Benefits of a Smoke-Free Workplace

Updated:
September 22, 2021

According to a recent World Health Organization (WHO) study, smoking costs the global economy more than $1 trillion per year in health care costs and lost productivity. Furthermore, the number of tobacco-related deaths is projected to increase from 6 million to 8 million annually by 2030.

Tobacco usage is the most preventable cause of death globally. Still, the number of smokers worldwide is rising. Employees who smoke not only put their own health at risk, but also risk the health of their co-workers through secondhand smoke. There are numerous benefits to having a smoke-free workplace, including the following:- A smoke-free workplace reduces the risk of lung cancer for smokers and for those exposed to secondhand smoke (exposure increases the risk of lung cancer by 12-19 per cent)- Being smoke-free reduces the risks of heart disease, stroke, and upper respiratory infections- A smoke-free workforce helps your company's bottom line, since employees who smoke cost their employers significantly more in medical expenditures and property insurance than nonsmoking employees- Health insurance rates for nonsmokers are about one-and-a-half times lower than the rates for smokers- Employees who do not smoke take fewer sick days. Smokers miss an average of 6.2 days per year as a result of illness, whereas nonsmokers only miss an average of 3.9 days- Nonsmokers tend to have more energy, improved focus, whiter teeth, fresher breath, and increased senses of smell and taste.

FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
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It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.