FinFit, a leader in providing voluntary financial fitness benefits, announced today the results of their annual Employee Financial Wellness survey.
“From the companies surveyed, we saw an 85% increase in mid-to-large businesses actively offering financial wellness,”1 said Jennifer Creech, SVP of Strategic Partnerships.
“This shows how important financial wellness is to today’s workers, and our new survey clearly demonstrates its positive impact on both employees and the companies they work for.”
This survey included a broad cross-section of industries, and assessed workers taking part in the FinFit Financial Wellness Program. It reveals marked improvements in just about every area of their finances: over 69% of those surveyed indicated that their financial stress decreased by using the tools and resources available to them as part of the program. Moreover, before enrolling in the program, most employees were unable to save any significant amount of money for emergencies or retirement on a regular basis. However, after taking part in the program almost 70% of employees were able to begin saving on a regular basis, some as much as $400 per month.
This is significant, as 56% of workers struggle with day-to-day financial issues, such as medical, home, or car repair expenses, insufficient savings, credit card or student loan debt, or any number of other financial challenges. And that can cause stress that leads to lack of workplace focus, illness, absenteeism, and lost productivity. Employers lose an estimated $7,000 per employee when this occurs.2
Before taking part in the FinFit Financial Wellness Program, many employees expressed they were unable to cover an unexpected emergency and were borrowing from payday or title lenders or borrowing against their own future by taking loans against their retirement plan. Now, 46% of those same workers report they haven't had to go to a high-interest lender since enrolling in the FinFit Financial Wellness Program. 16% report using such lenders once, and only 7% responded by saying they have turned to lenders 2-3 times.3
The financial stresses that made it difficult, if not impossible, for workers to concentrate on the task at hand have been eliminated for 82% of program participants, allowing them to re-focus their energies on work. 80% of those same respondents said the program has helped them to pay their bills on time.3 And the FinFit program rewards companies as well with 96% of employees finding value in the benefit and 93% of employees appreciating their employer for providing access to FinFit.
“Year-over-year, we see more companies and more employees making significant gains from financial wellness,” said Creech, “The opportunity to provide something that impacts employees lives so positively creates real dividends in retention of quality employees and increasing employee focus at work. Our results consistently show how FinFit Financial Wellness makes employers more prosperous by giving employees the tools to be happier with their financial life. We’re proud to be leading this charge.”
1. FinFit Financial Wellness Survey, January 15, 2017
2. MetLife, "Is Your Company a Great Place to Work?" 2014
3. FinFit Financial Wellness Survey, January 15, 2017