Are Your Employees Financially Fit?

Employers report more financial challenges among employees today than five years ago, and many are recognizing the impact this situation can have on an employee’s job performance and productivity. According to a newly released study from the International Foundation of Employee Benefit Plans (IFEBP), employees struggle with financial issues that include:

• Debt (66%)
• Saving for retirement (60%)
• Saving or paying for children’s education (51%)
• Covering basic living expenses (48%)
• Paying for medical expenses (36%)

With nearly half of organizations rating their workforce as only a little bit or not at all financially savvy, many employers are putting programs in place to help workers get a better grasp on their finances and alleviate financial stress. Popular programs include benefits literacy education; retirement security education; and financial literacy education with topics on investments, savings, insurance, budgeting and identity theft, as well as retirement-focused issues such as retirement plan benefits, pre-retirement financial planning, retirement plan distributions and retiree health care.

The IFEBP study notes that two-thirds of organizations offering financial education rate their programs as successful, with free personal consultation services, voluntary classes and online resources reported as the top three successful methods. Ten percent of organizations provide participation incentives for financial education and an additional nine percent are considering adding incentives.

If you are considering the implementation of a financial wellness program, contact us to find out more about the programs we offer. We have helped a number of organizations increase their employees fiscal fitness and reduce stress and anxiety over financial issues.

Source

Visit Wellness Workdays for more information about our worksite wellness programs.