How are companies approaching financial wellbeing for their employees?

May 10, 2017

One of thefirst steps in developing a financial wellbeing program is to create an overall strategy. At the beginning of 2017, nearly half of companies (49%) are in the process of developing their strategy. Roughly one out of six (16%) has already created a strategy and is in the process of executing on it. The reason for the increased focus is clear - 60% of employers think the importance of financial wellbeing has increased at the organization over the past 24 months.

What statement best describes your organization's development of a financial wellbeing strategy?


 

Has the importance of financial wellbeing changed within your organization during the past 24 months?


2%

Decreased

38%

Same

60%

Increased

Perhaps because many employers are in the process of developing their strategy, the prevalence of financial wellbeing tools and services currently offered to workers is low. However, the appetite is strong for adding these in 2017.

Does your organization already offer (or how likely is it to offer) services, tools, or educational campaigns to address the following financial topics?


  Already offer Very likely to offer* Moderately likely to offer* Not at all likely to offer*
  43% 42% 36% 22%
Health care education and planning 37% 38% 40% 22%
Financial planning 35% 37% 37% 26%
Budgeting 34% 36% 33% 31%
Prioritizing savings 29% 38% 36% 26%
Debt management 26% 26% 42% 32%
Assistance with savings during life stages 26% 28% 41% 31%

 

For help crafting your benefits offerings to better align with overall objectives, download 2017 Hot Topics in Retirement and Financial Wellbeing.

Download the report
 

*Percentages are among companies that do not already offer.

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