The future of financial wellness: 47% of employers will offer by 2026

There’s a definite shift toward employers offering financial wellness offerings to their employees, and nearly half (47%) of employers will offer the benefit by 2026, said a panel of retirement industry experts.

This is according to the Transamerica’s 5^th Transamerica Prescience 2026 report: Financial Wellness Benefits and Retirement. The report is a series of polls and brainstorming sessions, each focusing on a different aspect of employee benefits as part of a multi-year initiative that surveys workplace benefits professionals on a wide range of issue looking toward 2026 to uncover trends and opportunities in the benefits landscape.

“Retirement plan sponsors, providers, consultants, and financial advisors need a sharp vision of the benefits that employees will need for their financial wellbeing several years from now,” said Phil Eckman, President of Workplace Solutions at Transamerica. “This data will help them select products, services, systems, and processes that will meet the needs of employers and employees into the future.”

A financial wellness program, according to the report, is defined as “a program offered through employers to address employees’ personal financial well-being concerns through their retirement plans and/or voluntary benefits, and digital tools and resources such as one-on-one coaching and consultation.” Additionally, the programs may offer training to hone budgeting skills, address management of financial-induced stress, identify short- and long-term financial needs, and monitor progress against goals over time.

For the latest report, panelists considered the future of financial wellness programs and how they may affect plan sponsors, participants and employers and shared their expectations about who may bear brunt of costs of financial wellness, the type of support and assistance that may be offered, the relationship between employee stress and appreciation for employer-provided benefits programs and utilization of wellness programs.

Expert opinions varied as to who will pay for financial wellness programs:

• 34% employer
• 25% benefits provider
• 24% employer/ employees
• 17% employees

Related: Employers, take note: Financial wellness benefits employees really want

By year-end 2026, these industry professionals foresee:

• Retirement plan coverage in the under-100 employee market will have equaled coverage in the 100+ employee market.
• Financial well-being benefits (e.g., mortgage or rent assistance, credit improvement) will be added, and more than 50% of employers will offer student loan repayment programs.
• More than 40% of employers will offer an emergency savings fund mechanism.

Looking ahead, Transamerica notes that the underlying responses among panelists suggest that employers without a financial wellness program may find themselves at a disadvantage in the competitive landscape of recruiting and retaining talent.