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Useful Tips for Organizations to Improve Employee Financial Wellness

Hanna Wilson, HR tech Outlook | Thursday, April 01, 2021

Almost half of the workers want their employers to bring in a financial expert who can have a customized financial plan, and nearly half want tailored training based on their age group. BKS-Partners recommends forming a wellness committee inside the company to create a wellness calendar that includes financial wellness.


Fremont, CA: According to a new Workplace Benefits Study, 40 percent of millennials said they left high school and college unprepared to handle their finances and need assistance with topics ranging from planning for retirement (43 percent ), general savings support (40 percent ), paying down or controlling debt (34 percent ), saving for big expenditures (36 percent), and budgeting (40 percent). The study also discovered:

Based on the strong association between financial stress and lower levels of productivity and retention, high levels of absenteeism, and higher healthcare costs, the four tips for employers below take a grassroots approach to impacting the company's morale and bottom line.

Begin with a "Why"

Rather than relying on a rigid budget, if one can get people to think about why they are saving their money and what money can do for them as a tool, one can begin to plant seeds of meaning. They will begin to connect the dots and will have a stronger sense of intent as they arrive at work each day with a view of why they do what they do for a living.

No One-Size-Fits-All Approach

Almost half of the workers want their employers to bring in a financial expert who can have a customized financial plan, and nearly half want tailored training based on their age group. BKS-Partners recommends forming a wellness committee inside the company to create a wellness calendar that includes financial wellness. Credit unions, financial advisors, 401(k) suppliers, employee benefits brokers, and banks frequently have the curriculum and operating resources to delegate these activities and recommendations to an external resource. All you have to do is inquire.

Taking the Match

According to the Transamerica Center for Retirement Studies' 15th annual Retirement Survey, 81 percent of Millennials assume that when they hit the age of 65, Social Security will have the same chance of existing as Blockbuster Video, and they are not preparing for it to be there for them when they retire. As a result, benefits are especially attractive to Millennials – 90 percent of workers aged 18 to 34 claim they would choose benefits over salary.

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