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Financial Wellness: Revisited

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Delivering meaningful financial wellness to employees

Employees want to improve their financial literacy and reduce the stress that they experience due to personal financial issues. Employers know that they have the ability to offer financial wellness programs and that these programs will provide multiple benefits to workers and the corporation alike. Agreeing on these facts could lead to the conclusion that we are well on our way to success.

Unfortunately, it’s not that simple. Moving from the desire to provide financial wellness to the actual execution of a strong program presents many hurdles for the plan sponsor. One of the biggest challenges is creating a clear, agreed-upon definition of what financial wellness really is. Plan sponsors looking for a place to start can view it from the employee’s perspective. PricewaterhouseCoopers’ 2017 Employee Wellness Survey found that all generations of employees see financial wellness as “freedom from financial stress and debt, enjoying life, and being prepared for emergencies.”  Read more at Employee Benefit News 

      

5 ways employers can help improve employees’ financial literacy and wellness

How do interest rates work? What is the best way to get a handle on paying off debt? What are the basic principles of long-term investing in stocks and bonds? If your employees are unsure of how best to answer questions like these, they’re not alone, according to a study by the FINRA Foundation. In fact, the study found a full two-thirds of Americans would fail a financial literacy test.

Employers are increasingly recognizing this concern and attempting to help improve employees’ financial literacy in new and different ways. After all, financial literacy and wellness is important to employers since financially healthy employees make for a better engaged, productive and reliable workforce. According to recent reports, 59 percent of employers are very likely, and another 33 percent are moderately likely, to focus on the financial well-being of workers beyond retirement decisions.

What steps are employers taking to improve the financial literacy and wellness of their employees?  Read the rest at Benefits Pro

      

Financial wellness programs have taken off as a benefit in part because more employees are recognizing that they need help reaching their financial goals — but employers can do more to recognize the disparities at play between men and women. A 2017 Prudential study revealed that women’s 401k savings are overall one-third lower than men’s.

To start, employers ensure women they have the investment information they need. Employers also might think about addressing employees’ most common money problems in their financial wellness programs. Budgeting, for example, might be difficult for some workers, and setting aside funds for emergencies might be a problem for others. Read the rest at HRDive

Click here for links and useful resources on employee financial wellness
The PFW Scale™ is an effective way to evaluate employee financial stress. Click here to learn how your organization can benefit by using the Personal Financial Wellness Scale™
Personal Financial Employee Education Fund (PFEEF)
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Contact us:
116 Addison Ave. Franklin, TN 37064, USA
Email: info@pfeef.org
http://pfeef.org/contact-us/service-request/

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