While some employers are merely concerned with offering financial wellness programs at a reasonable price, others are intent on achieving a specific return on investment (ROI), according to Cerulli Associates. To help sponsors measure the success of their financial wellness programs, it is important to first determine what specific goals the sponsor has for the program. Next
Financial wellness programs have been introduced in companies with the aim to have sound financial systems that enable employees to break away from the paycheck to paycheck dilemma. A healthy financial life can contribute to employ wellbeing and productivity. But are these financial wellness programs really effective in achieving their goal. A new study reveals
According to a 2018 study by Northwestern Mutual, 21 percent of Americans have no retirement savings and an additional 10 percent have less than $5,000 in savings. A third of Baby Boomers currently at, or approaching, retirement age have between zero and $25,000 set aside. The Economic Policy Institute (EPI) paints an even bleaker picture, reporting that “nearly half of
Notwithstanding a strong U.S. economy, only one in four Americans say they feel financially prepared for retirement, according to a report just issued by the Certified Financial Planner Board of Standards: Close to 80% of participants surveyed say they are not reassured that they have the best retirement savings strategies available to them; the CFP
Employers know that their workers’ financial health is causing stress and impacting all aspects of their personal and professional lives. They know that offering tools and resources to address these issues not only improves productivity but can give them a recruiting advantage in today’s job market. They know all of this. Then why aren’t they doing something
It’s been just a few weeks since taxes were due, and refunds and finances were top of mind for many. Now that the tax deadline has passed, have people moved on from financial concerns? Most likely, the answer is no. Financial wellness is an ongoing struggle for many American workers as low wage growth, rising
Employee financial stress is a growing concern for most employers and employees. Employee financial stress not only impacts individual employees, but such stress on employees is also a noteworthy expense to employers. The company experiences Employee financial stress in the form of lost productivity, absenteeism and a lack of focus while on the job. John
Data can be a powerful resource to guide decisions on selecting and improving financial wellness programs in your workplace. But data can also be easily misused or misunderstood. The first step in leveraging data in the workplace is to make sure you are using the right information. Without knowing what the financial lives of your
Your employees are currently struggling with personal financial stress, which prevents them from working at maximum capacity. Sure you overhear your employees talking about their lives, but even though financial stress is a huge component, it’s not likely you’ll hear about it. Ninety percent of employees use work time to deal with personal financial issues.
Your Company Just Launched a Financial Wellness Program. Is It The Real Thing Or Just A Sales Pitch?
You’ve received an exciting email message or an eye-catching brochure announcing that your company is offering employees financial wellness benefits. Now what? Is this the best employee benefit you may not have heard of which will give you unbiased guidance to improve your financial wellbeing– or is someone just trying to sell you something? What’s the catch?
When employees struggle financially, their employers struggle. Recent research on short-haul truck drivers conducted at the University of Pittsburgh shows that when employees' financial stress rises, companies experience a $1.4 million increase in costs due to preventable accidents, according to a report, The Cost of Financial Precarity. Intuitively understanding this, more and more employers are
Five years ago, employers were just starting to provide workers with financial benefits beyond their retirement plan, but now financial wellness appears to be firmly entrenched in the benefits space, according to a recent report. Nearly two-thirds of employers say they are very likely to take steps in 2019 to create or focus on the
Employees are worried about money. Roughly half are stressed about their finances, and nearly two-thirds either say their retirement plans and Social Security won’t be sufficient to support them in retirement or they aren’t sure, according to PwC’s 2018 Employee Financial Wellness Survey. And employers are answering the call for help. In a May 2018 Prudential survey,
It’s a new year, and time to look ahead at what it will bring. In 2018, financial wellness was one of the hottest plan advisor trends, and the industry took strong steps toward creating solutions that actually power progress—not only for plan participants and sponsors, but for advisors and for firms. While last year we spent time defining financial wellness, 2019 brings
The corporate wellness industry is constantly evolving, and savvy HR and wellness professionals need to stay on top of emerging trends to ensure their employee wellness program continues to advance. While there are numerous trends emerging in the corporate wellness world today, let's take a closer look at the seven I believe will most affect
Financial wellness programs are popular and sought after but are rarely offered as an employer-sponsored benefit, according to Corporate Insight’s 2018 Employee Financial Wellness Survey. Of the 1,544 employees surveyed, a mere 221 (or 14%) indicated that their employer offers programs or resources to help improve financial well-being; 63% indicate that they use them when
Dive Brief: All but 6% of 1,600 U.S. and U.K. workers said they suffer from stress, and at least a third of them said they’ve experienced “high” or “unsustainably high” stress, according to a new study by Wrike, “The Stress Epidemic: Employees Are Looking for a Way Out.” The study found that respondents are refusing to tolerate high levels of stress.
HR professionals are always on the lookout for the best in employee benefits – more specifically, a robust well-being program for companies who truly want to help their teams get in better shape financially. It’s no longer possible to ignore the ongoing personal finance crisis that’s affecting the lives of millions of American workers. Many employers already have a financial wellness
Health, money, work and life all play a critical role in an employee’s total well-being, according to a study from Fidelity Investments, based on responses from more than 9,000 workers and conducted in collaboration with researchers from the Stanford Center on Longevity and Cornell University. The survey and behavioral analysis focused on the four domains
Something is lacking in employer financial wellness programs. Even though an increasing number of employers are offering these programs and employees express a desire for them, employee participation rates are low. A recent survey of roughly 667 employers who offered 401(k) plans and 657 employees who contributed to a 401(k) plan from Bank of America