Rather than approaching their workforce with aone-size-fits-all benefits package, employers must take a morethoughtful approach to crafting financial wellness programs thatalign with employees’ actual needs. (Photo: Getty)

With low unemployment and wages growing nationwide, today’seconomy is strong and vibrant. Despite this, the results of PwC’s8th annual Employee Financial Wellness Survey are lessthan encouraging. According to the data, the workforce of today ismore stressed about their finances than ever before, and workplacefinancial wellness programs aren’t helping.

Soaring health care costs were top of mind for many respondents.Nearly three-quarters (73 percent) of millennial workersand 70 percent of Gen X workers think health care costs will impacttheir retirement, and 61 percent of all employees surveyed saidthey planned on working during retirement or postponing it out ofconsideration for present or future health care costs. Only four in10—39 percent—felt confident they would be able to cover medicalexpenses after retiring.

Related: Health care outpaces 401(k) in worker jobdecisions

Despite these growing concerns around health care costs, when itcame to financial wellness programs, just 18 percent of employeessurveyed said the program their employer offered has helped thembetter manage health care expenses or save for future costs.

More than numbers

These statistics are disheartening, but even more so when youconsider that these aren’t numbers on a piece of paper—theyrepresent real lives being negatively affected by health carecosts. Behind the percentage signs are actual people who are havingto put off or reconsider entirely their plans to spend time withtheir grandchildren, travel the world or simply take awell-deserved break after decades of hard work.

Employees are largely not in control when it comes to mitigatingthose concerns. They can participate in financial wellnessprograms, but they cannot craft plans that fit them and theirindividual circumstances. Employers, however, can help by sheddingcookie-cutter initiatives. Rather than approaching their workforcewith a one-size-fits-all benefits package, employers must take amore thoughtful approach to crafting financial wellness programsthat align with employees’ actual needs.

Addressing the problem

While the prospect of changing a workplace financial wellnessprogram can be daunting, the first step for benefits and HR leadersis simple: Help employees better understand how to properly usewhat is already offered. In PwC’s survey, “help understanding andusing benefits” was the third-highest response when employees wereasked what benefits they wanted to see added in the future.Providing employees with the knowledge so that they understand howto get the most out of existing benefits is a tremendous firststep.

For example, 60 percent of employees with health insurance arecovered by a high- or mid-deductible health care plan making manyof them eligible for an HSA. However, only 38 percent of thoseemployees are contributing to their HSA. This demonstrates a majordisconnect between what insurance plans employees select and theirknowledge of how to best use these plans.

HR leaders also can benefit from understanding what employeesactually need. Have conversations with employees or use a survey tosee what personal finance concerns are top of mind. If the majorityare worried about saving for future health care expenses, it makesmore sense to offer a robust HSA program than student loanbenefits. Most companies default to offering the kinds of benefitsother organizations have, but in doing so they miss an opportunityto give workers benefits that will help both companies and theiremployees get the most out of them.

Following up

Offering benefits and helping employees understand how to getthe most out of them is a good first step, but it shouldn’t be thelast one to help workers improve their financial wellness. Even ahighly customized program needs proper guidance, education andaccess to resources to be successful. Revisit the conversations youhad with employees when you designed the program to make sure theprogram is still suiting employee needs and to answer any questionsabout how it’s implemented and utilized.

In the same way you want to tailor your benefits to yourworkforce, communicate with employees about benefits in aneffective way. Within small offices with few employees, one-on-onediscussions may be best. In larger offices, or those whoseemployees aren’t necessarily at a single location or available atthe same time, email communication might be the way to go. Stillothers could benefit from physical mailers sent to their house. Mixup your communication channels to make sure you’re reachingeveryone at your organization.

HR and benefits leaders cannot single-handedly solve theiremployees’ financial concerns, but taking these steps can helpalleviate their health care concerns. Helping them to understandand utilize the benefits already being offered, as well as any newones you introduce to suit their needs, will lead to a better workatmosphere overall—and happier, healthier employees.

David Vivero is co-founder and CEO ofAmino.

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