Companies are now helping employees to draw up detailed, personalized financial wellness plans. (Photo: Getty)

Financial wellness programs are now offered by 53 percent of firms, which is double the number seen in 2015, according to a Bank of America Merrill Lynch survey. This augurs well for retirement readiness, because there is evidence that workers who are engaged in a financial wellness program increase their retirement contribution rates by 38 percent. Furthermore, employees who feel in charge of their financial wellness report having less stress, according to Questis research, which enables them to be more engaged in the workplace. Simply put, they have a plan and they aren't constantly waiting for the "other shoe to drop."

Related: 6 ways employers are changing their approach to employee financial health

Yet, the focus on financial wellness is a relatively new phenomenon, one that is gaining traction as employees expect their employers to provide services to help them manage their overall financial picture. For decades, the financial education offered by companies was a mixture of carrot and stick. They reminded employees to plan for their retirement and encouraged them to capture the full potential of their defined benefit pension plan. But companies fell silent as defined contribution plans, which expose employees to savings and investment risks, replaced defined benefit plans