Everyday workers are facing levels of financial challenge that previous generations never knew. Leading employers now offer support through workplace financial wellness initiatives. Dan Schawbel, managing partner at the research and advisory firm Workplace Intelligence, interviewed five executives at the fore of the workplace financial wellness movement. He provides insights into the benefits of financial wellness programs for employees and their companies.
Financial companies are increasingly offering workplace financial wellness programs to employees and clients.
The term “financial wellness” refers to a person’s general financial health, including the ability to pay for basic expenses and hold a steady job, control over personal finances and adequate savings. To support their workers' financial wellness, more and more employers are offering resources and programs – including education, apps, student loan repayment assistance, employer-sponsored emergency savings accounts and access to financial advisers. Between 2015 and 2019, the number of companies offering workplace financial wellness programs more than doubled: More than half of US employers now provide them, while nearly nine of ten employers say they intend to prioritize employees’ financial wellness.
Studies show that employees trust their employers more than any other institution. People may thus be more willing to discuss their finances and financial behaviors at work.
Financial wellness programs help employees assess their own financial situation, improve their financial literacy, and gain access to tools and solutions.
More than half of respondents...
Dan Schawbel is managing partner at research and advisory firm Workplace Intelligence; the author of Back to Human, Promote Yourself and Me 2.0; and the host of the podcast 5 Questions with Dan Schawbel.