Employers are responding to a surge in interest in financial wellness programs by implementing more of them, according to 2015 data from Four Seasons Financial Education, a St. Louis-based provider of financial wellness programs for plan sponsors.
In 2014, 72 percent of surveyed sponsors didn't include financial education and wellness programs as part of larger workplace wellness initiatives.
But this year that number dropped precipitously, to 39 percent. The greater integration of financial wellness into overall wellness programs comes as 74 percent of employees said financial wellness programs should be offered by employers.
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While the numbers suggest a new imperative on financial education programs, over 65 percent of surveyed employees did not a have program available to them.
Overwhelmingly, employees claim they would use access to education and advice if it were offered; 83 percent they would take advantage of employer-provided, and paid for, programs.
Even if asked to shoulder some of the costs of financial wellness programs, most employees said they would; 59 percent said they would likely access programs, even if they had to pay some of the cost, and 26 percent said they would "possibly" do so.
About 34 percent of employees said they get access to education providers, in person in the workplace, once a year. Another 20 percent get access twice per year.
Retirement saving is the most common topic covered, followed by general education on investments, and education on insurance products.
Employee age groups greatly determined the imperative they put on retirement investing, compared to other areas of financial education. At age 35 and above, which accounted for 63 percent of the respondents, retirement becomes the area of predominate interest for employees; where as younger workers are focused on general investment education, and strategies to reduce debt.
Overall satisfaction with comprehensive workplace benefits programs was highest with those plans that offered a financial wellness component.
In its new fiduciary proposal, the Department of Labor created an education carve-out that would protect providers of non-conflicted education programs from falling under new fiduciary standards.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
