As open enrollment is already underway, employers have an opportunity to reassess their benefits programs to focus on supporting employee financial wellness. Today’s workforce faces mounting financial challenges, from economic uncertainties to rising living costs, leading to increased financial stress. Comprehensive financial wellness benefits are no longer a ‘perk’—they’re a necessity.

Forward-thinking employers can implement several financial strategies to help employees access affordable credit, save effectively for retirement, and make informed decisions about their benefits. Some strategies organizations can implement to help their workforce prioritize and prepare for retirement include educating employees, matching student loan contributions, connecting employees with financial advisors, and enrolling new employees automatically into retirement plans. By prioritizing employee wellbeing, companies can unlock a culture of performance and innovation, ensuring sustained success.

Enhancing access to credit

Access to affordable credit is one of the foundational aspects of financial wellness. Many frontline workers and others face the burden of high-interest debt or limited access to affordable credit, with groups such as Gen Z and immigrants being disproportionately affected. According to the Bureau of Labor Statistics (BLS), immigrants make up over 18% of the U.S. labor force, and Gen Z is projected to account for 30% of the labor force by 2030. Employers have the ability to offer benefits that can improve financial wellbeing for employees, including providing access to affordable credit. Such programs can be transformative, providing employees with a safety net during financial emergencies without jeopardizing their retirement savings.