Employee Financial Wellness

A Human Resource Initiative

Patrick Wameyo, ACIB (UK)

What is employee financial wellness?

What is the problem?

Beliefs – what we hold as true!

Character !

Financial Behaviours!

We spend our money on our daily behaviours:

To sustain a character informed by our beliefs.

Change your mind to change your life!

What is employee financial wellness?

What is the problem ?:

Our beliefs about – sources of income

Beliefs determine OUR the character

Character determine OUR Financial indiscipline

Beliefs determine OUR emotional intelligence

What is employee financial wellness?

What is the problem?

We learn beliefs from parents Money is taught at home –

through modelling

Wealth intelligence is taught at home

Emotional intelligence is taught at home

We learn them through observation and action

Financial indiscipline is a behaviour learnt through many

years of repeated action. It is not easy to erase!

What is employee financial wellness?

Employee financial wellness encompasses the entire

financial posture:

Ability to generate money

Ability manage money - effectively and efficiently

Financial discipline (skills & behaviours)

Wealth & Emotional intelligence

What is employee financial wellness?

Employee financial wellness :

Parents influence the quadrants where we

generate money through beliefs created over

a long time

They influence career beliefs

EMPLOYEE FINANCIAL WELLNESS

What is employee financial wellness?

It encompasses

Money skill – to generate and preserve growth

Spending , Savings & Investment Behaviours

Wealth intelligence – turn ideas to cash flow

Emotional intelligence – decisions free of emotions

……Should be a Self aware individual , with clear vision (goals) and passion able to Make financial decisions free of emotion ! Are you?

What is employee financial wellness?

Parents & peers influence our understanding of :

What is employee financial wellness?

Our understanding of INCOME and Expenses:

What is employee financial wellness?

Our understanding of Income sources and

Expenses priorities, true assets and

liabilities determine our wealth :

What is employee financial wellness?

A link between employee job performance to

Employee’s financial skills

Employee’s financial behaviours

Employee’s emotional intelligence

Employee’s overall Financial well being

“The love of money (not money) is the cause of every

problem”

Employee financial wellness

What makes an employee motivated?

Have the tools to perform the tasks

Perception - a Caring employer

Rewards for good & poor performance

Money is a reward tool if used well

Self aware, visionary employees, more self drivenPassionate employees are self motivated, lead othersFinancially successful employees hold stable job tenures

EMPLOYEE FINANCIAL WELLNESS

What makes outstanding performers?

Unique self belief

Strong ability to nurture vision &passion

Sustained actions and behaviours

Financially security

Emotional stability

EMPLOYEE FINANCIAL WELLNESS

EMPLOYEE FINANCIAL WELLNESS

Financial well being is critical

Employee vision has a financial end

Wealth actions cause performance behaviour

Job satisfaction is a by-product!

Why employee financial wellness?

EMPLOYEE FINANCIAL WELLNESS

Employees need Knowledge and skills to dream

to financial freedom

understand own financial circumstances

Plan and execute a financial plan

Save and invest securely

Create passive income

“Nime amua Yu imetanda Kote nchini”

EMPLOYEE FINANCIAL WELLNESSEmployees who can not :

Plan ahead (plan & budget)

Find and use information,

Know when and where to seek advice

Understand and act on the advice

Participate in the investment markets

Lose money in financial scams (DECI)!

EMPLOYEE FINANCIAL WELLNESS

Employees who :

Do not know the risk they can take

Do not know what return to expect

Can not make informed investment

Lose money in financial scams!

Demoralised - resign to complaining

EMPLOYEE FINANCIAL WELLNESS

Why are employees in this state?:

Money skills was not taught in schools

We copy beliefs about money and skills

We are influenced by peers and idols

Our first failures perpetuate a vicious fear

Many mistakes, lost opportunity – hanger for

quick results

EMPLOYEE FINANCIAL WELLNESS - OBSTACLES

EMPLOYEE FINANCIAL WELLNESS

What is a Purposed Life?

A clear vision (mission and goals)

Courage (informed by knowledge)

Creativity – thinks outside the box

Self discipline – can withstand criticism

Self control – able to delay gratification

EMPLOYEE FINANCIAL WELLNESS

ROLE OF HR IS TO NURTURE EMPLOYEE TO:

• Create a personal vision

• Develop courage to act despite fear

• Take creative decisions and actions

• Develop self confidence to withstand criticism

• Develop self control to delay gratification

They need financial literacy NOT awareness!

To lead a purposed life!

EMPLOYEE FINANCIAL WELLNESS – SELF BELIEF

EMPLOYEE FINANCIAL WELLNESS

FINANCIAL SKILLS

Know real assets

Know liabilities

Understand cash flow

Differentiate assets from liabilities

Acquire assets to grow wealth

EMPLOYEE FINANCIAL WELLNESS

WEALTH INTELLIGENCE

Can generate profitable money ideas

Able to take action on the ideas

Produce profitable cash flow

Generate passive income

Acquire satisfaction

EMPLOYEE FINANCIAL WELLNESS

EMPLOYEE FINANCIAL WELLNESS

EMPLOYEE FINANCIAL WELLNESS

How would you invest Ksh.1,000,000 Today

Option 1: Safety strategy

Option 2: Income Strategy

Option 3: Return strategy

An example:

EMPLOYEE FINANCIAL WELLNESS

WEALTH IS MEASURED BY

THE NUMBER OF DAYS THAT YOU CAN

LIVE THE SAME STANDARD OF LIFE

TODAY, WITHOUT HAVING TO WORK.

WEALTH INTELLIGENCE

WEALTH IS MEASURED

By time

Not quantity of money

Each one of us has his own level !

Find your level and work to it !!

EMPLOYEE FINANCIAL WELLNESS

POOR PEOPLE :

Acquire liabilities

Classify them as assets

Use earned income for expenses

Rely on earned income – salary!

EMPLOYEE FINANCIAL WELLNESS

Poverty is a state of mind manifested through a

set of self reinforcing beliefs & actions

Change Your Mind To, Change Your Life

FINANCIAL WELLNESS

Personal Finance Consultants

Financial Education Consultants

Independent Mortgage Advisors

Pension Planning – SME & Personal Pensions

Our Contacts

Patrick Wameyo , ACIB (UK)

CSAP , BSc , MBA

Financial Literacy Coach

Coach@financialacademy.co.ke

Tel. +254 723 786 362

www.financialacademy.co.ke