Should Financial Wellness be a Part of Your Programming?
Our Program Managers are often asked if financial wellness belongs in a comprehensive wellness program—and if so, what kind?
The best financial wellness program includes a combination of resources. The average employee has a relatively low level of financial literacy, which can lead to increased stress and lower productivity at work. Offering a financial education program can do a lot to increase basic knowledge of financial planning, saving, paying off debt, credit cards, and more.
The best place to start is the 401(k). Since most employers already offer a 401(k) option, they can sometimes leverage their vendor to expand awareness and provide personalized resources.
Employers may also want to consider ways support their employees’ personal finance goals. Programs such as EverFi and HelloWallet offer personalized guidance based on a person’s level of debt, spending history, and financial goals. Similar to fitness and nutrition apps, these finance-related programs are designed to give users more than just broad guidance. They try to address financial situations that are relevant and personalized.
Financial wellness is a valuable service, and I’m glad companies are starting to address it head on. If you need help integrating it into your employee wellness program, drop us a line. We’d be happy to help.