For years, business leaders have viewed financial wellness as a "nice-to-have" -- something their company has the option of offering in addition to compensation and healthcare. However, in today's economy, where inflation, high-interest rates, and economic uncertainty are driving increasing levels of financial stress for workers, that perspective is rapidly becoming outdated.
Employees now look to their employers for personalized guidance, tools, and resources that help them navigate day-to-day financial decisions and long-term planning. And forward-thinking companies are responding: According to the 2024 EBRI Financial Wellbeing Employer Survey, 90% of benefits decision-makers offering (or considering offering) financial wellness programs say their organization views it as a core part of workplace wellness.
Executives now face a new reality: financial stress isn't just a personal issue that employees are expected to deal with on their own -- it's an organizational issue that C-suite executives can proactively address and even turn into a strategic advantage.
When employees are distracted by money worries, it shows up in the form of presenteeism, absenteeism, disengagement, and turnover. This translates into a measurable business cost for employers. The 2024 Wellness Barometer Survey reveals that employees report losing 7 hours of productivity per week dealing with personal financial stress on the job, resulting in $183 billion per year in lost productivity.
For high-performing, globally-distributed workforces, this impact is even greater. When top-performing workers are preoccupied with money worries, creativity slows down, decision-making suffers, productivity declines, and overall organizational performance suffers.
Financial wellness programs are no longer just employee perks; they're a practical but powerful tool for elevating organizational success. Like any smart investment, they generate returns when implemented thoughtfully.
The ROI of financial wellness is both quantitative and qualitative:
In short: Financially healthy employees drive healthier business outcomes.
C-suite leaders are right to expect more than feel-good metrics. If a program doesn't demonstrate measurable impact, it's not a strategic investment -- it's a missed opportunity.
A best-in-class financial wellness platform should offer:
Just as important: The platform should deliver tailored insights based on your company's demographics, structure, and goals -- not just generic benchmarks. This level of personalization helps organizations prioritize interventions, optimize benefit offerings, and track ROI in a way that's both meaningful and actionable.
Look for a provider that treats financial wellness not as a standalone app, but as an integrated component of your total rewards strategy -- one that evolves with your business and delivers real, continuous value.
Supporting your employees' financial health isn't just about reducing risk -- it's about unlocking opportunity. As workforce demographics shift and expectations rise, companies that invest in comprehensive financial wellness are better positioned to:
It's not a matter of whether you can afford to offer financial wellness support. It's a matter of whether you can afford not to.
C-suite leaders play a pivotal role in setting company priorities and allocating resources. When financial wellness is elevated as a strategic initiative (not just a line item in HR'S budget), it becomes a catalyst for positive impact across the business.
An investment in your people's financial well-being is an investment in your company's long-term success. When done right, the return isn't just visible in the bottom line -- it's reflected in the productivity, loyalty, and culture of your workforce.