FINANCIAL WELLNESS PROGRAMS ON THE RISE
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.