The Benefits

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.