Over the past several years we’ve heard the words “Financial Wellness” and more companies are adding a financial wellness program to their available voluntary benefits. According to the AON Hewitt 2016 Report “56% of employers indicated they are very likely to create or focus on the financial well-being of employees in ways that expand beyond retirement decisions in 2016.”1
Why should you make having a Financial Wellness Program a priority?
Financial challenges are one of the leading causes of employee stress. When employees have tools that are available to help alleviate their stress they make better financial decisions that lead a more stable lifestyle which benefits a company in the following ways:
- Productivity - There is a very practical reason to add this benefit, as employers have seen a significant increase in productivity, lower turnover rates and a reduction in 401k loans.2
- Increased Engagement – where employees give more than 100% to the mission of their company.3
- Increased Retention/Reduced Turn-Over – When employees are happy and engaged, they want to stay where they are at as part of the mission of the company.
- Improved Reputation – Employees are now looking for companies that have a Financial Wellness program as a benefit. This provides a company with a competitive edge in acquiring new talent, even with a program that is communicated effectively by the company to its employees.
When employees have a personalized financial tool to help them make better decisions, a company benefits.
According to the CFPB – private employers spend an average of $144 per worker per year on financial wellness programs and can see as much as a $3 return for every dollar invested.4 Having a financial wellness program will pay for itself when employees become more productive, engaged and are retained longer.
 2014 FinFit Survey