Financial Wellness Is a Trend for Employers to Consider

November 26, 2019
Publication
Inside HR
Benefits
Health & Wellness
Read time: 2 mins

Financial wellness programs are a win-win for employers and employees alike, according to Clarity Benefit Solutions. With rising health care costs, employees have the opportunity to feel secure about their financial future with financial wellness education, which positively impacts the workplace. Happy employees are less stressed and more productive, which generates more revenue. Here are some trends to take note of regarding financial wellness:

1.

Employers realize that employees count on advanced technology when it comes to accessing their financials and learning how to achieve their goals. A user-friendly platform is vital to make this a positive experience, and employers are rolling out the latest and greatest tech with features such as personalized content delivery. A majority of employees use their smartphones as their primary source of information. Employees expect this process to be easy and convenient. For employers, this is the best way to share information to educate employees, and thus increase financial wellness participation.

2.

More employers are offering HSAs and FSAs due to their mutual benefits. These triple-tax advantage accounts allow employees to set aside funds, invest for the future, and cover out-of-pocket expenses in a cost-effective way. These benefits combine to help improve financial wellness, both in the short-term and long-term.

3.

Larger companies are introducing financial wellness programs quicker than ever, realizing the importance of delivering the latest customized financial wellness initiatives in a timely fashion. Expect smaller employers to follow this lead.

4.

Employers are providing education-focused benefits such as student loan repayment programs. With younger generations facing colossal student loan debt, many employers are including student loan repayment programs as part of their benefits packages.

5.

It is also paramount that financial wellness programs have the ability to effect true change for employees. Employers realize the need to assess each employee’s goals when it comes to financial wellness and provide a clear plan to help each employee achieve his or her individual goals. To that end, financial advisors are incorporating financial wellness initiatives into retirement plan counseling. This forward-thinking initiative engages employees in caring about their short-term and long-term financial health wellness.

Source: CCH/Wolters Kluwer