green stethoscope on top of 100 dollar bill on green background (Photo: Shutterstock)

The need for financial wellness programs is more apparent than ever. According to PwC, today’s employees are unprepared for an extended economic downturn or recession, with more than one-third of full-time employed millennials, Gen Xers, and baby boomers having less than $1,000 saved to deal with unexpected expenses.

While the relationship between financial, mental, and physical health, absenteeism, productivity, and employee happiness makes the case for financial wellness benefits, identifying the right solutions for your workforce and finding a way to engage employees with the offerings are two of the most challenging aspects of creating an effective program of this nature. By understanding and addressing employee needs and introducing a tailored financial wellness program, companies can gain an immense competitive advantage over those who do not.

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