Financial wellness benefits rise to the top

The same survey found 72% of employees are stressed about their finances, up from 65% last year. With financial stress at an all-time high, it only makes sense that financial wellness benefits are now the most desired employee benefit, followed by mental health benefits and flexible time off. In fact, 54% of employees named financial wellness their number one most desired benefit, up from 29% in 2021. Here's why:

Financial stress can lead to more sick days: Poor financial health has been found to lower productivity and impact employee health. Depression, irritability and anxiety may accompany financial stress and ultimately impact employees' working relationships and attitudes about their job. Financial stress can also lead to more sick days and reduced output. The survey shows that financially stressed employees lose on average 11.4 hours of productivity each week. However, not many employees have the resources to take charge of their finances and are looking for support from their employers.
Employees trust their employers: Personal finance can be quite complex and overwhelming. With so much at stake, employees may be wary of trusting resources they find online. However, the majority do trust their employers to give them reliable financial information. Nearly nine in 10 employees expect their employers to offer financial support and resources. At the top of the list are tools for investing (88%), followed by financial education (87%), and access to a financial professional (84%).
Employees want equal footing: Financial wellness benefits are an important part of fostering a culture of care and belonging in the workplace. Financial wellness benefits help level the playing field for all employee populations by empowering underrepresented groups, who are more likely to experience financial stress, to gain financial confidence and improve financial well-being for generations to come.

Financial literacy is in crisis

Employees not only want help, they need it. The current state of financial literacy is in crisis. Only 13% of workers answered at least four out of five financial literacy questions correctly. Financial literacy is the cornerstone of overall financial wellbeing. Offering your employees financial guidance and education empowers them to make smart financial decisions and gives them confidence to achieve their life goals.

Instant Insights /

Employees want financial wellness (and it gives employers a competitive edge)

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