Benefit Trend: Financial Wellness

Employers are recognizing a mind-body relationship that needs to be addressed in order to continue to improve employee health, lower associated employee health care costs, and improve productivity. For years, stress was a known trigger for many physical ailments. Recently, financial stress has been identified as a prevalent condition among US employees. If you haven't implemented a financial wellness program, consider these facts.

A recent study found 52 percent of employees are stressed about their financial situations and in millennials the number is even higher – sixty-four percent are stressed about finances. Almost half of employees surveyed responded that they are distracted by their finances at work and spend at least three hours at work each week dealing with personal finance issues. 

The International Foundation of Employee Benefit Plans found that credit cards, debt, saving for retirement, saving for a child’s education expense, and meeting basic household needs are the top financial stressors for many individuals. Approximately one quarter of employees rely on credit cards to purchase necessities they would not otherwise be able to afford – and this issue occurs at high income levels as well as at low income levels.

The number of employees coping with financial challenges continues to increase yearly. Employers are starting to introduce financial education and support options much the same way as they offer worksite health and wellness programs. Financial counseling can come at a price to employers, but, if appropriately designed with standards to measure program success, employers will start to see an increase in employee productivity and ROI. 

Much the same as wellness programs, organizations should tailor a financial wellness plan for its employees’ needs. Programs can be offered as group educational forums, individual online sessions, or personalized coaching sessions with financial professionals. Finally, employers need to determine what aspects of the employee financial program will be mandatory and whether incentives for participation will be offered.      

Wellness Workdays provides financial wellness programs to a number of employers and works with employees from diverse backgrounds and income levels. Contact us to learn more about our programs and how we can help your employees get on the track to financial fitness.

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