Corporate wellness insights

Financial Wellness Programs on the Rise

Posted by Matthew on 04.26.2017

financial wellness

Wellness programming has always focused on physical and mental well-being, but another aspect of wellness continues to grow: financial wellness. That’s the finding of an Employee Benefit News report based on recently-released research by Fidelity Investments and the National Business Group on Health.

According to the study, 84% of companies say they now offer financial security programs, such as access to debt management tools or access to student loan counseling. That’s an increase from 76% a year ago.

“Financial well-being is an important well-being pillar, as it’s hard to engage employees on addressing health needs if they are struggling with managing a budget, putting food on the table or managing debt,” said Brian Marcotte, president and CEO of NBGH.

Financial Wellness Options

The most popular financial security programs are seminars and “lunch-and-learn” programs, with 82% of employers expected to offer these this year.

Other findings include:

  • Nearly three-fourths also say they will offer access to tools to support key financial decisions, including mortgages, wills and income protection.
  • 71% expect to offer tools and resources to support emergency savings, debt management and budgeting.
  • Student loan counseling or repayment assistance programs are also expected to be offered by roughly a quarter of the employers surveyed.

Earlier this month, Forbes published 6 Best Ways to Use Your Financial Wellness Benefit At Work.

Recommendations include:

  • Find a financial mentor: Reach out an expert who can help you toward your most important goals.
  • Grab a life line: Reach out to a financial coach who can help get a handle on your cash flow.
  • Maximize your benefits choices: Taking full advantage of your employer-sponsored benefits is a no-brainer.
  • Run a retirement projection: Half of all employees in 2016 didn’t know if they were on track for retirement.
  • Get an unbiased second opinion on your portfolio: Make sure there is no pressured selling of products or services.
  • Measure your progress: Setting benchmarks and tracking progress is crucial. If your financial wellness program offers an assessment tool, make sure to use it at least once each year.