Financial Wellness

Financial workplace wellnessFinancial Wellness

For many people, financial wellness is the hardest of the 8 dimensions. It consists of all the elements that build financial stability, both current and future. Whether that’s finding a way to save for retirement or working out a stable budget, feeling financially secure can benefit all elements of personal wellness. People with good financial wellness feel confident in their budgeting and have taken the necessary steps to safeguard their futures.

Resources for Those Experiencing Furloughs or Job Loss

Temporary Rule: Paid Leave under the Families First Coronavirus Response Act 
Source: U.S. Department of Labor Wage and Hour Division
On April 1, 2020, the U.S. Department of Labor announced new action regarding how American workers and employers will benefit from the protections and relief offered by the Emergency Paid Sick Leave Act and Emergency Family and Medical Leave Expansion Act, both part of the Families First Coronavirus Response Act (FFCRA).

Important Considerations in Implementing Workforce Furloughs
Economic and public health circumstances continue to change and legal frameworks continue to evolve in response to COVID-19 concerns.  In this rapidly changing environment, many employers are weighing employee furloughs as a means to conserve resources while remaining positioned for eventual recovery.  Employee furloughs can, however, implicate a variety of considerations and employment law obligations, many of which are changing in response to the current crisis and can vary by jurisdiction and employer specifics.  This Update highlights some of the common issues that employers must keep in mind when considering and implementing employee furloughs during the current health crisis.

What to do if You Get Laid-Off or Furloughed Due to Coronavirus
The novel coronavirus has leveled the American economy and has businesses of all sizes tightening their belts. Much of that pain is getting passed on to workers as businesses are forced to close because of public health orders or cut costs through layoffs and furloughs. The Washington Post provides information on what to do if you’ve lost your job or been furloughed because of the spread of covid-19.

The Consumer Financial Protection Bureau
Provides consumers with information and resources to protect and manage their finances, particularly during this difficult time of dealing with the coronavirus pandemic. 

The Office of Personnel Management (OPM)
Guidance for Managing Through a Shutdown Furlough
Important Unemployment Insurance Resources for Federal Agencies and Employees

Federal News Network
A Furloughed Federal Employee’s Guide to Filing for Unemployment During the Shutdown

FINRA, the Financial Industry Regulatory Authority
Job Dislocation—Managing the Financial Impact of Unexpected Job Loss

Making Ends Meet During the Shutdown

Washington Post
Federal workers — in a panic about their pay — apply for unemployment

Staffing Services for Temporary Work
These companies specialize in placing librarians and library support staff

Financial Wellness Resources

Every Day Tools to Help Achieve Your Financial Goals

Salary Negotiation Resources

Information About Student Loan Forgiveness Programs

6 Habit Changes That Could Save You Money

Recommended Reading

Pre- & Post-Retirement Tips for Librarians edited by Carol Smallwood (2012)

Includes chapters on a range of retirement topics, including information on spending plans, working part-time, and relocating.

Financial Workplace Wellness book recommendation

The Frugal Librarian: Thriving in Tough Economic Times edited by Carol Smallwood (2011)

Topics in this book relate to all different types of libraries and range from information on developing grant proposals to supporting professional development opportunities.

External Financial Wellness Resources

ALA-APA Salary Surveys
Links to the APA’s Salary Survey Database, as well as articles, summaries, and fact sheets for Librarian Salary Surveys and the Rural Library Salary Survey.

ALA-APA Advocating for Better Salaries Toolkit
This toolkit is designed to provide library workers with the resources and strategies they need to improve their salaries. The toolkit has four parts: Building Your Case for Better Salaries; Pay Equity; Unions; and Speaking Out. This toolkit will be helpful whether you are a librarian, administrator, or support staff.

Tools at
Budgeting worksheets, calculators, and checklists for a wide variety of financial situations and to help ensure financial wellness.  Among the calculators are: debt payoff, tax withholding, savings (long and short term), investing, etc.  Checklists include: buying a car, getting a mortgage, refinancing, financial privacy and protection, etc.

Federal Student Loan Forgiveness
Many library workers can qualify for student loan forgiveness after a period of time in particular employment, eligible payments, and/or a triggering event.  Official information on forgiveness based on many factors: public service, teaching, disability, death, school closing, etc.

LibraryWorklife Newsletter Archive of Articles on Salaries
A publication of the American Library Association-Allied Professional Association (ALA-APA), LibraryWorklife is a monthly electronic publication about issues that concern all library workers.

Taking the Mystery out of Retirement Planning
An online booklet from the US Department of Labor is for people who are 10 to 15 years from retirement that includes interactive worksheets and other planning tools and calculators.

Savings Fitness Worksheets
A series of 6 worksheets from the US Department of Labor to help you begin saving and having better financial fitness.   Topics are: Goals and Priorities, Financial Documents Checklist, Calculating Net Worth, Retirement Saving, Cash Flow Spending Plan, and Debt Reduction.