The Anatomy of a Great Financial Wellness Program

November 10, 2016

Financial Wellness

Joel Manzer

financial wellnessOver 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:

  1. 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
  2. Increased Engagement – where employees give more than 100% to the mission of their company.3
  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.
  4. 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. 


[1] 2016 AON Hewitt Report

[2] 2014 FinFit Survey

[3] Willis Towers Watson Global Workforce Study

[4] CFPB – Financial Wellness at Work

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