In 2017, it has become commonplace for companies of all sizes tooffer physical wellness packages. These offerings might encompassanything from health screenings to flu shots, programs that helpemployees quit smoking, on-site gyms, lunch-time fitness walks,standing desks, and more. However, across the board, companies arealso beginning to see increased demand for another aspect ofemployee’s holistic wellness: financial wellness.

In tandem with this emerging trend, health insurance brokersmust roll out robust, holistic solutions for employers.

What is financial wellness?

At the most basic level, financial wellness programs provideemployees with personal finance training and/or counseling. Asillustrated in a recent survey from PwC, employees are actively seekingfinancial assistance to get out of debt, achieve enough financialsecurity to withstand any financial emergencies, start laying thebricks for their retirement, and even simply meet their regularmonthly expenses without acquiring additional debt.

Brokers should keep these general areas of concern in mind whencurating financial wellness plans for employers.

How important is financial wellness toconsumers?

The previously mentioned PwC survey, based on the views of1,600 working adults across the U.S., also revealed sometroubling details about just how financially unwell consumersacross the country are.

• 42 percent of all survey participants reported difficultymeeting monthly household expenses on time;

• 59 percent indicated that they consistently carried acredit card balance — and 40 percent of these respondents havetrouble making their minimum monthly credit card payment on a timelybasis;

• Nearly one-third have tapped their retirement plans to take careof non-retirement financial needs — and 44 percent feel thatthey’re likely to do this at some point;

• 53 percent reported their financial situation is stressing themout (with nearly half saying their financial stress level hadincreased over the past year)

How important is financial wellness toemployers?

Stressful financial issues follow employees out of the home intothe workplace and eventually impact employee productivity. Nearlyone-third of employees surveyed by PwC cited personal financialissues as a work distraction. Nearly half (46 percent) of thosedistracted employees admitted to spending three or more hours aweek thinking about or dealing with their finances while theywere at work. Financially strapped workers might have to taketime off of work to address their financial concerns and/or evenexperience health issues due to their elevated levels ofstress.

In late 2016, Fidelity Investments and The National BusinessGroup on Health jointly conducted a survey on Employer-Sponsored Health and Well-Being,polling 141 large and mid-sized organizations. The results showedthat 84 percent of companies surveyed provided financial securityprograms for their employees, up from 76 percent offering suchprograms the prior year.

Businesses are increasingly expanding their definition ofwellness to encompass all aspects employee’s lives. Brokers mustfollow suit to stay relevant with their clients.

What goes into a financial wellnessprogram?

A financial wellness program can range anywhere from fairlybasic to extensive. The list below of popular offerings is by nomeans exhaustive, and continues to evolve as the space does:

• Basic financial literacy

• Budgeting assistance

• Debt management/debt reduction

• Creating an emergency fund

• Investment advice

• Retirement planning

• Home buying/mortgage

• Managing student loan debt

• Planning for children’s education

These programs can take a myriad of forms. Some companiesprovide online tools/workbooks, while others offer classes (eitherin a physical classroom setting or via eLearning) or even provideprivate, one-on-one meetings with financial counselors or financialplanners.

The right plan for one employer might not be the right plan foranother employer. Offerings should be determined by analyzing boththe employer’s budget and workforce demographics. For instance,millennials will likely be more interested in managing student loandebt and buying their first home, while Gen Xers will likely befocused on financing college educations for their kids, and babyboomers will inevitably be more concerned about managing theirassets throughout their retirement.

Regardless of the perfect mix of offerings, it is increasinglyapparent that financial concerns are top of mind amongst employeesacross the nation. This universally heightened financial stress isnow taking a toll on employers. Brokers who expand their offeringsto address this growing need will provide a true value-add toemployers and stand apart from their competition.