The financial anxiety from COVID-19 has created even greater urgency for employers to offer a comprehensive financial wellness solution to their employees.
That’s the clear takeaway from PwC’s 9th annual financial wellness survey, which focused on the impact of COVID-19. Among the findings in this widely followed gauge of employee financial well-being:
The report also called on employers to take an active role in the financial well-being of their employees. “In 2020, employers need to recognize the economic realities of COVID-19 and understand the important role they can play, directly or indirectly, in helping reduce financial difficulties and stress their employees will likely encounter.”
Comprehensive Employee Financial Wellness
Employees face a wide range of challenges at every stage of life. We believe financial wellness must be a comprehensive solution -- more than education or calculators -- to have a meaningful impact on the financial well-being of employees.
Comprehensive financial wellness for employees needs to address every aspect of personal finance – financial planning, budgeting, savings, debt management, investing, retirement, insurance, and estate planning. It needs to be delivered through a combination of cutting-edge technology and team of seasoned financial planners who have experienced all kinds of market conditions. Above all, it must be holistic and trusted by employees.
To build the proper level of trust, the financial guidance offered by a financial wellness solution should be delivered by fiduciaries, which have a legal and moral obligation to provide advice that is always in the best interest of employees.
At BrightPlan, our mission is to do just that: Enable employers to offer a financial wellness solution for employees that serves their needs at every stage of life. We were founded on the belief that financial wellness is a universal need, like education and health care, and is attainable for everyone.
Forward-thinking companies recognize that financial wellness is key to employee well-being and business success, especially during times of crisis. Financial wellness increases productivity, employee engagement and loyalty, and it creates an advantage in hiring and retaining talented people. As the focal point of financial wellness shifts to the workplace, employers have an opportunity to demonstrate their leadership and genuine care for employees.