The report lists several steps that companies can take to help reduce financial stress on employees. These include:

Match benefits to the needs of workers from different generations. One size doesn't fit all, the study finds, with millennials preferring financial coaching and baby boomers putting a priority on medical care planning.
Provide training and education on financial literacy and money management. The study noted that companies can contribute to financial literacy with coaching, training sessions, apps, and more.
Help employees stay on track with financial goals. Employers should offer tools to help employees with different aspects of managing their income and cope with inflation, debt, and high-interest rates.
Offer emergency savings accounts (ESAs). The report suggests that companies provide options to help employees in building emergency funds in addition to retirement plans. Examples include savings programs and dedicated accounts.
Offer earned wage access (EWA). This benefit is especially popular with millennials, with 72% of them saying they were more likely to stay longer with their job if on-demand pay is offered. "Offering earned wage access, or EWA, gives employees better control over their earnings, in addition to helping them make ends meet," the report said.
Offer learning resources and guidance on retirement plans and investments. Too many workers still don't have access to such resources, the report said.

"This new data reveals how important financial wellness is to today's employees, especially with the financial challenges we are all facing," said Kris Alban, executive VP at Enrich. "Because of this, employers have a unique opportunity to attract and retain employees by offering financial wellness benefits and education."

Instant Insights /

Financial wellness: Low investment, high-output benefits that offer peace of mind

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