#1: Broaden your definition of financial wellness anddesign a program that supports that definition.

  • Control over ongoing financial responsibilities
  • Capacity to manage unexpected expenses
  • A plan to live within your means
  • Ability to meet long-term financial goals
  • Minimal exposure to risk


#2: Measure what matters.

mustsensefeelfeelresearchconfidenceHSA participationand

#3: Choose a vendor with the right program design.

0.1 percent

  1. Does the program provide short-term goal-setting foremployees?
  2. Does the program focus on building confidence throughshort-term wins?
  3. Does the program help develop healthy financial habits overtime?
  4. Is the program self-driven and personalized to the needs andinterests of employees?
  5. Will employees receive active accountability for engaging theirfinancial health?
  6. Is the program designed around proven behavioraleconomics?

#4: Help employees develop confidence and grow into newresources.


#5: Move from education to skilldevelopment.

#6: Financial wellness is bigger than retirementplanning.

#7: Put all program details in one central location.

401(k) or HSA programs

  • Controlling my month-to-month expenses
  • Budgeting tools through financial wellness vendor
  • Onsite classes
  • Reducing my exposure to risk
  • Health insurance
  • Long-term disability
  • Planning for my future financial goals
  • 401(k)
  • 529
  • Student loan assistance
  • Improving my ability to absorb financial shock
  • Health savings account
  • Voluntary benefits

#8: Communication is critical.

#9: Make it easy when motivation is high.

#10: Make the business case for financial wellness.

  • According to a 2016 PWC survey, 46 percent of workersspend three or more hours per week thinking about finances while atwork, which results in $5,000 per year in productivity loss. Thatcosts the average employer almost as much as tobacco use. Do themath. How much does lost productivity due to financial stress costyour company?
  • A study conducted by Financial Finesse found thatthe majority of employees believe they will not be able to retireby age 65. Every employee who works beyond age 65 costs theircompany an average of $10,000 more per year. How much are lateretirements costing your company? If you could reduce the number oflate retirements by only 15 percent, how much money would it saveyou? What is your average tenure and turnover? If few employees aregoing to be around long enough to benefit from retirement planning,don't make this your main point.
  • Most companies have shifted to high deductible health plans,but only 38 percent of employees contribute to a health savingsaccount. What impact does that have on your health plan? Does lackof understanding of an HDHP create dissatisfaction with your healthplan? Are employees prepared to meet their deductible if a majormedical event occurs?

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