August marks the start of a season of financial change for many employees. Workplaces can promote several timely financial themes to ensure employees are on track with their financial goals. Preparing for the upcoming months encourages employees to feel financially confident, allowing them to bring their best selves to work each day.

August is also National Wellness Month in the United States, a great time for employers to communicate wellbeing initiatives to their workforce. Explore the full National Wellness Month guide here.

Ten financial wellbeing themes for your workforce this August

1. Back-to-School Expenses: For employees with children, back-to-school expenses can be significant. Planning and budgeting for school supplies, clothing, and other related costs are essential to avoid financial strain.
   
   
2. Vacation Spending Review: Employees who took summer vacations should review their vacation spending and assess how it aligns with their overall budget and financial goals.
   
   
3. Seasonal Utility Costs: As the weather changes, employees should anticipate potential fluctuations in utility costs (e.g., heating bills). Budgeting for these expenses can prevent surprises in the upcoming months.
   
   
4. Retirement Savings Checkup: August can be an excellent time for employees to review their retirement savings contributions and assess if they are on target with their retirement goals.
   
   
5. Holiday Savings Planning: With the holiday season approaching, employees can start planning and budgeting for holiday expenses, such as gifts, travel, and celebrations, to avoid overspending.
   
   
6. Health Insurance and Benefits: Many companies offer open enrollment for health insurance and other employee benefits in the latter part of the year. Employees should review their options and make informed decisions.
   
   
7. Tax Planning: Although tax season is several months away, employees can start considering tax planning strategies, such as contributions to retirement accounts or charitable donations, to optimize their tax situation.
   
   
8. Emergency Fund Review: Employees should review their emergency fund and ensure it is adequately funded to handle unexpected expenses.
   
   
9. End-of-Year Financial Goals: With four months left in the year, employees can reassess their financial goals and take steps to achieve them before the year's end.
   
   
10. Financial Guidance Opportunities: August is an excellent time for employees to seek out financial guidance through their trusted financial wellbeing program that blends digital tools, interactive education, and 1:1 support from Certified Financial Planner™ professionals. Every individual's situation is unique, so access to personalized financial guidance is key. 

     

Financial holidays and events in August

When is Financial Awareness Day? How about National Relaxation Day? Our team at LearnLux created this custom Financial Wellbeing Calendar specifically for HR teams, benefits professionals, and consultants to stay in-the-know on key dates, holidays, and themed months to use in your workplace wellbeing strategy.

Drive financial wellbeing outcomes in August

By considering these financial themes in August and beyond, employees can proactively manage their finances. When employees have strong financial health, they experience reduced stress, improved mental health, and greater job satisfaction.

Why financial wellbeing is crucial for employees:

• Reduced Stress: Financial stress can take a significant toll on employees, affecting their ability to focus, make decisions, and perform well at work. By promoting financial wellbeing, employers can help alleviate this stress, leading to a more productive and engaged workforce.
  
  
• Improved Mental Health: Financial worries often contribute to anxiety and depression. By providing resources and support for employees to enhance their financial literacy and management skills, employers can contribute to improved mental health outcomes.
  
  
• Enhanced Job Satisfaction: When employees feel financially secure and supported, they are more likely to feel satisfied with their jobs and loyal to the organization.
  
  
• Better Work-Life Balance: Financial stability allows employees to focus on their personal lives and relationships without the constant burden of financial concerns.