Wellness programs are on the rise among employers, and for many the focus isn’t just on bodily health—but also financial and emotional health.
That’s according to the most recent survey from Fidelity Investments and the National Business Group on Health on corporate health and well-being.
The survey found that employers are adding programs that help employees manage stress, improve their resiliency, and assist with their financial challenges.
The shift in focus from simple physical health to a broader understanding of wellness that encompasses both emotions and finances means that employees could be getting assistance in an area that for many is a source of stress: their finances.
In fact, not only has the Institutional Retirement Income Council pegged financial wellness plans as one of the four top trends within the retirement industry for 2016, numerous companies are jumping on the bandwagon to offer financial wellness tools as well as programs to help employees cope with the thorny problems lurking in their finances.
The Fidelity survey found that nearly three quarters (73 percent) of companies offer onsite financial seminars to help employees manage their financial well-being.
In addition, 59 percent make a financial coach available to employees.
Help in repaying student loans, a benefit that’s usually offered only within the public sector, is now on the agenda for 13 percent of employers for 2016, while another 21 percent are considering adding it in the future.
Considering how large a factor student loan debt is in millennials’ finances, it’s likely that growth in programs that help employees cope with repayment will continue, as studies continue to report data on how student loans weigh on retirement saving and companies create tools and programs to assist in chipping away at loan totals.
The Fidelity survey found that stress management is far and away the most popular emotional well-being program offered, with 54 percent of employers currently offering such programs and another 12 percent planning to do so in 2017.
Also popular is resiliency training, which helps employees manage setbacks in the workplace or in life outside work--27 percent of employers offer this program, with another 20 percent planning to do so in 2017.
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