A good financialwellness program should include components that are relevant toeach generation's particular points of pain, with solutionsdelivered in a comfortably accessed format. (Image:Shutterstock)

Any number of financial pressures are weighing down youremployees these days, posing a troublesome burden across agegroups, jobs and income categories.

If it's not student loan debt for millennials (and theirelders and those behind them, too) that's creating problems. It'sthe juggling by GenXers to help mom and dad out,save for Junior's college, mortgage, car loan and paying for theemergency dental bill. And many Baby Boomers think they'll neverretire, given the shortfall in their retirement savings.

They are paying the price in elevated stress and employers aresharing the pain. Financially stressed employees miss an average of4.4 more workdays and far more when they wereat work but disengaged (12.5) than those without financial stress.And you pay, too, as absenteeism and presenteeism rates climb, andyour bottom line is hit with rising healthcare costs since thefinancially stressed tend to neglect their good eating and healthhabits.

Related: Financial stress hazardous to emotional, physicalhealth

Some 83 percent of U.S. employers these days have institutedprograms to address the problem, an improvement from just a fewyears ago – as only 20 percent of employers offered them in 2015.More significantly, though, only a third of the workers who could benefitare actually making use of them.

While financial wellness programs that employers typically offerare no doubt well-intended, when they are rated as irrelevant by abig chunk of employees, there's a disconnect that needs to befixed. Everyone's interests would be better served by framingemployee wellness programs more holistically, with financialwellness as important a cornerstone as diet and exercise.

That requires you to think about people's financial educationand needs in a way that's more attuned to the individual than thegroup workshops with one-size-fits-all budgeting calculators thatare an easy, common and, let's face it, not-as -effectivesolution.

A program that is more tailored acknowledges the fact that yourworkforce is comprised of different generations—perhaps as many asfour. Life stages, income levels and family dynamics all play arole in influencing your employees' finances and how they deal withthem. And not every group wants to access solutions in the sameway.

Your program should include components that are relevant to eachgroup's particular points of pain, with solutions delivered in acomfortably accessed format. It should encompass three broadcategories: debt management, asset protection and retirementplanning.

There are a number of solutions you can offer to meet theirneeds, whether you sponsor them or offer them as low-cost voluntarybenefits. Here's an overview to think about:

For millennials, help with student loan debt

A hot recruiting target, millennials (1981-1996) are heavilyburdened with student loan debt. Any assistance you can provide inmanaging, consolidating or paying it down (via digital, preferablymobile, channels) will be valued. The need has led to manydirect-to-consumer services, but employer-sponsored programs havepaid off for everyone as recruitment/retention tools.

It wouldn't hurt to encourage them (along with other groups) tothink about retirement planning. One attractive option is toprovide plan participants income replacement software tools thatindicate how much they should be saving given their account balanceand age to build a paycheck for life at retirement age.

Ways GenXers' can manage the 'sandwich'

GenXers (1965-1980) are sometimes called the “sandwich”generation given the financial pressures they juggle around theirparents in retirement and their children as they ready for college.They prefer digital resources to help them manage their finances,like access to websites offering basic money courses.

Another issue they may face is coming up with cash foremergencies, making programs like employee purchasing programsattractive. Administered through payroll deductions, these costemployers nothing as they make big ticket purchases affordable,incurring no credit card debt or extra charges.

Baby Boomers want financial options as they look towardretirement

A major issue for Boomers (1946-1964) is retirement readiness,and resources that most appeal will be online or one-on-onecoaching. Many are seeing a gap in their retirement savings (theGreat Recession took a toll and many are still recouping), andbudgeting to reduce debt is one of their challenges. Bettermanaging their investments as retirement nears is another, alongwith planning for long-term care costs. In addition to moneymanagement coaching, it might make particular products attractive,like employer funded long-term care benefits that offer taxadvantages for employer and employee.

Structuring an employee wellness program that compliments youroverall emphasis on wellness is one thing. Ascertaining that it'sworking is another—a challenge that 70 percent of employers say they haven'tsatisfactorily addressed. You might start as you would any time youneed insights into targeted audiences, whether customers oremployees, with a baseline survey. In this instance, it would shedlight on specific financial pressure points and needs of youremployee groups and signal the way for programs and services thatwould help. Future surveys could gauge their progress, aided bytracking of hard data, like absenteeism rates, over time.

The financial wellness of today's workforce is a burden thateveryone shares. Employers who take it upon themselves to addressthe issue with solutions that are useful and relevant will go along way toward improving everyone's fortunes over the longterm.

Read more:

• Financial wellness programs need nurturing tosucceed
• 5 financial wellness predictions in2019
• Holistic wellness: Why it mattersnow

Michelle Clark is seniorvice president, health & performance for HUB International. She leadsa team of consultants focused on helping companies help theiremployees be their healthiest selves, so they can be happy, healthyand productive individuals.