The average Millennial will start their career with $33,000 in student loan debt - more than triple the amount of graduates in 1990.
As companies, we feel forced to offer large salaries up front in order to get good people in our doors. But the facts also state that Millennials are more driven by a sense of purpose than they are by money. So how can those two work together? What if there was another way?
In Spring of 2015, wisnet.com searched for solutions to this problem. It’s unrealistic to think that our small business could continue to increase salaries to help compensate for this debt. But what if we were able to encourage healthy habits in our employees (and their families) so that we could fix the issue of debt rather than add to it?
wisnet.com, as part of our wisnetFIT initiative (healthy programs for our mind, body, and finances), has invested in a program called SmartDollar for our employees. SmartDollar is a program created by Dave Ramsey, personal money-management expert, that teaches people how to create a plan to get out of debt and build wealth. Its use of short tutorials and quizzes keep people engaged and excited about watching the next video. This program focuses on behavior change, which is key to turning money habits today into something they will use for a lifetime.
Read feedback from our team:
“Since starting the program, I have eliminated over $800/month in debt payments.
That’s all money that can now be applied to my other debt and eventually my savings!”
“I have pushed myself to never take out another loan.
I won’t buy something unless I have the cash on hand.”
SmartDollar is not the only change we have made to work towards financial wellness.
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