COVID-19 and Your Financial Wellness
Updated: Apr 4, 2020
Walking through the supermarket the other night at approximately 10:30pm was remarkable. Empty toilet paper shelves. No soap. No hand sanitizer. Long lines. People frantically piling non-perishable foods into their shopping carts.
That one snapshot of American life demonstrates that most of us wait for a disaster or crisis and then react instinctively trying to salvage as much as possible to maintain a sense of security. The problem with this strategy, however, is that for many the instinct came too late: the Charmin was gone.
The crisis we are all facing as a country and a global society is difficult, and for many communities it’s devastating. Not only are people sick from COVID-19 but the economic waves are rippling through the markets with fears of coronavirus.
We all know that despite the pain, eventually this particular outbreak and hysteria will end. But what about the next disaster or economic downturn? Are we ready to handle prolonged periods of time without work? Can we support our family without pay? And more importantly, what are employers and insurance companies doing now to protect employees from these circumstances in the future?
It’s time for employers and health insurance companies to take a look at the way they offer not only physical health initiatives but strong financial wellness programs that promote savings, money awareness and financial certainty.
In an economic downturn companies lay off hardworking people to maintain the bottom line and those without jobs lose their health benefits despite paying for these benefits for years!
More can be done in an affordable manner to help these employees prepare for the times when things are difficult.
There is no reason we should be rushing for financial certainty in times of crisis. If we are, it’s too late.