Given the current economic volatility, it's alarming that only 44% of employees feel financially secure. More than half of Americans (63%) are living paycheck to paycheck, and a significant portion of households (40%) can't handle an unexpected $400 expense. These statistics underscore the pressing need for financial wellness resources in the workplace.
That said, only 5% of employees have met their financial goals and are seeking help from their employers—80% of employees think their employers should provide resources and benefits to support financial wellness.
Yet, only 62% of employers feel they need to offer financial wellness support to their employees, and even fewer (46%) offer financial wellness programs. For those that do, employees either underutilize them or need to know they offer those benefits.
Some top benefits they seek support for are retirement planning, investment programs, and emergency savings. Employees also want guidance on other financial wellness initiatives they might struggle with, such as student loan repayments, emergency expenses, and healthcare assistance. Ninety-six percent of employees recently surveyed found that their employer's financial literacy or wellness program is somewhat, very, or extremely helpful in improving their economic status and reducing financial stress.
Employers see greater job satisfaction and retention when companies offer financial wellness support. Sixty-eight percent of employees state they are more likely to stay at their current job if their employer provides financial wellness benefits. More than half (61%) are likelier to stay at an employer if they provide financial training and resources.
As we celebrate Financial Literacy Month in April, we're excited to share a wealth of financial wellness resources with you. These resources are for reading, downloading, bookmarking, and sharing with your HR department. They're designed to empower you in building a benefits program that supports your employees' financial health and goals.
Our goal is to give you the tools you need to build a benefits program that supports your employees' financial health and goals.
5 Strategies to Help Your Employees Cope with Rising Inflation Costs
Workplace Trends: Earned Wage Access (EWA)
4 Ways Employers Can Offer Student Loan Payment Assistance
How to Use Unused PTO to Boost Your Financial Health
What the SECURE 2.0 Act Means for Your Financial Wellness Benefits
How to Create a Successful Financial Wellness Program
7 Financial Wellness Benefits Employers Can Offer Employees
How Employers Can Support Their Employees' Top Financial Priorities With Flexible Benefits
Top 5 Financial Concerns for Employees
How Your Organization Can Keep Employees Financially Healthy
How PTO Conversion Programs Can Boost Employee Financial Health
Boost your financial health with PTO Exchange
Financial wellness is crucial to employee productivity and satisfaction. Take the first steps in building a better financial wellness program with PTO Exchange's platform. Our flexible platform allows employees to convert their unused PTO into financial wellness benefits to meet employees' financial wellness goals, such as boosting retirement contributions, paying down student debt, building emergency savings, and more. Request a demo today.
Published on Apr 09, 2024 by Marketing
