What Does The Future Of Workplace Wellness Hold?

Workplace wellness schemes have become immensely popular over recent years, including everything from work-sponsored biometric screenings to programmes to help you quit smoking and health coaching. There are even exercise classes involved but things are changing, despite workplace wellness becoming increasingly popular additions to employer portfolios. Because the market has evolved to not just include a phone call and a meeting with a coach, schemes are now moving into the technology realm. When the industry started, there was a fear in asking employees to disclose information about their health, and as that portion of the programme has moved on, things have changed. The uneasiness on the part of the employers has been subsumed by the reality that offering health coverage now costs so much more. Workplace wellness is now an industry worth billions of pounds and recent surveys suggest that around half of all companies with at least 50 workers have some sort of scheme in place. But at the backdrop to this is the crisis state of the healthcare market, with many chronic conditions being lifestyle diseases. The concept behind the workplace wellness programme is to help people to navigate the complex nature of lifestyle and health, by giving them the support they need to make healthier changes and the tools they need to improve their lives. In the process, they may help their employer avoid costly health claims down the road, but is this really how companies save money? Just how valuable is it to employers to have a workplace wellness scheme in place?

 

There’s an underlying concept of building a stock exchange for your health, and as such you treat your health as a stock which can go up or down depending on how you treat it. You need to go to the screenings and track your health so, for example, if your blood pressure goes down, your stock goes up. Technology offers an instant form of feedback, so if you light up on your lunch break, it will give you the hard facts – it cost you £5, you lost 146 days from your life expectancy, and all because of one cigarette. These are facts which are harder to shrug off. LifeVest is a start-up from Philadelphia which has now added a number of companies to its roster. What makes LifeVest different is the association of money to your health. Having an investment in your health is bound to affect your behaviour, and direct financial incentives for workplace wellness schemes are still quite rare, but studies show that money is a great motivator. It’s early days, but companies are seeing a rise in engagement numbers which is rooted in economics. Using competition and financial motivators helps to add to the accountability tools – you’ve got competition with your friends, your family are holding you accountable and you’ve got your financial incentives. In fact, smokers have as much as a 50 per cent higher premium than non-smokers. But people are ok penalising smokers as a way of encouraging them to quit their addiction. Looking at obesity though, this is a more complex problem and finding the right balance between incentivising weight control and simply imposing a tax on obesity is very difficult. Workplace wellness schemes have a long way to go before they find the right balance between helping both the employer and the employee, but this new way of working, by offering financial incentives, could well be the answer to this problem.

Categories: Companies, financial, financial incentives, health, incentives, Wellness, wellness schemes, workplace, Workplace Wellness

What is Financial Therapy and How Does it Help You?

Anyone who has ever had an argument of debt or expenditure will know that your emotions are absolutely linked with your financial habits. In this stage of the recession, with so many people looking for jobs or finding that the rising costs of living are becoming difficult to cope with, money has become a big issue in many households. Until the past few years though, the emotional side of the situation was more important than the numbers themselves – therapists are now looking more into all elements of the situation though, rather than just the one  side. A new practice coming into play is known as financial therapy. This practice bridges the gap between traditional therapy and finance. Many financial planners are focused on money only and become uncomfortable when the subject of emotions arises. By the same token, most therapists don’t have the knowledge to navigate clients’ financial difficulties. Some education providers are even bringing this subject into the curriculum, such as the psychology of personal finance so that people are aware of what it takes to plan for their goals. This is a growing industry that more educational providers have realised.

 

Experts compare this gap to the notion of diet and exercise. People know that diet and physical activity is important for their health, yet the increasing obesity crisis shows that  vast proportion of people don’t act on it. The emotional aspect of finance is where people get stuck – how do they stop doing something they don’t want to be doing? For example, gambling, overspending or under-spending could be some of these problems. Understanding the emotional side of finance helps to open up a dialogue about it and can strengthen couple’s bonds over money and accounts. Therapists may counsel people on the boundaries they set with their children about financial handouts or making decisions on money as a family. The way your parents acted with money may well impact how you do too, yet these decisions might not always suit the lifestyle you’re trying to lead. Financial therapy can close in on these issues and find a way out of them.

The Financial Therapy Association Network lists over three dozen members who provide services in this area. The field is still developing, and most people aren’t yet aware of the industry as a whole, but it is growing. In a time when so many people are struggling to make ends meet and trying to survive on less money, through unemployment or increased prices in the supermarkets, financial therapy could be the way forward for a lot of people. And if there isn’t a financial therapy service in your area, there is the wonder of technology – many counsellors work via Skype or the internet. Because there is no official certification for financial therapists yet, because the industry is so new, experts recommend looking to the educational background of therapists, or any licenses they may hold. Look at the average number of client meetings they hold, how they get paid and their hourly fee. Are they getting commission from referrals, and is the fee insurance based? These questions will help you to determine how valid and authentic your therapist is. It will also help you to determine if the therapist has any biases. How they approach financial therapy themselves says a lot about their practices and how they teach, which varies from person to person. What you’re looking for may not be taught by one person, but you may find that another therapist can help you.

Categories: financial, financial therapy, money, people, Relationships, therapists, therapy

Money Worries:How to Stop Your Finances Harming Your Health

Whether you lose your job or your savings take a hit, money worries can really give your emotional wellbeing a knock. You can feel shock, anger, guilt and a sense of powerlessness at your situation, as well as the stress of trying to solve the problem. This can affect your mental health with anxiety and depression, so now it’s more important than ever to take care of yourself and your family.

 

Financial wellness can be affected by many life events, including unemployment, redundancy or retrenchment, redeployment, losing your job, losing a large investment, or losing your retirement income. At first, tackling the problem can be difficult as you’re still in a state of shock or disbelief at what has happened – you can’t fix something until you realise it exists! You can also be too anxious or worried about the future to form a solid plan, as well as a deep sense of loss for the future plans you had already made, which may not now be possible. Plus, the anger you feel at your situation or members of your family, and the embarrassment you feel at getting yourself into this mess, can cause you to become isolated from others.

 

When you put these emotions together, it doesn’t make a good recipe for getting back on your feet. Most people find that these feelings fade a little with time, and so they are able to move forward. However, if your distress and anxiety lasts for longer than a few weeks, you may be at risk of mental health problems, such as depression. Ask yourself the following questions, and if you answer yes to any of them, you may need to seek a doctor or other health professional:

 

1. Do you find it hard to do your normal everyday activities, such as going for a walk, preparing meals or talking to your friends and family?

 

2. Are you using alcohol or drugs to help you cope or feel better?

 

3. Is it difficult for you to relax and sleep?

 

4. Have you been acting more angry, irritable or intolerant around other people than usual?

 

5. Have you been feeling overwhelmed, not able to cope and thinking about suicide?

 

Aside from seeking help from a professional, there are things you can do to stay on top of your emotions during this difficult financial time. Firstly, write down every worry you have. It’s not helpful to have all these anxious thoughts floating around in your head on a loop, but writing them down will help you to take some control of the situations. Once you’ve identified your concerns, list them in order of importance so you know which ones to tackle first. Next, arm yourself with information and advice, be it from organisations or the internet. It might help to talk to someone who understands financial issues such as budgeting, saving, investing and managing debts, as they can explain things clearly and help you to get your head around things.

 

Aside from this, you need support from your friends and family members. It’s important to remember that you’re not alone in this, and getting your loved ones involved will help as they can share the burden, and help you to remain positive. You should speak to your doctor about your lifestyle, as this can really affect your mood. Ask about stress-management techniques, maintaining a balanced diet and exercise programme, and ways to eliminate or avoid smoking, drugs and alcohol.  Finally, you need to be patient and positive. It takes time to recover from a major loss like this, so think about times in the past where you’ve overcome obstacles, and apply this to your current situation.

Categories: Education, Family, family nbsp, feel, Finances, financial, health, Medical Help, Mental Health, Money Worries, nbsp, Support

The Cost of Surviving: Life Insurance

With an increase in cancer survival rates, the prospect of living a full life is a promising one. With medical science serving as the balm to the life-threatening illness that claims the lives of thousands, the chances of dying from it now are becoming significantly less. The survival rates are only climbing upwards.

Cancer is one of many illnesses that presents individuals with the value of life. Teetering between hope and loss, families and their diagnosed loved ones go through a rickety road where the uncertainty is ever-present in the scope of recovery.

As such, finances are probably the last thing on everyone’s mind however, financial protection ensures that no matter what happens, a debt is not left hanging over the heads of the ill. Life insurance is one such example of financial cover, where surviving cancer does not have to tow a resulting debt.

According to the Telegraph, Tom Baigrie, chief executive of LifeSearch, an online financial protection adviser, said: “While many people are living longer they are doing so having previously survived a serious illness. However, the financial impacts of living in poor health after an illness can often be very difficult if there wasn’t any critical illness insurance in place.

“Living longer with cancer is a lot better than the alternative, but not so much so if you can’t maintain your standard of living. So having an element of critical illness cover, which pays out on life threatening cancers is simple common sense.”

What tends to make individuals flinch is the concept, naturally, of cost. It is understandable to flinch away from the prospect that you have to shell out thousands to protect everyone’s interests – but it doesn’t have to be a “money or your kneecaps” scheme. It isn’t limited to cancer, but to all life-threatening ailments, such as heart attacks.

A life-cover is a protective film that serves to lessen the stress that you are already presented with. Nobody deserves to have an extra weight in their life when it is already under threat by another. By maintaining a safety net over the threat of debt, you can keep you and your loved ones secure by paying just under £30 a month.

The Cost of Surviving: Life Insurance

Categories: cancer, critical illness, financial, financial protection, heart health, life, life insurance, life threatening, living, living longer, money, survival rates

The Cost of Surviving: Life Insurance

With an increase in cancer survival rates, the prospect of living a full life is a promising one. With medical science serving as the balm to the life-threatening illness that claims the lives of thousands, the chances of dying from it now are becoming significantly less. The survival rates are only climbing upwards.

Cancer is one of many illnesses that presents individuals with the value of life. Teetering between hope and loss, families and their diagnosed loved ones go through a rickety road where the uncertainty is ever-present in the scope of recovery.

As such, finances are probably the last thing on everyone’s mind however, financial protection ensures that no matter what happens, a debt is not left hanging over the heads of the ill. Life insurance is one such example of financial cover, where surviving cancer does not have to tow a resulting debt.

According to the Telegraph, Tom Baigrie, chief executive of LifeSearch, an online financial protection adviser, said: “While many people are living longer they are doing so having previously survived a serious illness. However, the financial impacts of living in poor health after an illness can often be very difficult if there wasn’t any critical illness insurance in place.

“Living longer with cancer is a lot better than the alternative, but not so much so if you can’t maintain your standard of living. So having an element of critical illness cover, which pays out on life threatening cancers is simple common sense.”

What tends to make individuals flinch is the concept, naturally, of cost. It is understandable to flinch away from the prospect that you have to shell out thousands to protect everyone’s interests – but it doesn’t have to be a “money or your kneecaps” scheme. It isn’t limited to cancer, but to all life-threatening ailments, such as heart attacks.

A life-cover is a protective film that serves to lessen the stress that you are already presented with. Nobody deserves to have an extra weight in their life when it is already under threat by another. By maintaining a safety net over the threat of debt, you can keep you and your loved ones secure by paying just under £30 a month.

The Cost of Surviving: Life Insurance

Categories: cancer, critical illness, financial, financial protection, heart health, life, life insurance, life threatening, living, living longer, money, survival rates

The Secret Financial Pain Of Diabetics

In countries without healthcare, such as the United States of America, it is estimated that an average person who is suffering from diabetes spends over 4,000 dollars more every year in medical expenses than those who do not suffer from the condition. This is not the end of the story when it comes to the financial picture of diabetes, however, there are also a number of non-medical costs associated with having the disease. These include the decrease in earning potential, as some diabetics are restricted in the type of work that they can do, because of their condition, and their job prospects can be affected.

Financial wellbeing is not often considered, when people are quantifying the effects of diabetes, but a recent study shows that it is almost as significant a factor as wellness-related effects, for those living with the condition long-term.

The study was published in the Health Affairs journal, and was carried out in association with Dr. Michael Richards, who works in the department of health policy and administration at Yale University. The findings were taken from a national study of adolescent health, which gathered information from around 15,000 people over a period of 14 years. This study highlighted important findings, such as the fact that those with diabetes were less likely to complete their high school career (around six percent dropped out) and were also less likely to go on and attend college after school. In addition to this, by the age of about 30, the diabetics in the survey were around 10 percent less likely to have a job, due at least in part to their reduced opportunities to gain a good education.

This, coupled with the increased medical costs of having to pay for a lifetime treatment for the debilitating condition, can mean that diabetes hits people very hard in a financial sense, and this is something for which there needs to be greater awareness.

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The Secret Financial Pain Of Diabetics

Categories: Costs, Diabetes, financial