Financial wellness programs are becoming more and more prevalent as employers, large and small, rethink the importance of helping their employees achieve financial goals and become retirement ready.
According to Bank of America Merrill Lynch, most companies feel somewhat responsible for the financial wellness of their employees, and most companies believe that financial wellness programs will be standard in 10 years. Employers’ growing concerns over their employees’ financial situations make sense, especially since 20% of employees report that issues with personal finances have been a distraction at work. Financial stress causes employees to be less productive in the day-to-day and more dissatisfied with their employers in the long run. Financial wellness programs are not only good for employees; they can also help improve the bottom line for employers.
The Financial Wellness Trends one-pager summarizes key findings from four major studies released earlier this year. It provides essential information for quickly understanding the current state of financial wellness, from the perspective of the employer and employee.