Original text here from Patrice Bernard (LinkedIn)
Slowly but surely, the correlation between financial well-being and workplace engagement is being recognized. Evidence of this is seen in the United States, surprisingly ahead in this area, with the collaboration between asset manager Franklin Templeton and specialized startup studio TIFIN to offer services to businesses.
Historically, U.S. employers have included retirement savings plans in their employee benefit packages to attract and retain staff, without really considering the potential impact of these plans on their performance. However, studies showing the link between financial stress and productivity are increasing. In a different context, I would even suggest that the recent decline in productivity in France could be related to the recurring attacks on public retirement (and health) systems, causing underlying worries that harm a peaceful work life.
Certainly, the TIFIN @Work solution, made available to wealth managers looking to enter the professional world, aims to attract its target audience by emphasizing the importance of offering unique and competitive additions to the standard paycheck in today's job market. But it also has to justify its position based on a broader vision that extends beyond products directly related to career and its natural extension in terms of income.
Subscribe to our newsletter:
This leads to essential generic reflections on the concept of financial well-being. First, it involves stepping back and broadening horizons. As I often emphasize, intelligent money management cannot function by juxtaposing separate compartments - one for daily expenses, one for a big trip, one for anticipating accidents, one for buying a home, one for retirement. A 360° approach, integrating and coordinating all needs, projects, and desires, is the only sensible way.
Logically, such a perspective is also beneficial for employees' peace of mind. By providing them with the means to take control of their overall budget, which gives them a radically different perception of control compared to the usual feeling of being at the mercy of events, they can free themselves, at least to some extent, from the anxieties of tomorrow and, in doing so, better invest themselves in their tasks and role in the company.
The specific content of TIFIN @Work is not detailed, with official communication mentioning a holistic support model that includes initial situation analysis, personalized operational advice, and "digitalized" education. Given Franklin Templeton's involvement, there's a risk of too much focus on financial products, at the expense of the behavior-centered logic that should be prioritized. Regardless, the underlying "philosophical" approach is extremely relevant and worth emulating.
