Employees want financial wellness - just don’t call it that

At the recent SHRM 2018 Conference in Chicago, a panel of HR professionals and financial wellness aficionados shared several examples of successful financial programs implemented by employers and the effect each had on employees. The takeaway? Stop calling it “finance.” “If you say, ‘Come talk to us about your finances,’ that’s overwhelming for folks,” says Amanda Carney, co-founder of Working Credit NFP, a non-profit financial program that focuses on helping individuals understand and take control of their credit score.

Working Credit is an example of how employers are tackling financial wellness in small, manageable segments that don’t overwhelm and alienate workers. “We realized credit is foundational and monumental to financial health,” Carney explains. “Good credit opens doors–43 percent of landlords check credit. It also allows you to qualify for lower rates on car loan and credit cards.”  Read more at BenefitsPRO.

FWPs That Follow Up Are the Most Effective

Financial wellness programs that follow up with participants or that are offered continuously are the most effective, according to a new report, “Assessing the Impact of Financial Education Programs: A Quantitative Model,” issued by the Pension Research Council at The Wharton School at the University of Pennsylvania. These strategies “help employees retain knowledge acquired via the program,” according to the report. “In this case, financial education  delivered to employees around the age of 40 will optimally enhance savings at retirement close to 10%. By contrast, programs that provide one-time education can generate short-term but few long-term effects.”   For more, go to PlanAdvisor.