Today marks National Financial Awareness Day, a moment to reflect on the role financial literacy plays in empowering individuals and supporting long-term well-being. For HR leaders and business decision-makers, it's also a timely reminder that employees don't just need access to benefits. They also need help understanding what their benefits are, and how to use them wisely.
In the current economic environment, which is marked by persistent inflation, high interest rates, and growing financial stress, what was once considered a perk is now a necessity: financial wellness benefits are essential for supporting employees and strengthening organizational performance.
Financial awareness doesn't just shape an employee's personal life outside of work -- it directly impacts how they show up on the job.
According to SoFi's 2024 "The Future of Work" report, nearly 750 employees who were surveyed said stress affects their workplace productivity, and 33% of those employees shared that personal financial stress hinders their ability to focus on the job.
Left unaddressed, this lack of focus can evolve into broader consequences, including absenteeism, disengagement, and ultimately, turnover.
When employees are confident in managing their finances, they're more focused, more productive, and able to bring their best selves to work.
By advancing financial awareness, employers can build a more stable, productive workforce and create a culture where people feel supported both in and out of the office.
Many employers offer excellent benefits, but those benefits go unused or underutilized when employees don't fully understand how to engage with them. And the employer then doesn't experience the positive effects that providing benefits should yield, in terms of workforce engagement, productivity, and retention. That's where financial literacy becomes essential.
Supporting financial awareness means more than handing out brochures during open enrollment. It means delivering ongoing, personalized education that helps employees make confident decisions about their budget, their 401(k), their healthcare plan, and more.
Financial literacy should be embedded throughout the employee experience, with tools and resources that meet people where they are: whether they're just starting their career, buying a home, paying off debt, or preparing for retirement.
Even small steps, like attending financial wellness webinars, watching digestible videos, or participating in guided goal-setting, can build confidence and help employees make meaningful progress towards their goals.
The return on financial wellness is both measurable and meaningful. According to the 2024 Wellness Barometer Survey, employees lose an average of seven hours per week due to financial stress, costing U.S. employers an estimated $183 billion annually in lost productivity.
By equipping employees with knowledge and tools to manage their finances, organizations can reduce distractions, boost focus, and increase engagement with benefits like HSAs, FSAs, and retirement plans. Over time, this investment helps build trust, strengthen retention, and support a high-performing workforce.
But the ROI isn't just internal -- financial wellness programs also offer a strategic advantage in attracting top talent. In today's competitive job market, candidates are evaluating employers not only by salary and job title, but also by how well companies support their well-being. When financial wellness is a visible part of your benefits strategy, it sends a powerful message: We care about your life outside of work, too.
That message gives employers a competitive edge. Prospective employees are more likely to choose (and stay with) organizations that demonstrate a genuine investment in their financial health and future success. Financial wellness benefits help build a culture of care, loyalty, and long-term engagement.
Financial awareness isn't a one-day event -- it's an ongoing opportunity to support your people and strengthen your organization.
If you're ready to take the next step in your financial wellness strategy, explore the resources below to help guide your efforts.