It’s the crisis no one is talking about. We see the signs, butwe spend all of our time talking about the symptoms instead of thedisease:

• We hate saving for a rainy day – or even a sunny one. Theaverage U.S. household saves about 5.9 percentof their income, lower than the 60-year average, which hoveredclose to 8.3 percent. It’s also nearly a third of the country’shigh of 17 percent back in 1975.

• We still love debt. Total American household debt ticked up to morethan $12.5 trillion at the end of last year, according to theFederal Reserve Bank of New York. That’s an increase of $460billion for the year – the largest in nearly 10 years andperilously close to pre-recession levels.

• We’re not ready to retire. While the median workingcouple has saved only about $5,000 for retirement, only one inthree families has saved anything at all.

We read stories about all of these alarming statistics – andmore – almost every day, but we rarely hear anyone talk about theunderlying problem: a startling lack of employee understanding ofthe most basic economic principles.

Related: What larger 401(k) sponsors are doing tohelp employees

Whether it’s calculating compound interest, definingdiversification or explaining revolving credit, Americans arewoefully behind the curve when it comes to basic financialconcepts. A recent global survey ranked the United States amiddling 14th in the world in financial literacy, with 57 percentpassing a basic proficiency test.

That growing financial illiteracy leads to an increasinglydistracted – and frankly, stressed out – workforce. This, in turn,leads to more workplace accidents, more doctor visits, and agreater incidence of presenteeism, all of which cost employersthousands of dollars every year.

In recent years, employers have not only acknowledged theseissues, but most have embraced potential solutions, with roughlytwo-thirds offering some kind of financial wellness program to employees. While someaspects may overlap, there are essentially five types for employersto consider.

1. Financial education

Education is the bedrock that everything else in the financialwellness market is built on. So it’s critical everyone agrees onthe actual definition of what financial wellness is.

For years, employers have targeted their financial educationefforts on the retirement side of the equation, filtered throughthe prism of the 401(k). And that’s the problem.

According to a just-published PwC employee wellness survey, “Across allgenerations…financial wellness means freedom from financial stressand debt, enjoying life, and being prepared for emergencies.Surprisingly, very few employees of any age define financialwellness in terms of retirement, which has historically been thefocus of most employer financial education programs.”

In fact, according to the survey, employees of all age groupsare more worried about saving for emergency expenses than anythingelse. And with good reason: Less than 18 percent of Americans havea three-to-five-month emergency fund established.

When it comes to financial education, it is increasinglycritical that organizations focus on more than a single component.Broadly speaking, most programs focus on saving, investments,insurance and spending. More specifically, successful educationprograms are centered on retiree health care and Medicareeducation, investment management and asset allocation instruction,and retirement financial planning.

2. Cash flow management and budgeting platforms

While financial education is most effective in person, thesedigital platforms can be just as effective in other ways, such asproviding online money management tools, aggregating visibility toall of your accounts in one place and offering retirement orsavings calculators.

Digital platforms are also critical in making a much broaderspectrum of financial advice available to employees.

Perhaps most importantly, these platforms help break down anydigital literacy barriers that may exist, providing neededassistance to segments of the population that have beenhistorically underserved by the financial benefit offerings,lower-income or older employees for example.

3. Financial coaching

As opposed to an advisor or planner, a financial coach issomeone more focused on the basics of finances while addressingfinancial habits.

Coaching is focused more on education and empowerment and lesson long-term planning or more complicated investment strategies.These professionals seek to shape sustainable long-term financialbehavior by instituting more responsible short-term habits andbehaviors in one-on-one coaching sessions.

Their process usually begins with a financial assessment,followed by the crafting of a unique financial plan to suit theneeds of the employee. Ongoing coaching helps the employeestick to the plan and make adjustments as needed.

4. Loan products

Student loans consistently rank as among the top financialconcerns for employees – and with good reason: total student loandebt now sits over $1 trillion in the United States.

This burden is particularly acute for younger employees justentering the workforce. Loan products such as student loanbenefits, as one example, help ease this burden.

In short, these products can incorporate employer student loancontributions, employ refinancing options, often with aneducational component.

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5. Investment advisors

Investment advisors are typically financial coaches with a fewcertifications behind their names. As such, they can help counselemployees who already have a layer of financial wellness under thebelt.

These employees, for example, might already have an establishedemergency fund, little to no consumer debt, and manageable loan andmortgage payments.

Advisors would work with these employees to explore possibleinsurance products, investment strategies and a retirement designthat goes well beyond a defined contribution plan.

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There's more to financial wellness than signing a deal

Financial wellness programs are more than just a popularemployee benefit.

They’re hugely popular ways to transform employees into moreproductive workers and more responsible consumers. But there’s moreto it than signing a deal with the first vendor you see.

It’s essential that employers target the topics their employeesare worried about, establish a dedicated financial wellness budget,and tailor the programs to specific age groups.