Financial Wellness

What is Financial Wellness?  The U.S. Consumer Financial Protection Bureau describes financial wellness as a state of being where an individual:

  • Has control over day-to-day, month-to-month finances
  • Has the capacity to absorb a financial shock
  • Is on track to meet financial goals
  • Has the financial freedom to make the choices to enjoy life

The goal of financial wellness programming is to help you and your family reduce the amount of stress financial situations can cause at home and at work. In addition to the state retirement plans, Miami offers several tax-saving programs. Through the University's group life and accidental death insurance plans, you have peace of mind while employed at Miami that your family will have some benefit should the time come.

How Miami Helps

  • Tax savings through flexible spending accounts, health savings accounts (when enrolled in a high deductible health plan) and supplemental retirement plans.
  • Long term disability insurance (LTD) which provides a salary replacement benefit should benefit-eligible employees be off work due to accident or illness for more than 180 days.
  • Employee Assistance Programs (EAP) which offer employees covered under Miami's group life insurance plan free online and telephonic financial assistance.
  • Personal financial education sessions with topics such as retirement and tax savings.
  • Uses feedback from employees to add programs to create and implement programs to assist employees in managing finances and reducing stress.
  • Offers free webinars on topics such as Medicare, Social Security, retirement services and the Employee Assistance Program.

Why Financial Wellness Matters

  • Stress is associated with numerous health issues such as depression, obesity, heart disease and skin problems.
  • Stress affects job productivity, contributing to employee absences and worrying while at work can distract employees making them less productive.
  • Financial stress is a prime cause of personal stress.