Dive Brief:
- Among the 70% of employers that offer financial well-being benefits, more than half said they plan to expand these offerings this year, according to a WorldatWork survey released Jan. 7.
- Nearly half of employers surveyed launched new financial well-being programs. Most HR respondents (59%) reported spending more time supporting financial well-being benefits.
- More than one-fifth of respondents offer stock purchase programs. Other popular benefits include budgeting assistance, debt consolidation services and tuition assistance.
Dive Insight:
Employers are aware of the financial struggles many workers face — and how these problems may hinder productivity. According to a recent MassMutual study, employers said they worry that workers aren't saving enough money for retirement, paying down debt or handling medical expenses.
Just as employers recognize workers' financial concerns and are offering programs to try to meet their needs, workers in a survey by the National Business Group on Health (NBGH) said they welcome financial information and assistance from employers. In fact, workers said employers could do even more to help them with financial planning and healthcare matters.
Employers that are launching or expanding a financial well-being program may need strategies for making it an invaluable benefit for workers. In an opinion article for HR Dive, Bob Armour, Jellyvision's chief marketing officer, recommended these strategies for HR leaders: 1) make pre-tax savings a focus of the program; 2) rebrand open enrollment as an annual financial check-up; and 3) offer comprehensive, unbiased financial advice.
