What motivates someone to speak to a Financial Advisor? Investment advice is one reason, but it’s not the most common. People look for financial guidance when it’s time to make a big decision, especially for the first time.
That’s because major life events like getting married, buying a home, and having kids are really stressful. Missing an important step or getting something wrong can be disastrous for your financial future.
A Financial Advisor coaches you through big decisions and helps you make important updates to your financial plan. But there’s one big problem...most employees can’t afford to hire a Financial Advisor on their own, because they’re making these decisions for the first time as young professionals.
Here’s the good news. Employers can support their team through major life events by offering financial wellness as an employee benefit (many employers do already). Partnering with LearnLux gives your employees access to online training and courses, digital tools, and independent financial experts.
Here’s how financial wellness tools can support employees during three major life events: getting married, buying a home, and having kids.
I hear it all the time. Employees are stressed about affording their own wedding. First, there’s an engagement ring...then a wedding...followed by a reception...and don’t forget about the honeymoon.
Unless there’s a rich relative who’s offered to foot the bill, weddings can leave employees in a tough financial position. It’s not uncommon for someone to drain their savings, max out credit cards, or dip into retirement accounts just to cover the cost. Decisions like these can be financially damaging for years to come.
Here’s the solution. LearnLux offers guidance on budgeting, saving, and planning for a wedding without sacrificing financial health, including steps like:
- Creating a wedding budget
- Combining finances with your spouse
- Updating health and life insurance
- Updating or creating an estate plan
Buying a Home
Whether it’s your first home or your third, the homebuying process can be downright confusing. Plus, financially preparing to buy a home starts years before you’re handed the keys.
Here’s what employees need answers to:
- How much home can I afford?
- How should I save for a down payment?
- Are there special rules for first-time home buyers?
- What kind of mortgage is right for me?
- How does buying a home affect the rest of my finances?
No wonder this is one of the most stressful decisions you’ll ever make. You need a realtor’s license to understand all hundred-and-one steps!
But not with LearnLux as a financial wellness benefit. Employees can learn everything they need about buying a home, starting with one of our most popular lessons, The Advantages of Owning a Home.
And if employees have questions or need expert guidance along the way, they can schedule a call with a LearnLux Financial Advisor right from the app on their phone.
Starting a Family
Having kids is another decision that should spark changes to your financial plan long before your new baby arrives, starting with your budget.
New parents can expect major changes in the spending category. Raising a child is estimated to cost anywhere from $250,000 to $750,000 and we usually underestimate the cost of that first year - including hospital bills, child care, food, clothes, diapers, toys, and lost sleep. The last one won’t actually hit your bank account, but the loss is very real.
That’s just the baby budget. New parents should also consider:
- Building an emergency fund
- Planning for maternity & paternity leave
- Updating health & life insurance policies
- Updating estate planning documents (including guardianship)
- Saving for your child’s education
If there’s one way a financial wellness benefit pays for itself, it’s by teaching employees how to maximize their workplace benefits. This is huge for new parents! Having a baby means choosing the right health insurance, knowing how a dependent-care FSA works, and getting additional life insurance to protect your growing family.
LearnLux offers customized lessons to educate employees on your company’s unique benefits, helping them maximize the amazing (and expensive) perks you offer.
Your team is like your work family. Show them love and support by investing in their financial health, giving them the tools they need to navigate life’s biggest moments with confidence.
Schedule a demo with the LearnLux team to learn more about the awesome financial wellness tools we’re building for the modern workplace.
About the Author:
Anthony is a Financial Advisor for LearnLux who works virtually with clients located all over the United States. He particularly enjoys working with Young Professionals who are navigating important financial decisions for the first time. His approach is to offer practical advice & education that helps people feel confident about tackling their financial goals. Anthony calls Chicago home. When he’s not working, he enjoys exploring the city’s unique neighborhoods by train, bike, or on foot.