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