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Why financial wellness needs to be an ongoing effort

Employers have done some work around financial wellness, but largely in the form of one-off lunch-and-learn sessions, webinars and guest speakers that don't have the desired long-term affect on employees.

By David Stedman | Updated on January 22, 2018
Employers that implement a long-term, sustainable financial wellness program will achieve the highest ROI and the happiest employees. (Photo: Shutterstock)

Financial health has become a growing challenge for the American population. Two-thirds of Americans have difficulty coming up with $1,000 to cover an emergency, 29 percent of adults know someone who delayed the purchase of a home due to student loan debt and only 49 percent of employees are confident they’ll be able to retire when they want, according to a PwC survey.

In the past, financial stress wasn’t widely discussed in the workplace, but employers are beginning to pay attention as it directly impacts retirement, physical wellness, absenteeism, presentism and productivity. In fact, up to 80 percent spend time on the clock stressing about their personal financial situations. The financial pressure placed on employees in the modern workforce causes stress, but employers have an opportunity to address it in a sustainable way to build a happier, more productive workforce.

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