Financial Wellness is a state of well-being where an individual has achieved minimal financial stress, established a strong financial foundation, and created an ongoing plan to help reach future financial goals.
Seven out of 10 American workers say finances are their most common cause of stress. Financial pressures can impact productivity, engagement, absence rates, retention and even employee health. People often avoid managing financial wellness because it is fraught with personal taboos, takes time and effort, and people often lack confidence in their financial literacy.
Financial stress impacts work:
- Twenty percent of employees report that issues with personal finances have been a distraction at work.
- Seventy percent of HR professionals indicated that personal financial challenges have a large or some impact on their employees’ performance.
UC Davis Financial Resources:
- UC provides free financial and retirement education to all employees. Fidelity Retirement Planner, Rand Erickson, is dedicated to UC Davis and is responsible for the financial and retirement education of staff and faculty. Rand provides classes on your retirement accounts, creating a budget and eliminating debt, investing basics, college savings, estate planning, and social security. View a list of available classes here. To schedule a class or series of classes for your group, contact Rand at firstname.lastname@example.org.
- SAFE Credit Union: offers free financial workshops for staff meetings contact: email@example.com
- Retirement Planning Classes: provided by UC Davis Staff Development and Professional Services.
- myucretirement.com: information on your benefits, news, education and access to your account.
- Retirement Savings Program
- Staff Assembly Staff Pin
- UC Davis Employee Discounts
- Dependent Care Flexible Spending Accounts: Student Academic Employees and Graduate Student Researchers are eligible.
- VITA: free tax preparation and assistance for low income UC Davis affiliates.
- ARAG Legal plan (UC Access code: 11700uc): sign-up during open enrollment for online legal resources, telephone advice, and in-office services.
- UC Emergency Loan Program
- Fee Assistance: all career staff employees, with a minimum of one year of service, who wish to take courses supporting their individual UC career plans may apply.
- Public Service Loan Forgiveness Program: borrowers may qualify for forgiveness of the remaining balance of their Direct Loans after they have made 120 qualifying payments on those loans while employed full time by certain public service employers such as the University of California. Please refer to the UC Riverside page as it applies to UC Davis as well (just substitute your payroll) and is very comprehensive.
- Child Care Financial Assistance: options in the community and within departments for aid, scholarships, and low-cost child care.
Financial Literacy Resources:
- Our financial partner, SAFE Credit Union, has offered UC Davis affiliates a remote access Financial Fitness Academy so we can be financially well. This quick and easy online tool with short topical modules is free and covers various financial topics at a basic level with intuitive learning processes.
- Mymoney.gov: a product of the Federal Financial Literacy and Education Commission with numerous tools, quizzes and step-by-step information on building financial security.
- National Foundation for Credit Counseling: the nation’s largest and longest-serving nonprofit financial counseling organization.
- Consumer Financial Protection Bureau: offers clear, impartial answers to hundreds of financial questions.
- Consumer Finance, Paying for College: whether attending college soon, a current student, or already have student loans, find tools and resources to help you make the best decisions for you.
- The Simple Dollar: a place where anyone can acquire financial information on finding the best products and services, saving money, making smart investments, and controlling finances.
- The Ultimate Guide to Paying off Student Loans
- How to Budget for More Happiness
- Mom and Dad Money.com
- National Women's Law Center: family tax credit information.
- Fidelity Webcast Hub Free live and recorded webcasts on financial wellness
- 529 plans to save for college.
- Cost of Living for Yolo County
- 211 Yolo: information on subsidies, health, and human services.
Actions for yourself:
- annualcreditreport.com: get your free annual credit report, authorized by federal law
- Schedule a free financial consultation appointment with our UC Fildelity representative
- The New Family Financial Road Map from Mom and Dad Money
- Family Budget Calculator: learn how much it costs to support a family in California
- Personal Savings Calculator
- Student Budgeting Calculator
- Invite a financial educator to your next staff meeting. These services are provided free and as often as you like from Fidelity and SAFE Credit Union. Please contact firstname.lastname@example.org