Benefits of a financial wellness program

A financial wellness program can help attract and retain employees, increase productivity, lower absenteeism, and improve your bottom line.

Financial wellness is on employers' minds

Financial wellness is an increasingly hot topic among employers. Nearly half of employers in a recent survey said they’re currently creating a financial well-being strategy, and 92% said they were very or moderately likely to expand financial well-being programs.The most-cited reason was “it’s the right thing to do,” but there are additional advantages.2

Attract talent with financial wellness programs

You already offer a strong retirement benefit to help attract and retain employees. Not only does financial wellness go hand in hand with retirement readiness, but financial wellness programs can attract top talent to your organization. In a recent employee financial wellness survey, 56% of millennials said their loyalty to their company is influenced by how much their employer cares about their financial well-being.3 Conversely, 67% of millennials and 68% of Gen Xers are likely to be attracted to another company that cares more about their financial well-being.4
   

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Experience the tangible benefits of financial wellness programs

Can implementing a financial wellness program provide measurable benefits to your company? Financially troubled employees aren’t as productive and are more likely to be absent from work. In a recent survey, 16% of employees admitted to spending more than 20 working hours each month worrying about money, and 22% said they missed at least one day of work to deal with financial problems.5 One estimate puts the cost associated with poor financial health at 15% to 20% of total compensation paid to all employees.6 

Programs that increase employee financial wellness can increase productivity and decrease absenteeism. Return on investment (ROI) for financial wellness programs is estimated to be $1 to $3 for every dollar spent.7 The programs pay for themselves and then some.

Employees are looking for help

Employees know they need help—and they’re looking for it. Among those whose employers offer services to help them with personal finances, 65% say they’ve used them.8 Give them the help they’re looking for and benefit from improved productivity and employee retention.


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1 “2017 Hot Topics in Retirement and Financial Wellbeing,” Aon Hewitt, January 2017. http://www.aon.com/attachments/human-capital-consulting/2017-hot-topics-financialwellbeing-report-final-january.pdf.
2 Ibid.
3 “Employee Financial Wellness Survey,” PwC, May 2018. https://www.pwc.com/us/en/private-company-services/publications/assets/pwc-2018-employee-wellness-survey.pdf
4 Ibid.
5 Menard, Martha Brown “Improving Employees’ Financial Wellness: Why It Matters And What Employers Can Do About It,” June 2017. https://ssrn.com/abstract=3011461
6 Ibid.
7 Ibid.
8 “Employee Financial Wellness Survey,” PwC, May 2018. https://www.pwc.com/us/en/private-company-services/publications/assets/pwc-2018-employee-wellness-survey.pdf