Financial wellness programs do have an effect on employee retirement preparedness, a new study shows. (Photo: Bigstock)
Improving employees' financial health through a financial wellness program so that they're better prepared for retirement could save big companies more than $65 million a year.
That's according to Financial Finesse's Financial Wellness Think Tank, which released new research quantifying the improvements in employee retirement preparedness that generate ROI for an employer by cutting the costs of delayed retirements.
It found that employees who repeatedly engage with a financial wellness program that improves average workforce financial health from a 4.0 to a 6.0 (on a 10-point scale) increases employee retirement plan contribution rates by a factor of 38 percent from original rates.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
