Financial Wellness Programs on the Rise
Most companies encourage employees to invest in themselves and plan for retirement, but until recently few were providing assistance to guide employees through the process. A health and well-being survey from Investments and the National Business Group on Health found that 84 percent of companies now have financial security programs. These financial programs include debt management, budgeting and student loan counseling and are offered as seminars, “lunch ‘n learns” and support tools.
The implementation of these programs is timely considering the 2017 Employee Financial Wellness Survey found that 53 percent of employees are stressed about their finances. Due to the increased prevalence of chronic diseases, employees are paying more and more for healthcare expenses. Additionally, employees are decreasingly prepared for retirement and unexpected money shocks. Not everyone can afford to hire a financial planner, which makes these programs highly desired.
Brian Marcotte, President and CEO of the National Business Group on Health says "financial well-being is an important well-being pillar as it’s hard to engage employees on addressing health needs if they are struggling with managing a budget, putting food on the table or managing debt.” It is more important than ever for employers to show that they are invested in their employees’ financial well-being. Learn more about how to bring one of Wellness Workdays' programs to your office.
Written by: Amanda Pelletier, Wellness Workdays Dietetic Intern. Learn more about the Wellness Workdays Dietetic Internship.