Business Group Blog

Employers Embrace Financial Well-being Programs

financial well-being

Data show that 76% of companies currently offer programs or benefits to help employees improve their personal finances.1  Employers are taking a greater interest and role in the financial security of their employees for a number of reasons:

  • Financial security, defined as “the perception that you have enough money to do what you want to do, and don’t regularly worry about money” contributes to employees’ overall well-being.2 
  • Half of employees report that their financial situation is their number one source of stress; 28% have said that their financial worries have affected their health.3,4
  • Twenty-eight percent of employees report being distracted at work due to personal finances.4 Among those, 46% say they spend three hours or more per week thinking about or dealing with personal finance issues.4
  • Fifty-four percent of employees say that their employer should focus resources on their financial well-being if they want to support their overall well-being.3

Employer Strategies to Increase Financial Security

Recognizing that different generations in the workforce have distinct financial priorities, employers are offering financial programs and benefits that go beyond traditional retirement planning. Common offerings include:

  • Financial Seminars/Lunch-n-Learns

Seventy-three percent (73%) of employers currently offer financial seminars on-site or via webinar to educate employees on a variety of financial topics.1

  • One-on-One Financial Planning with Adviser/Coach

Fifty-nine percent (59%) of employers are offering employees the opportunity to meet one-on-one with a financial adviser or coach at either no or low cost.1  

  • Financial Health Challenges

Thirty-one percent (31%)of employers are offering financial health challenges in 2016, which function in a similar way to physical activity challenges.1

  • Student Loan Repayment Assistance

Thirteen percent (13%) of employers offer a student loan repayment benefit to employees in observance of the fact that this type of debt may impede employees’ ability to meet current day-to-day financial needs, as well as save appropriately for the future.1

To learn more about how employers are helping employees – from those who have just started their careers, to those who are looking toward retirement – become more financially secure, see the Business Group’s member-only issue brief: Strategies to Support Employees’ Financial Security.

 

References