What Employers Should Look For In A Financial Wellness Program

Rising inflation, market volatility, mounting debt, high mortgage rates, and retirement planning are among the factors leading to record levels of employee stress, particularly financial stress. BrightPlan’s 2022 Wellness Barometer Survey found that 72% of employees are stressed about their finances, up from 65% in 2021. Now more than ever, employees are looking to their employers for help.

Employers can address this heightened need by offering a comprehensive financial wellness benefit. A financial wellness program is about more than just boosting your company’s competitive advantage, it is about improving your employees’ and their families’ financial well-being today and for generations to come. Here are four key elements to look for in a best in class financial wellness solution.

Accessible And User-Friendly

Personal financial management is a complex endeavor, and the goal of a financial wellness program is to make this easier for employees. A comprehensive solution should include 24/7 access to digital tools that enable employees to easily manage their finances in real-time, providing updated guidance based on evolving employee goals and changing market conditions.

Actionable Resources

A shocking 13% of employees have basic financial literacy. This means that a majority of employees are likely unaware of basic financial concepts and principles that can lead to financial confidence. In order to drive financial literacy, financial education needs to be the foundation of any financial wellness program and must be easy-to-digest and actionable. The knowledge employees gain should give them the confidence to make informed decisions that help them achieve their life goals.

Personalized Data-Driven Insights

In order to empower employees to make the best decisions for themselves, they need access to objective data about their financial plan and market conditions. Insights should help employees understand their current financial situation and enable them to make progress toward their goals. Arming employees with data-driven insights can empower them to better plan, invest, and save strategically in pursuit of their financial goals.                                                                    

Access to Financial Planners 

A financial wellness program that enables employees to learn about personal finance and conveniently manage their money is core to achieving financial success. But to get the most out of the program, employees should also have access to financial planners. Seasoned financial planners can help employees spot gaps in a financial plan, give valuable validation that employees are moving in the right direction, and answer specific and personal questions about an employee’s finances. Additionally, a comprehensive solution will include financial planners trained in your company’s benefits package in order to drive adoption and utilization of the company’s 401(k), HSA, stock compensation, and other financial benefits.

Learn more about our Total Financial Wellness solution.