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The Benefits

Financial Wellness Programs Benefit Employees and Employers

Why offer financial wellness programs?

Employers have a vested interest in improving the financial health of their employees.

If their employees are financially unprepared to deal with both short and long term needs, they are more likely to be stressed, which in turn impacts productivity in the workplace.

Through financial wellness programs, employers can help employees get a better handle on their finances in order to mitigate their financial stressors. More broadly, employees who are on track in their finances tend to be more productive, engaged and loyal — reflecting top business objectives for employers today.

What is more, improving financial wellness can also improve employees’ physical and mental well-being. Stress can physically manifest as headaches, fatigue, and trouble sleeping, and can also cause mental irritability and depression.

All these factors prevent employees from bringing their full focus and energy to work and have a negative impact on productivity, which nearly all employers want their benefits package to help increase.

Yet 45% of employees believe their current benefits received from their employer actually improve their financial wellbeing and 42% believe their current benefits package is helping them reduce their financial stress.

Financial Wellness Programs Benefit Employees and Employers

Employees who are on track with their financial goals are more...

Likely to still be working for their organisation in 12 months' time
Satisfied with the job they have now
Committed to their organisation’s goals

They are also...

Less stressed
Less tired

  • Employees who are on track
  • Employees who are not on track

As work and life continue to blend, employers need to help alleviate the stress employees feel, so they can thrive in and out of the workplace. Financial wellness programs can significantly contribute to these objectives.

Through these programs, employers can target employees where they need financial assistance, helping to drive overall engagement. It’s a win-win for both employees and employers.

Many employees expect their employers’ help with their financial wellness — particularly younger generations — and employers agree they have a role to play.

While the majority of employers agree they have a responsibility for the financial wellness of employees, just 13% take advantage of financial wellness programs offered.

Employers can bridge this gap through rethinking their communication strategies and ensuring their benefits are explained in an appropriate way so that employees clearly understand how to make the most of them.

The majority of employees say financial wellness programs will help them understand their needs and achieve their goals.

But they lack awareness around whether or not their employers are offering these programs, what these programs look like, how they can participate, and how they can use the programs to address their individual needs.

As a result, employees are not taking advantage of the programs when their employers do offer them, hindering their financial progress.

By creating holistic financial wellness programs that tie together benefits and guidance, employers can set their employees up for continued financial success, while at the same time, advancing their own organisational goals.

72% of employees say “financial planning tools to help them understand their options and achieve their financial goals” is a must have or nice-to-have benefit

31% of employees claim to be offered financial wellness programs by their employer

13% are taking advantage of these programs.

Employers have a responsibility for the financial well-being of their employees

Employees who agree
Employers who agree

Gen Z (Ages 18–22) who agree
Gen Y (Ages 23–36) who agree
Gen X (Ages 37–52) who agree
Boomers (Ages 53+) who agree

Next page

How to build a best-in-class financial wellness program

The four principles that make up a successful employee financial wellness program.

Read now
Employee Benefits Trends Study 2019

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Employee Benefit Trends Study 2019: Thriving in the New Work-Life World has been prepared by MetLife Insurance Limited, ABN 75 004 274 882 AFSL 238 096 (MetLife) and should not be published or reproduced without the prior permission of MetLife. Whilst care has been taken in preparing this material, MetLife does not warrant or represent that the information, opinions or conclusions contained in this document (“information”) are accurate. The information provided in the report and on this website is general information only, current as at the time of production. 

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