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Employer Support, Financial Wellness ROI, and Progress Daily


Employers recognize the benefits of offering financial wellness programs: it helps attract and retain talent, reduces financial stress and related absenteeism, lowers healthcare costs (happier employees are more likely to be healthier), and it boosts retirement preparedness in the form of improved savings habits and more workers retiring on time. However, employees are slower to catch on to all the ways financial wellness programs can help to improve fiscal fitness. As such, for employers who already offer or who are thinking about offering financial wellness programs, here are four areas on which to focus
 

Financial Wellness’ ROI Could Save Large Employers Millions

Comprehensive financial wellness programs that repeatedly engage employees can effectively mitigate current and future costs associated with delayed retirement, according to new research that quantifies the savings from improvements in employee retirement preparedness.

According to Financial Finesse’s “Special Report: The ROI of Improving Employee Retirement Preparedness,” even modest improvements in employee financial wellness generate meaningful cost savings.

Based on the firm’s updated ROI predictive model, the findings show that an improvement of the average workforce financial wellness score from 4.0 to 5.0 leads to a 17.85% increase in retirement plan contribution rates, reducing the average projected retirement age by one year. For a large employer with 50,000 employees, this upward shift in the wellness score can generate $33 million to $49 million in annual cost savings from reducing delayed retirements.  Read more at National Association of Plan Advisors.

      

The goal of Progress Through Business and the Center on Business and Poverty is to publish Progress Daily (www.progressdaily.com) and to support employers which participate in social enterprise and sponsor financial wellness programs. While the Center on Business and Poverty is a university-based group (the think tank), Progress Through Business is the organization that accomplishes our work (the do tank).

The output of both organizations is focused on:
  • Writing guest editorials for Progress Daily and other online publications about social enterprise and financial wellness
  • Posting daily articles on our website Progress Daily
  • Through syndication and copying, our pieces are seen weekly in as many as 30 periodicals
  • Measuring the influence of financial wellness programs
  • Running free tax preparation programs for employers
Click here to learn more about the present projects and future work of Progress and the Center 
Click here to learn more about how financial education in the workplace creates value through increased productivity, employee morale, and loyalty. In addition, a focus on financial wellness can decrease healthcare costs, absenteeism, turnover, workplace distractions, and operational risk.
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 Survey™
Personal Financial Employee Education Fund (PFEEF)
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