FI­NAN­CIAL WELL­NESS PRO­GRAMS ON THE RISE

Employee Benefit News - - Re: Invent | Retirement - By Nick Otto

More em­ploy­ers are of­fer­ing the pro­grams, ac­cord­ing to Pru­den­tial re­search.

The num­ber of fi­nan­cial well­ness pro­grams of-

fered by em­ploy­ers is sky­rock­et­ing, as work­ers clamor for help in in­creas­ing fi­nan­cial lit­er­acy and im­prov­ing their fi­nan­cial well­ness.

The per­cent­age of em­ploy­ers of­fer­ing fi­nan­cial well­ness pro­grams rose to 83%, up from 20% two years ear­lier, ac­cord­ing to new re­search from Pru­den­tial. And an ad­di­tional 14% of em­ploy­ers say they plan to of­fer these pro­grams in the next one or two years.

On av­er­age, em­ploy­ers of­fer seven pro­grams, and plan to of­fer an­other four within the next two years, Pru­den­tial notes. The most com­mon pro­grams in­clude tools and cal­cu­la­tors to help work­ers gauge their fi­nan­cial well­ness, re­tiree plan­ning (e.g. So­cial Se­cu­rity op­ti­miza­tion) and ac­cess to fi­nan­cial ad­vice/ad­vis­ers.

“Our sur­vey re­veals that em­ploy­ers and em­ploy­ees re­port higher sat­is­fac­tion with their ben­e­fit plans when fi­nan­cial well­ness pro­grams are of­fered,” says Vishal Jain, fi­nan­cial well­ness of­fi­cer for Pru­den­tial’s work­place so­lu­tions group. “Em­ploy­ees in­creas­ingly look to their em­ploy­ers to help them achieve fi­nan­cial se­cu­rity, and em­ploy­ers are seek­ing data and in­sights on how to re­spond and in­flu­ence bet­ter out­comes.”

Em­ploy­ers are also more fre­quently mea­sur­ing the im­pact of their fi­nan­cial well­ness pro­grams — 49% mea­sure quar­terly, 20% mea­sure monthly — and are re­ly­ing on data analysis. Em­ploy­ers mea­sure suc­cess in a num­ber of ways, with em­ployee sat­is­fac­tion as the most com­monly used, the study notes.

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