thumb rule to remember:
Irrespective of whether you are married or not, you should follow the 50:30:20 rule that says you must –
Budget your living expenses within 50% of your monthly income at hand. ‘Living expenses’ can range from repayment of your education loan, rent to be paid in the city of your work if you had to relocate, your groceries and utility bills, medicine, local conveyance, insurance, etc.
You must try and save/ invest 30% of your monthly income to live your financial dreams in future.
20% of your monthly income you can spend on your free will on partying with friends, dining out, buying gifts and accessories among other things for self and/ or loved ones.
This basic rule will ensure you have laid the foundation for your personal finance and move ahead with planning your investments to live your financial goals in life by following the steps detailed here.
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A step-by-step guide to managing your Personal Finance for young professionals
3) Step #1: Identify your basic needs
In order to optimise your living expenses, you must understand your basic needs as listed below to ensure you and your loved ones are financially safe and free from untoward financial burdens in future.
This is the first step to effectively plan personal finance for working professionals.
If you had availed education loan to complete your higher education, then your first priority should be to set it off at the earliest.
This is because the interest paid on this loan is considerably high that can be fruitfully utilized to use to plan other investments towards wealth creation.
So other than the EMI debited from your account; whenever you get some extra income like incentives or performance bonuses, you must direct a major part of that money towards setting off your loan.
Same for your credit card bills and personal loans, if any. This is because you must remember that loans have never done good to anyone, but have eaten into your disposable income.
Even before your start planning your finances, you must buy yourself health insurance coverage. Even if you are eligible for a medical insurance cover from the organisation you work for, still you must consider purchasing one on your own.
That is because the younger you are, you are expected to maintain the best of health; and the cheaper your insurance would cost.
If you are reading this article today, you are either a ‘Covid-Warrier’ or would have survived the wrath of the coronavirus pandemic and the exponential amount of job loss people suffered other than lives lost to the germ.
Thus there is no guarantee about anything in life as we have witnessed in the past eighteen months and more.
If you live in a Tier I city, then the minimum health cover* should be INR 5 lakhs.
In case your parents do not have their health insurance in place, you may want to consider a family floater of the same amount.
However, if you are married, your ideal health insurance family floater should be INR 10 lakhs, which you should increase with top-ups with passing years.
Term life insurance
The biggest ‘IF’ is built in the word ‘LIFE’ alone. To protect your family in the face of financial exigency resulting from any untoward incident; like disease, disability or death; it is strongly advised that you buy a term life insurance of at about 22 times of your annual compensation (as approved and recommended by IRDA for your age group).
Given that you are in your 20s, a 50 lakh term cover would not cost you more than INR 6000 per annum – a cost of less than INR 16 a day. (source online applications on policybazaar.com)
Though it may apparently seem that living on a budget is mundane, it will actually help you live life king size by optimally utilizing your disposable income the way you want to.
Wondering how to budget? Just make an excel sheet with a detailed list of the monthly inflow of income and expenditures. That will help you allocate and reallocate expenditures and/ or cut down unnecessary expenses as well.
The 50:30:20 guideline will come in handy in this exercise.
In case you feel you are someone who fails to restrict your temptation to withdraw and overspend money; you may want to look at siphoning out a certain specified amount of money from your salary account to another account via an auto-debit mandate the moment your salary gets credited every month.
This way you may cheat your mind to an ‘out of sight, out of mind state and help you forget the urge to may unnecessary withdrawals.
5) Step #3: Build an emergency fund:
As the name suggests, this fund is aimed at helping you tied over unforeseen, unplanned, and uncalled for a financial crisis if and when it arises in life like the ongoing Covid-19 pandemic or any natural calamity like floods, earthquakes, etc.
These kinds of an emergency situation can result in job loss, pay cuts, death of family members, medical emergencies, and more, as we have been witnessing since early 2020 as well. This makes life and works completely uncertain.
Thus it is prudent to build a contingency fund as a part of your personal financial planning for the future.
As mentioned in step #2, you can start building this fund by setting aside a specified amount of money (via auto-debit mode) in a separate bank account and soon you will find a considerable corpus built to support you in days of emergency.
Other investment vehicles used to build emergency funds are fixed deposits, recurring deposits, liquid mutual funds too depending upon your need and risk appetite.
Experts say, ideally you should have 3 to 6 months of monthly expenses as your emergency fund.
Some are also of the opinion that you should better provision for 9 months of expenses in the face of very severe emergencies like the ongoing coronavirus pandemic.
6) Step #4: Define your financial goals:
Just as we know that it is important to know our destination in order to choose the right paths to set sail towards it; similarly you need to know and define your financial goals for effective management of personal finance for working professionals like you.
That will help you choose the various financial tools/ vehicles you can invest in to help you achieve your goals.
Financial goals can be defined broadly into 3 categories viz. –
Short term goals
Those are likely to come up within 3 to 5 years time; like setting off your credit card bills and/ or education loans, down payment for your first car.=
That has a timeline of about 7 years to maturity, like your own marriage, childbirth, etc.=
Long term goals
They have a timeline of 10 years and beyond and can include, children’s education, your retirement planning, down payment for your second home, wealth creations for a family vacation to exotic locations or even upgrading your car among other financial goals and aspirations.=
To embark on your journey into personal finance management with proper knowledge and make conscious decisions for your future, we urge you to take a quick course on financial planning with Koppr
This has helped youngsters like you make wise decisions around their investments from a very young age and we believe it will be a value add to you as well. We are there to help you in case of further queries.
7) Step #5: Choice of investment vehicles:
For long term goals:
Make equity your best friend towards wealth creation for achieving your long term goals.
Since the subject may be new to you, begin with SIPs of Systematic Investment Plans in ETF (Exchange-traded fund) schemes and/ or mutual funds with maximum equity exposure.
This involves a monthly debit of a specified amount of money on a particular date of the month for 5, 10, 15 or 20 years and more depending on your investment horizon and the time you have to see your dream mature.
Given that you are only in your 20s, time is the magic potion that you have on your side that gives the power of compounding enough time to show its magic to create phenomenal wealth for you over a period of time as most of your long terms goals defined earlier are likely to surface at least a decade and beyond from now.
This will allow your money to generate enough wealth for you while you can happily concentrate on your career development and in pursuit of other interests.
You must ideally have at least 4 SIPs on a specified date on every week of the month to reap the optimal benefits of rupee-cost averaging on your investments that happen all through the month.
Let us take a few examples here for a better understanding.
Refer to the table below that shows you the power of compounding on your wealth. Say you are 23 years old today and have invested INR 5000 in an equity-based SIP for 7 years that have yielded you a corpus of INR 6,10,000 after 10 years at a modest return of 10%.
The same investment if continued for 10 years can get you a corpus of INR 10, 33,000.
However, if you keep that money into the account for 20 years without further feed, your yield increases to INR 27,96,000 without any further effort from your end.
And say if you have been patiently feeding your SIP for 20 years and kept it for 10 years more, they can build a wealth of INR 1.04 crores against an investment of only INR 12 lakhs!
Such is the magic of compounding!
SIP in Equity Mutual Fund
SIP in Equity Mutual Fund
SIP in Equity Mutual Fund
SIP in Equity Mutual Fund
Age 23 years
Age 33 years
Age 43 years
Age 53 years
Term of investment
Term to maturity
Rate of interest/ Return
Total amount deposited
Total return earned
The best part about these investments is that in case you are in need of money, you can always make partial withdrawals from the investments buying selling a bunch of units without having to liquidate/ break your investment.
SIPs have been known to help support the long term goals of youngsters like you in ways more than one.
As you grow in your professional life and your income increases, and you get your extra incentives/ bonuses, ensure that you buy more SIPs and also invest in a few fundamentally stocks/ equity shares, as they too are known to build wealth over a period of time.
You must also consider investment in ELSS (Equity Linked Savings Schemes) as they are tax-efficient U/S 80C and will help you create wealth and save tax as well.
And we all know, tax saved, is income earned! To know more about managing finances and monitoring your investments we urge you to download the Koppr app from the Playstore to gain further insights.
For short/ medium-term goals:
If you are a risk-averse person, and your investment horizon is less than 10 or 7 years, you have an array of investments options to choose from for peace of mind. Most of these debt and equity-related instruments are tax-efficient as well to ensure you save tax and thus further make money that way.
Bank FD – If you choose a bank fix deposit for a term of 5 years, you can avail of tax benefit U/S 80C.
Public Provident Fund –
This has been an all-time favourite and a must-have for all Indians as it helps create a retirement corpus with the best return in the debt market with a tax-free interest of 7.1%.You can maintain a PPF account with just INR 500 a year.The maximum annual contribution allowed is INR 1.5 lakhs. Principal invested gets a tax benefit U/S 80C too.
ELSS – It has a 3 years lock-in and maturity in 10 years. This is because this too gets you a tax break U/S 80C.
Debt mutual funds, liquid funds and bonds –
Being inversely related to the stock market, they are known to yield better returns compared to bank FDs.
8) The top #4 ways to be mindful of money mistakes:
Managing personal finance for working professionals for you needs some study and interest from your side as we by now understand.
However, there are many that land up making money mistakes that can have lasting consequences of guilt of the opportunity cost lost. Let us take look at a few common money mistakes young professionals must avoid.
1) Living beyond your means>
This is the most common mistake youngsters make early in their careers with newfound financial freedom.
If you keep spending more than your earnings for long; it can make it very difficult for you to gain back financial stability.
Thus ensure you budget your expense by the 50:30:20 rule from the very beginning to live and manages expenses effectively.
2) Beware of the debt trap –
Be mindful of your spending on your credit cards or borrowing money from people to meet your flamboyant living expenses in the early years of your career. This is because there is a huge opportunity cost lost in the process.
There are people who had to take personal loans to set off their debts that ran into lakhs of rupees.
This has an adverse effect on your morale and respect as a human being and might find it extremely difficult to get back on track. Thus as described earlier, pay off your debts/ loans at the earliest.
To learn more about personal finance for working professionals like you and to have your query resolved, download the Koppr app from the Playstoreand get in touch with your personal financial planner today!
Making purchases unscrupulously
Youngsters are found to find a high in picking up accessories, latest mobile phones and gizmos, bikes and clothing continuously. They swear by the associated exchange programs too.
However, these are all depreciating assets that become obsolete soon. Thus be mindful and limit your purchases in these segments.
Rather you should aim at picking up real assets like stocks/bonds, gold/ gold bonds or even land if you can afford them as all of these will always increase in value.
Delusions about financial goals in life
There are very many youngsters who live beyond their means and/or have no savings in their accounts even if they are earning a decent amount of income.
This is because they have not spent time to understand/ define their life purpose or define their life’s financial goals.
Thus planning for personal finance for working professionals like you eludes them, leaving them grappling with their finances till late in life.
Thus start today and get your personal financial planning in place with your personal financial planner from Koppr and start your journey into wealth creation and realise your financial dreams with élan!
Irrespective of the current financial state of a person, everyone wants to die a rich person. However, in the 20 years that I spent in the financial services industry, I have noticed that most people either lack the awareness of proper financial planning (though they may not acknowledge it) and to add to it, hiring or consulting a certified financial planner freaks them out.
If you too feel the same way, let me tell you that you have many on your side even today.
However, if you are looking for mental, emotional wellbeing for yourself, then paying attention to your financial wellbeing is an important key to achieve the former two. Financial wellbeing refers to how ably you have planned for the future and not just your current financial status.
If not paid proper attention to, your financial security/ stability is likely to affect you as badly as your combined stability in your profession, relationships and concerns around your physical health.
However someone specialised in comprehensive financial planning helping you sort and plan your finances can be life-changing for you – you are likely to have a 5 kg brick off your head, thus freeing up your capacity to concentrate on your professional and personal matters efficiently and effectively.
It is quite natural that you may feel that you do not need a financial planner/advisor to help you plan your finances/ investments. But beware before you arrive at that conclusion.
If the answer to any of the following questions is a ‘no’, then you might think twice before you dispel the idea of hiring a certified financial planner-
Do I have enough knowledge of finances and investments?
Is wealth management your forte? Do you have a knack of learning or reading about financial planning, wealth management or any other financial subjects or like researching them?
Are you an expert in managing and monitoring various financial instruments?
Do you really have the time to evaluate your portfolio from time to time and make periodic adjustments in them to reap your best returns?
Who is a Certified Financial Planner?
A certified financial planner India is an individual who helps people manage their finances. These individuals are given this formal designation of ‘Certified Financial Planner’ or CFP by the ‘Certified Financial Planner Board of Standards, Inc.’
This is because they are trained and thus equipped to guide people plan for various financial goals in their lives viz. Education, weddings, retirement, buying assets like houses/ apartments, protection with various insurance coverage and tax planning as well.
To become a qualified Certified Financial Planner (CFP) is a difficult task. One has to undergo stringent processes and conditions pertaining to passing of standardised examinations, experience, ethical standards and formal education.
Most importantly, all CFPs are ethically and legally bound to take all decisions and act solely in the best interest of their clients. This is referred to as being on ‘fiduciary duty.’
Enroll for our Financial Planning Course to learn how you can efficiently manage your Finances
Certified Financial Planners offer comprehensive financial services against certain considerations –
One Time fee – If you are consulting a CFP for a specific need, like resolving a specific issue or making a financial plan for you, the Certified Financial Planner is likely to charge a one-time fee from you. You then take your investments ahead on your own basis the roadmap defined by the CFP for you.
Hourly fee/ flat rate – Many investors consult CFPs against a flat fee, on a regular basis in order to review their portfolios or plan new investments from time to time.
Commission fee –
Common in India is a commission fee, i.e. a percentage of amounts of money being invested in any vehicle are shelled out as a fee to the CFPs by the respective companies/ vehicles where the money is invested.
Why do you need Certified Financial Planner?
You may be a fresh graduate seeking to pay off your education loans post landing with your first job, or someone about to retire and is looking for avenues to ensure a seamless flow of monthly income, or maybe at a life stage somewhere in between, we all look want the money we are making or have made in life to work towards meeting our financial needs.
These life events and more prompt us to reach out for qualified and custom made financial advice. This is because there is always a chance of making a bad financial decision leading to major losses of hard-earned money.
Detailed below are various life scenarios when you might want to go for professional financial advice by either individual CFPs or financial planning firms.
I am on my first job and have my education loan to be repaid yet want to start saving for the future.
I need proper tax planning to ensure I pay a minimum tax on my salary from service/income from the business.
My parents are retiring and I being the sole earning member need to ensure family expenses in the face of an unforeseen event in future.
I plan to buy a house/ apartment in a few years from now post I get and settle down in life. I need help to plan for my future down payment.
I recently got married and now need help to plan our finances together as a couple.
We just got a child and need to plan for its future education, marriage and other financial needs.
My spouse and I do not agree on financial decisions and need comprehensive financial planning by an expert who can act as a mediator and give the right advice.
I am a single person and have no inheritance; thus need to plan investments towards wealth creation for myself to achieve my dreams in life.
I have inherited some wealth from my parents and need guidance to fruitfully invest the funds to yield maximum returns in future.
I do not have knowledge of the right financial instruments to invest my money and need expert advice to help me manage my finances.
I have been managing my finances till now, but need a second opinion to understand if I am on the right track to achieve my financial dreams.
I do not enjoy saving or investing money but/ and need professional advice to ensure I do not mess up my future financial health in the face of uncertainties.
I recently got widowed/divorced and need guidance to reorganise my finances for my future to move on as a single person.
I am about to retire and need professional support to ensure a regular flow of income henceforward from all the money I have earned so far to take care of my expenses and live my post-retirement golden years as I have dreamt of my me and my spouse.
My parents are growing older. We need professional help to check if all the financial planning done till date will suffice their financial needs going forward.
Advantages of Consulting a Certified Financial Planner
Famed English fashion photographer David Bailey had once said, “To get rich, you have to be making money while you’re asleep. “ If your aim is to get rich, then seeking professional advice from a certified financial planner can prove to be advantageous to you.
However, comprehensive financial planning is aimed at and comprises strategies to increase returns on the portfolios by keeping a close watch on the various investments vehicles; with the investment objectives of the client in mind.
Trying to get this done by one’s own self poses a complex task as too many investment options available in the market; mostly leaves investors confused. Further one needs to be mindful of the various instalments and/ or maturity dates to ensure continuity of the schemes to benefit from them.
Also, timely churning of maturity amounts into profitable reinvestment options (keeping taxability in mind); need exploring of advanced investment strategies. All these may prove to be overwhelming to an investor who is required to devote his/ her time and attention elsewhere to take care of various priorities.
Top #5 reasons to hire a Certified Financial Planner:
Hiring a certified financial planner is likely to prove a prudent decision if one wants to save time and reduce hassle – thus reduce stress at the same time.
One of the most common reasons a CFP is hired is with the expectation to maximise the net returns on the portfolio investments. Though no one can guarantee the above, there are several advantages of hiring a Certified Financial Planner to manage your investment portfolios.
You can even ask question on Koppr App, where we have expert financial planner, Download Now
Let us take a look at the advantages of employing a CFP.
1) Helps to reduce stress by saving time and energy:
The most important reasons behind making investments revolve around the facts that –
We want to achieve all the financial dreams and meet exigencies along our life’s journey, and
Post-retirement we should be able to reap returns from our hard-earned money to ensure a stable flow of income during our golden years
However, managing and monitoring investments on our own may actually pose a hurdle to the above objectives.
This is because our jobs and businesses demand full attention to make money and progress in our chosen careers.
Making and dedicating enough time to research and plan our investments to make our money work while we are sleeping or away in earning money, requires persistence, and dedicating so much time on a regular basis is definitely a challenge.
On the other hand an expert in this field – a CFP will happily and proactively take the desired responsibility while you are away.
2) Dedicated specialist to make money work for you:
Certified financial planner and financial planning firms are specialists and trained portfolio managers who dedicate their lives to plan and manage investment portfolios as their vocational expertise.
Thus their service with their functional knowledge, expertise and continued investment strategies can truly prove to be helpful to individual and organisational investors as well.
3) A timely and thorough review of investments:
Employing a qualified CFP to manage and control investments means giving complete control on one’s investments to an outsider. This can be a cause of doubt or suspicion for many as money has an emotional attachment to its owner.
This apprehension can always be taken care of by consulting and taking a second opinion from another CFP.
4) A stepping stone to learning investment planning:
If you are not a trained investment advisor by profession; appointing and observing a Certified Financial Planning Manager work out personalised investment strategies for you and others is a great learning experience in itself.
Most CFPs have their unique consulting and approach to investments for every client based on the latter’s needs. Thus watching the applied investment strategies and tools used to meet various financial objectives, will lay the foundation to your own interest in investments and acquiring further knowledge in the field to subsequently help you manage and monitor your own portfolio as a financial planner too.
5) Trained and expert capabilities:
Generally an externally hired qualified CFP approaches investment planning for their clients with their personal experience and expertise coupled with a foolproof financial planning tool which may otherwise not be available to you as an investor.
Neither will an investor be in a position to think about it on their own. The comprehensive financial planning done for you by a certified financial planner using his/ her business acumen is likely to widen your horizon of market information around unknown territories of investment categories, tools and opportunities to strengthen your portfolio thus improving its efficacy in supporting you in achieving your life goals.
All of the above is likely to make you aware, more interested and raise your accountability towards being mindful and be focused on achieving your investment goals to help you live your financial dreams in life.
We at Koppr aim to enable you to be financially fit and lead a financially healthy life. If you take charge of your financial plan with the help of experts along with the necessary tools to assist you, you can take control of your financial plan.
As said, financial freedom is just not for the riches, it’s for every one of you. You can simply start your investing journey with Koppr.
Christmas time is party time at the office with teams and colleagues meeting up with each other, socializing and having fun. After a year of dedication and hard work, Christmas time brings in the time which is meant for celebrating and enjoying.
Christmas party at the office fills the workplace with a feeling of joy and happiness. Moreover, the Christmas party at the office can be an effective way to boost the morale of your employees by appreciating them for their hard work and efforts.
A Christmas party at the office can also help in increasing the productivity of your organization and improving the relationships between teams at the workplace.
As an employer, you should emphasize organizing such parties at the workplace as they help in bringing a positive vibe throughout the office and would also allow your employees to relax amidst all the work pressure.
However, the major problem which is faced by the employers in organizing a Christmas party at the office is the budget for the party.
If your organization is a new one or a start-up, then the budget for the Christmas party would be a tight one. Organizing a cheap Christmas party at the workplace in a tight budget can be a challenging task.
But, there are plenty of things associated with the Christmas party which can be done even within a tight party budget.
How to Celebrate Christmas in Office or Remotely on a Tight Budget
Let us enlist some of the major methods by which a Christmas party at the office can be thrown on a tight budget.
Selection of the Party Date
The Christmas party date should be convenient for most of your employees.
This is the most important part of the Christmas party as the date of the Christmas party must be decided well in advance. You can select the date for the Christmas party as per the convenience of your employees.
The party can be on a weekend night or a weekday night, but this can be decided by taking the opinion of your employees.
Moreover, if you have a tight budget and want to avoid high prices you can plan for a Christmas party in January which would also be a great way for welcoming the New Year.
Selection of the Venue / Working from Home
The selection of the venue is another important task for a Christmas party. Mostly, organizers for the Christmas party do not look for numerous options and agree to the first option they obtain.
However, you should do some more research and try to find out some other options for a venue where you can negotiate the prices and get good offers as well.
If you are planning the Christmas party virtually i.e for your work from home employees, set a theme and send them invite well in advance
Moreover, if you are planning for a tight budget Christmas party it is always wise to plan for your Christmas party at your work premises. This will help you in organizing a cheap Christmas party as you can be able to cut down the expenses involved in renting a space for the Christmas party.
Also, you can get your employees engaged in decorating the place and this can turn out to be a cost-cutting measure.
Deciding on a theme for the Christmas party
Nothing can be more exciting than hosting a theme-oriented Christmas party at your workplace. Even when you are planning for organizing a cheap Christmas party for your employees, you can think about including several themes for your Christmas party.
These themes will make your Christmas party even more interesting and can be managed within a limited budget as well.
There are several themes available for hosting a tight budget Christmas party such as Christmas Carnival, Winter Wonderland, Masquerade Ball, Christmas Jumper Event, etc. These themes can be easily implemented and within a limited budget.
Send an for Simple Invitations or an Email
Invitations: Send teasers, contest alerts, e-invites, etc. at least 3 days in advance to build up the hype.
For your workplace Christmas party, if budget is a constraint you can think about ways to make things creative within a tight budget. You can think about ways by which you can send simple invitations other than the paper invitations. The paper invitations can be expensive and will even take a lot of time, effort.
However, you can think about e-invite methods and send invitations to your office Christmas party via e-mails. This is convenient and a perfect approach for organizing a limited budget Christmas party.
The decoration part of your Christmas party would be expensive as you would like to have a bright and colourful place to enjoy. If you are going to prefer professional party decorators, it would be quite expensive and would be a hurdle.
You can think about ideas by which you can re-use things which are easily available for decorating your party venue. This can make your plan of organizing a cheap Christmas party feasible.
In this activity, you can easily get your employees involved and assign some tasks associated with the décor to everyone.
Bunting can be used here for decorating the place and a team of your employees can cut out shapes, use strings to attach them and decorate the entire place. Your team can get coloured markers and coloured pencils, then decorate them throughout the place.
Moreover, you can instruct your employees to arrange a Christmas tree and the basic decor items like balls, stars, etc. These items are available at nominal prices and would fit into your Christmas party budget easily.
In addition to these decorative items, for other items like crockery and candles, you can suggest your team for mixing some different designs of bowls, plates, and different sized candles to create a pattern.
Apart from procuring fresh flowers which can be expensive, you can use different types of candles and citrus fruits decorated in vases which will be aromatic and elegant.
Now, the major attraction of every Christmas party is the food and drinks. These are going to take up a major portion of your budget for the Christmas party.
So, you can think about options by which you would be able to serve good quality food and drinks to your guests without bringing any deviations in your budget.
One method by which you can bring in good quality food without making much adjustment in your budget is by offering eatables that are small or appetizer-sized.
This will be budget-friendly and even your guests will get the opportunity to try varieties of dishes together. Some items like soups, meat skewers and dips can be good from a taste perspective and also fit into your budget.
Moreover, you can think about arranging a potluck dinner or recipe exchange plan and get the food items arranged for your Christmas party.
When it comes to drinks at a Christmas party, procuring alcohol for the party can drain out your budget. Since you are planning for a tight budget Christmas party you can procure mainly one or two types of drinks and announce them as “signature drink” for the evening.
You can use this strategy to procure one or two good quality drinks at a nominal price and make your guests feel elated. Moreover, you can have lots of non-alcoholic drinks at your Christmas party such as juices, punch, sparkling water, etc.
The music at a Christmas party must be the best so that your dance floor remains full throughout the party. You can get a very decent set of speakers at reasonable prices which would help play varieties of music such as pop music, chart hits, etc.
Moreover, you can make some of your employees engaged in getting smartphone music apps which would help create your radio stations. These can play peppy numbers and party songs throughout the Christmas party and keep your dance floor jam-packed.
Games and Other Activities
The major intent of your Christmas party at the workplace is to make your employees feel happy and entertained. So, your employees should not feel bored at the Christmas party and should enjoy it completely.
This can be feasible if you have arranged for some good games and fun activities at the party.
You can ask some of your team members to take up this responsibility. They can download games available on the internet free of cost. Then these games can be customized according to your theme of the Christmas party and the choice of your employees.
Some award-giving activities can also be included in these, it might be a serious or a funny award-giving activity but it will add to the fun quotient of the Christmas party.
Not up for a full-fledged party? Well, here are some budget Christmas party ideas!
Now, since the major constraint for the Christmas party is budget of the Christmas party it is essential to think and consider various ways by which your employees can enjoy Christmas time at a nominal price.
Apart from the conventional budget-friendly ideas for celebrating Christmas, there are some different and innovative ideas by which your employees can have a good time during Christmas.
These are different holiday ideas by which you may not arrange the same old stereotypical Christmas parties at the office but can give your employees a fun time within a limited budget.
Dine Outside with your Team
This is more or less a cheap Christmas party idea but it is sure to give a lot of fun to your employees. You can fix up a lunch or a dinner plan for the entire team and have an entire fun-filled afternoon or evening. This will be a budget-friendly plan and will also make your employees feel happy.
Organize Potluck having a Christmas Theme
As said earlier, a potluck lunch during Christmas can be included in a conventional Christmas party or you can simply organize a Christmas party potluck lunch at your office.
Your employees can form teams and each team can get some food items for the Christmas party potluck lunch. This will be a great idea for having some fun during Christmas and also your employees will get the opportunity for bonding amongst themselves.
Gift Exchange Ideas – Secret Santa
The Secret Santa gift exchange idea is quite common among all during Christmas. Every employee will get a gift for the other employee for whom he would be the Secret Santa.
Your teams at the workplace can give some list related to categories of gifts that can be bought or set a price limit within which gifts have to be procured. This will make the entire idea of the Christmas party interesting and within a fixed budget.
You can order online and deliver your gift directly to your secret Santa’s place if your planning this event while working from home.
As an employer, Christmas time is the best time to appreciate your employees and make them feel special. You can get all of them small or large gifts and make thank them for their hard work and efforts.
This would make the holiday season even more fun-filled and joyful for all your employees.
Watch Some Shows Together
This can be another tight budget Christmas party idea in which all your employees can together take a day off for watching some show or movie together. It would be a comedy show, family related show or even a holiday-related show.
This would increase the proximity amongst your employees and would not impact your budget for the Christmas party as well.
Christmas Decoration at the Office
This can be organized in the form of competition at your workplace. A particular team of your employees must be having a specific work area where they would be sitting.
Each team has to decorate their work area based on the Christmas party theme. The rules and any other guidelines for the competition can be defined by the judges.
The team with the best Christmas decoration will be awarded a special Christmas gift. This can be fun and can bring out the creative side of your employees.
Christmas Trivia Contest
The Christmas trivia contest is competition itself. You can create teams that can participate in the contest. Judges panel can get questions based on Christmas, holidays and keep a track of the scores.
Awards for the winning team are a must to boost their spirit and encourage them.
Christmas Celebrations with Magicians or Comedians at Workplace or Virtually
You can invite some magician or comedian to your workplace and organize a fun fiesta type of activity. If you have a little more budget allocated, you can arrange some other games in the fiesta.
Your employees can get their kids if they want to. Small refreshments can be arranged to make the activity even more enjoyable.
Hence, the Christmas party at the office is an excellent idea for giving a break to your employees from the daily work life.
There are numerous budget-friendly and cheap Christmas party ideas which can be real fun for your employees.
These ideas can be creative too and you can customize these tight budget Christmas party ideas according to your convenience.
A Christmas party after a full year of hard work is sure to bring smiles on the faces of your employees.
Financial wellness is nothing but productively taking charge of your own finances. The more successfully you do it, the better you are deemed. If you manage your economic life properly, you effectively succeed in bringing financial wellness into your life. If you fail to manage it properly, you will face many challenges in your economic path.
Everyone struggles with financial wellness at some point or the other, but with proper training and guidance, one can overcome the hurdles. Financial wellness is important because it brings forth mental peace and rids a person of undue stress and anxiety. When a person is at peace, he or she functions very well and the productivity at work increases as well. So if you are a business owner, you need to take charge of the financial wellness plan of your employees.
Doing this will help your employees to a great extent and will also drive in more profits your way. Read on to know more.
Financial wellness at workplace is very important. This is because the financial journey of an employee essentially begins from his or her workplace. The salary earned is the largest and for many, the only source of money. Sadly, many employees live on a paycheck-to-paycheck basis. They are unable to manage their expenses and end up with practically no savings. This is why it is crucial for an employer to step in and ensure employee financial wellness takes place on multiple levels.
Here are the most common reasons why many people struggle to achieve Financial Wellness on a day-to-day basis:
1) Faulty debt management –
Many employees may be struggling because they have too many loans and no idea how to repay them. Proper debt management is an integral component of financial wellness plan. If an individual has a student loan, a home loan, a car loan and a personal loan that he is repaying, it will become difficult for him to clear all the EMIs.
Myth: At times, people also end up taking additional loans to manage their existing loan liabilities. This causes havoc to their financial wellness and brings forth excessive stress and anxiety. Truth: This is the biggest reason for a lot of people to fall into the debt trap!
Although simple it may sound, most people are either unwilling or unable to follow certain basic financial rules such as making a budget for themselves. No matter what the earning and the spending is, a proper budget definitely needs to be in place. Without a budget, aimless spending can happen and that can lead to further financial hardship for a person who is already struggling with his money!
Myth: People feel that since they don’t have too much of a disposable income and they almost live from salary-to-salary, creating a budget and sticking to it is of no use. Truth: This is a misconception, as a budget helps you to spend smartly and save, even when your earnings and low.
3) Tax inhibitions –
Taxation is an integral part of everyone’s financial lives. Whether they pay a huge amount of money as income tax each year or not, understanding the tax structure is crucial. This is especially true since there are two income tax regimes that can be chosen.
Myth: Faulty knowledge of the taxation norms leads to many challenges that range from tax returns not being filed on time to avoidance or high interest on overdue taxes! These factors pile up the financial problems for your employees and keep them away from achieving financial wellness. Truth: A proper understanding of the taxation norms might enhance the financial wellness of your employees.
4) Faulty investments –
There are many investment opportunities available in India. From the basic post-office saving schemes to the more complex investment options, your employees can invest their money in various ways.
Myth: Proper information about investments is only required if the investment corpus is high. Truth: A lot of people may not have proper financial knowledge about investing properly, as per their financial capabilities and risk-taking abilities. This leads to faulty investments that subsequently lead to financial disasters.
5) Poor financial literacy –
And finally, it is common to find a deficit of correct financial understanding among employees in general.
Myth: Everyone seems to know about the basics of economics such as savings, investments, taxation and so on. Truth: However, if you dig deeper, you will find that the knowledge is very limited and often the financial literacy is very poor. This is one of the main reasons why they fail to achieve financial wellness plan.
As an employer, it is your duty to make sure no employee working in your organisation faces financial hardships due to the reasons mentioned above. You need to take charge and implement financial wellness at work. Thankfully, there are some very effective ways in which you can achieve this.
Top #3 Ways to achieve financial wellness at work:
You can help your employees achieve financial wellness in the following ways:
1) Helping them make better financial decisions –
As stated above, making poor financial decisions that range from not filing the taxes properly to investing incorrectly, your employees end up losing a lot of money that makes their financial life a mess.
Pro Tip: Help them to make better financial decisions by counselling them on how to make the best financial decisions.
2) Training programs to inculcate good financial skills –
An employee needs to be financially skilled to take care of his own financial wellness. This requires training over a period of time.
Pro Tip: Once your employees understand the basics, they will be more skilled to make the correct financial moves independently, and this will be a major step towards a comprehensive financial wellness plan.
And finally, your employees can only achieve financial wellness when they have a calm and worry-free mind. If they are constantly worried about money matters and how to manage their monetary duties, they cannot focus on anything else. As a step to bring financial wellness at workplace, you need to help your employees to let go of this stress.
Pro Tip: Offer therapeutic facilities such as access to a counsellor, mental relaxation games, access to better healthcare, etc. Becoming stress-free is the first step towards achieving financial wellness at work and in life.
Rather than organising one-off workshops or training modules, it is always better to integrate the employee financial wellness programs holistically into the work ethics of your company. This is an important step towards bringing financial wellness at workplace. Train and counsel your employees continue to make sure financial wellness at workplace happens on a regular basis and your employees get their economic live son track.
Financial wellness does not solely and wholly depend on the salary of an employee. A person who earns a few thousand rupees a month might be financially well and sound because he lives within his means saves and manages his financial duties with proper care. On the other hand, a person who draws a salary of Rs 5 lacs a month might be in a financial mess due to his extravagant lifestyle, a habit of overspending and poor financial literacy.
This analogy proves that it is not always the volume of the salary that ensures employee financial wellness. The individual’s financial literacy and money management skills are of extreme importance. Every employee has a different degree of financial knowledge and, as is evident from the points mentioned above, his or her financial wellbeing belongs greatly upon it.
It is, therefore, a very good idea for you, the employer, to ensure financial wellness at work by organising holistic financial literacy programs that benefit all the employees of your organisation.
Designing programs to increase financial wellness at workplace
A compassionate employer who genuinely cares about the wellness of his employees will not fall short of ensuring that the employees receive the correct type of training, as per their requirements. To design the best programs to help your employees, you first need to evaluate the following:
1) Evaluate and assess the pay-structure of the organisation –
Before looking towards the employees to assess their financial statuses, you need to take a good and hard look at some of the facilities you offer to them. A major area is the pay structure of your organisation. Are the salaries you pay at par with the industry standards? Are you paying your employees too less? You need to evaluate this aspect and ensure your workforce is getting what they deserve. If the wages are too low, it is normal for people to worry and struggle financially.
2) Evaluate the financial literacy levels among the employees –
As mentioned above, all your employees may not be at the level of economic literacy. So before a financial wellness program is designed, ensure you understand the financial literacy levels of the employees and design or employ pieces of training that can help them to the greatest extent.
3) Evaluation of dependency on other financial aids –
Many people depend on additional financial aids like payday loans or personal loans. The dependency on such tools can prove to be very harmful in the long run and pull your employees into deeper financial distress. Make a truthful assessment on the overall dependency on such aids and see how you can help them get out of the trap.
Once you conduct these assessments, you will know where your employees stand. You can segregate them in groups and offer effective financial wellness programs that would help your employees to overcome their monetary hardships and also free them of stress and anxiety.
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What does financial training comprise of?
There are many different forms of financial training available. However, an effective program would surely educate your employees on the following topics:
Step #1: Saving money –
Saving money on a regular basis is of utmost importance and is perhaps the most effective step towards achieving financial wellness. You need to train your employees on how to save money. The financial training material must comprise of this area as without proper savings, an employee cannot achieve his long-term financial goals.
Step #2: Budgeting –
As stated, making and maintaining a budget is of great value. But many people do not know how to make a budget. Making a budget does not simply mean noting down the incomes and expenditures. A budget is a plan and needs proper designing. A good financial wellness training program can tell your employees all about budgeting.
Step #3: Planning for their retirement –
It is crucial for all individuals to plan for their retirement. You are not going to pay for the expenses of your employees once they retire, so you need to make sure they set up a retirement fund early on in life. A retirement corpus needs to be created and maintained diligently and a good financial training program would tell your employees how to go about this.
Step #4: Investing –
Investing money in the first product you come across can be tremendously dangerous! Investing without proper knowledge and understanding is much more dangerous than not investing at all. Train your employees about the correct ways in which they can invest their money as this would be a great step towards bringing financial wellness in their lives.
Step #5: Maintaining a proper credit score –
Do your employees know about the concept of credit score? It may seem like a simple concept, but a large number of people do not even know it exists! Yes, that is correct. You need to inform your employees about the significance of having good credit and what a high credit score can do to their financial capability.
Once your employees understand these fundamental financial concepts, they will begin to improve their financial wellness, which would be of help to them and to you as well.
Watch this video on How to Maintain Good Credit Score
Importance of employee financial wellness
An organisation that has a happy workforce is an organisation that records better profits. This is an actual, hard fact because your employees are ultimately the backbone of your firm that keeps it upright.
The reasons that make employee financial wellness important are:
1) Better performance –
An employee who is constantly bogged down with stress and anxiety will find it very difficult to concentrate on anything else. His mind will remain clouded and he will have little enthusiasm left. This will greatly affect his work productivity as he will not be able to focus on the assignments he needs to complete. If however, he is stress-free and relaxed, he will be more enthusiastic and focused and will deliver very well at work.
2) Increased loyalty –
If you help your employees to achieve financial wellness, they will surely be grateful to you. The gratitude would make them better and more loyal and this would help you to have a strong and reliable workforce. After all, the efforts of your employees would ultimately bring in the profits, so you need their support in every possible way.
3) Good reputation for the firm –
And finally, your efforts to bring forth financial wellness at the workplace would surely fetch some good amounts of reputation. You will be known as an employer who takes care of his employees and worries about their financial wellness. This would not only win you accolades, but it would also make the most talented candidates eager to work in your organisation.
Keeping these points in mind, it can indeed be said that regular employee wellness programs must be deeply integrated with the work culture of the organisation.
Ensuring proper implementation of financial wellness
As an employer, you need to ensure your employees are financially well. Do not treat this merely as a duty that you need to fulfil. Rather, be empathetic and treat this as a necessity for the overall wellness of your company. Hire a proper institute who can train your employees and help them achieve financial wellness in a proper and apt manner. There are some highly competent academies such as Koppr Academy that offer excellent financial courses for employees.
You can collaborate with Koppr Academy and enrol your employees for some of the best financial literacy courses. They can learn about several economic areas such as investments, taxation, budgeting, etc when they attend these courses. The courses are available online so your employees can access them at their own convenience. The course material is designed by some of the leading economists, which prove to be highly effective.
In a nutshell
To put it in a nutshell, financial wellness at work has no alternative. As the employer, it is your responsibility to ensure your employees achieve financial wellness at every level. Keep all the tips and guidelines mentioned above and you’ll surely be able to provide the help your employees need. Remember, an employer is highly regarded and trusted by his employees. You must make the most of this and offer all the help you can to your invaluable workforce.
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To ensure the productivity of an organisation is at its peak, as an entrepreneur you must have the best employees. However, an organization is a mixed-bag of employees. It is the employees’ hard work and dedication that ultimately drives in the profits and improves the wellbeing of a company.
However, if your employees are healthy, happy and eager to work, as a business owner, you will see a positive change in the fortunes of your firm. On the other hand, if they are stressed and anxious, you will see the figures drop.
One of the most important reasons for stress among employees is financial worry. A majority of the people suffer from money-related problems as their financial management skills are not the best. It is, therefore, your duty and responsibility to introduce a financial literacy program in the workplace to ensure your staff understand the basics of financial literacy and manage their money better.
Once your employees are financially literate, they would be able to manage their own money much better and hence their stress levels over financial issues would eventually reduce! This would surely lead to healthier and happier individuals who would contribute immensely to the growth of the organisation.
The importance of financial literacy
As stated, it is very important to introduce the concept of financial literacy among your employees.
Here are a 5 reasons to highlight the importance of financial literacy:
1) Understanding investments –
Very few people can solely rely on their salary to take care of all their financial goals. Wealth creation is extremely important and that mainly happens with the help of investments. Unless you invest a part of your money, you will seldom see it grow and you will struggle to meet your long-term financial goals.
Pro Tip: A good financial literacy program teaches your employees about investments and guides them on how to multiply their wealth with the resources at hand.
2) Managing debt –
Borrowing money has become tremendously commonplace in the modern era. There are very few individuals who do not opt for bank loans. From home loans to personal loans, from education loans to car loans, an average person has many loans against his name. However, managing this debt can become a challenge if a proper debt management system is not implemented.
Pro Tip: A good financial literacy training talks about debt management and ensures people don’t struggle to pay off the loans they have.
Apart from loans and EMIs, most of us struggle to pay a fat bunch of bills each month. From credit card bills to utility bills, the total bill payment amount is large enough to cause stress and anxiety among many!
Pro Tip: This is why you must insist that your employees undertake a financial literacy program and understand the ways in which the bills can be effectively cleared each month.
4) Planning for retirement –
As a responsible employer, you will pay your employees their monthly salaries. This would help them to take care of their livelihoods. But what happens after they retire? You would not be paying them their monthly salaries any longer so how would they sustain?
Pro Tip: To make sure they have a financially secure retirement, you need to train them about retirement planning. Do this with the help of a financial literacy program at the workplace.
5) Budgeting –
And last but not least, the importance of financial literacy at the workplace lies in teaching the employees budgeting.
Pro Tip: They need to know all about making a budget and sticking to it as that is the only way in which they can cater to their monetary needs and still save money for their future.
A good financial literacy program touches upon all these areas and provides wholesome training to the employees of the company.
What do financial literacy programs look like?
A financial literacy program, as the name suggests, is a comprehensive education program that focuses on teaching the participants the basics of monetary management. Here are some common components of a standard financial literacy program:
1) Step #1: Budgeting and saving –
Unless a part of the money earned is saved, a person will struggle financially. A financial program aggressively trains the participants on how they can budget and save. Making a budget may seem like a simple task, but in reality, it is actually quite complicated.
One needs to know their spending patterns, financial responsibilities, debt system, etc and then make a proper budget. Once a good budget is in place, the payments and savings both can happen. Budgeting and savings thus form an important part of any financial literacy program.
2) Investments –
As mentioned above, investments are the key to financial independence. However, the investments should be proper and effective, sadly, a poor investment can lead to heavy losses and the investor may even end up losing all his hard-earned money.
This is why a person requires extensive training and guidance before he begins investing his money. A financial training program tells the participants about the different investment channels, the risks associated, etc and helps them to choose the correct platform.
3) Taxation –
Taxation is a very important part of any financial plan. Most people who earn incomes pay taxes in some form or the other. Though commonplace, taxation is still a topic that baffles many.
If your employees are a bit confused about their taxes, enrol them in a financial literacy program and help them to understand all about the taxation system.
4) Maintaining good credit –
A financial literacy program teachers employees about maintaining good credit. There really is no alternative to having a good credit score as that allows a person to enjoy sound financial wellbeing.
Your financial journey becomes a lot smoother if you maintain good credit and this is why it is so important to learn about it.
Want to know more about financial wellness and it’s importance, read our blog to know more.
5) Staying away from frauds –
Sadly, frauds and cheats are rampant in the financial world. Many a time, unsuspecting people fall prey to these fraudsters and end up losing all their money. From disguising as bank employees to investment gurus, these fraudsters are there at every corner.
When your employees undergo a financial literacy program, they learn about the ways in which they can identify and subsequently, stay away from these cheats.
As you can see, these are very important financial topics that everyone needs to understand. When you arrange for a financial training program, your employees get wider knowledge about these economic matters and that benefits them to a large extent.
The cost factor – Financial education doesn’t have to be expensive
As a small business owner, you may be apprehensive about the costs involved in arranging a financial training program for your employees. The good news, however, is that such programs are often affordable and never too expensive to worry about. There are some very good and successful financial academies that offer customised training programs to company employees at very economical costs.
Options in financial literacy for employees
These days, employers around the world opt for new and interesting ways to impart financial training to their employees. From financial advisors coming in, to online courses being set up, there are indeed many options for imparting financial education among the employees. Some of the most popular options include:
1) In house financial advisor –
You can start off by employing a financial expert who can offer his or her advice to the other employees whenever needed. Many a time, employees feel tremendous stress and anxiety and fail to cope up with their financial troubles.
Having help at hand at such times can be of immense help. Also, when the advisor is a co-worker, the employees feel more comfortable discussing their issues, in comparison to discussing them with a complete stranger.
2) Option for teleconferencing –
Your next option is to set up a teleconferencing facility. You can tie up with a financial education firm and offer a phone number to your employees.
They can call the number and speak to the financial advisors and get the financial training they need.
3) Arranging physical workshops in the office –
Another option is to arrange for a financial literacy workshop in the office premises during office hours. There are many trainers who would come down to your office and conduct a fixed-duration workshop.
It can be a monthly affair or a bi-yearly one, depending on what your requirements are. The employees can join the workshops and get the training they need to ease out their financial struggles.
4) Signing up for online courses –
Many offices worldwide opt for the very popular option of online financial courses. There are many academies that offer excellent financial literacy for employees through these online courses.
In fact, there are multiple courses on Financial Literacy for your employees on Koppr Academy that can benefit your employees. You can opt for the same. All you need to do is to provide the login details and inform the time and ask all the employees to log in. they can receive the training remotely and stay one step ahead in the economic game.
Opting for Online Financial Literacy Courses on Koppr would not only be cost-efficient but make the most sense in the post-COVID era where everyone can access the same at their ease without having any physical interaction. This would keep their productivity ongoing.
You can opt for any of these options to ensure your employees receive the financial education and training they require. You need to ensure that the training they receive is of superior quality. Unless this is ensured, your employees may not gain completely from the training you arrange.
Benefits for the organization on training the employees on Financial Literacy
If you financially sound employees, your organisation will benefit immensely. Here are some ways in which that can happen:
1) Increase in productivity –
There can never be enough emphasis on how important and beneficial it is for the employees to be mentally fit. If they are constantly bogged down by stress and anxiety, they will remain preoccupied and that will prevent them from delivering their best. Even the most talented employees won’t be productive enough for your business to flourish.
And as we all know, financial stress is one of the main reasons why people lose their mental stability and get into tremendous bouts of anxiety. This causes them to lose their focus. If their finances are sorted, they are more relaxed and can focus more on the job at hand. This would increase the levels of productivity and in case benefit your organisation to a large extent.
An employee who is financially stressed would be very tempted to change his job and opt for a new position where the salary is just marginally higher. He or she may not even give a lot of thought to the process of changing jobs at such a time. This can be quite damaging to your firm, as losing a capable employee who you trained over the years can be detrimental to the company.
If the employee is financially secured, he or she will be happy to earn the current salary and definitely will not quit the job just for the lure of a few extra bucks.
When stressing the importance of financial literacy for employees and arranging various training programs for the same, you end up taking good care of your workers. This works in your favour and also increases the reputation of the organisation. People identify you as a good employer who thinks about the employees.
This increases your reputation in the industry and the best candidates want to work for your company. So financial literacy for employees has this added benefit that you can easily amass.
4) Financial gains –
Last but not the least, you get some economic gains of your own when you ensure your employees have proper financial knowledge. To begin with, the employee sick days reduce quite dramatically once the employees know how to cope with the financial stress around them.
Then, there is also a lowered healthcare-related expenditure as the employees stay physically fit and healthy when they are mentally relaxed and stress-free. And finally, employees who aren’t distracted by their personal money matters will definitely perform better and add to the revenue generation of the organisation. All these factors would prove to be financially fruitful for you, the business owner, in the long run.
Any organisation would benefit from having financially competent employees who are happy and perform their best. This is one of the biggest reasons why you should stress on arranging programs that aim to increase the financial literacy for employees.
Collaborating with a good academy
As you can clearly see from the points mentioned above, providing financial training to your employees is of utmost importance and as a business owner, you simply cannot skip doing this. However, you must also remember that providing proper and insightful training is vital. Many employers make the mistake of appointing sub-par financial trainers. This causes a lot of harm and the employees receive poor quality financial education. This leads to more problems and the training proves to be a disaster! You need to steer clear of all such matters. You can start off by hiring or collaborating with a highly competitive and able financial academy such as Koppr Academy.
Koppr Academy is an online financial training platform that offers financial literacy programs with the help of video tutorials prepared by financial experts. The course material is carefully curated and designed in a way to promote financial literacy for employees.
The courses can be accessed online by your employees 24×7. They can learn about various financial aspects such as retirement planning, investments, debt management, budgeting and so on. The courses are very affordable and this makes it easy for you to enrol your employees into these programs.
To sum it up
When it comes to money, most people are still quite conservative and prefer to be discreet. The reluctance to discuss their financial matters and the urge to manage it all by themselves lead to financial stress in many people. This is why you must integrate some methods into the regular work to inculcate the basics of financial literacy among your employees. A good way to do this is to introduce a financial literacy program for your employees.
After going through all the points mentioned above, the importance of financial literacy can not be ignored any longer. So get associated with a good academy like Koppr Academy and provide your employees with all the aid they require and soon you will have a group of financially sound employees who would deliver their best performance at work.