The survey measured the financial IQ and wellness of 505 full-time employees within 14 organizations across eight industries. Makila Hennig, director of operations at Financial Fitness for Life, said establishing benchmarks with the survey helps identify areas for improvement, set goals and take steps to achieve those goals. For individual organizations, measuring the financial health of team members can help create "a healthier and more productive workforce" and a positive work environment, Hennig said.

"Just as it is important to measure an individual's financial health to identify areas of concern and provide a personalized roadmap to meet their goals, it's vital that we identify trends across various workforces and demographics to allocate resources," Hennig said.

Hennig said a financially healthy and secure workforce is critical for employers. One of the key reasons is increased productivity.

"When employees are financially secure, they can focus more on their work and perform better," Hennig said. "Financial stress can be a significant distraction, leading to decreased productivity and engagement. Employers can help employees alleviate stress and enhance their job performance by prioritizing financial wellness."

In addition, Hennig said employers can reduce absenteeism and strengthen retention when they improve their team members' sense of financial security.

Related: Financial wellness: The No. 1 requested employee benefit

"By measuring and understanding their workforce's financial concerns, employers demonstrate their commitment to their employees' holistic well-being, fostering a positive work environment where employees feel valued, supported and motivated," Hennig said.

Hennig noted that retirement savings plans are crucial to workers' long-term financial well-being, so emphasizing financial wellness helps employees achieve financial freedom and a more stable, secure future. When companies focus on employee financial wellness, it helps them to build a positive company culture, Hennig said.

"Understanding an employee's financial wellness and providing personalized solutions for their concerns will demonstrate their commitment to their employees' holistic well-being, fostering a positive work environment where employees feel valued, supported and motivated," Hennig said.

Hennig pointed to several key steps that employers should take to improve the sense of financial health among their team members.

 "Employers can help employees contend with financial stress by offering financial wellness programs, providing competitive benefits and establishing a supportive company culture," Hennig said. "A financial wellness program should help employees learn about controlling their day-to-day finances, ensuring they can absorb a financial shock, measuring and working towards meeting their short- and long-term financial goals, and eventually achieving financial freedom to enjoy their life."

Henning said employers should provide access to financial consultants and advisors to help employees make informed financial decisions. According to Hennig, a comprehensive financial wellness program should include in-person group education meetings (and virtual, if needed), unlimited access to one-on-one meetings, a financial technology platform, confidential well-being assessments, aggregated data and comprehensive program reporting, communications tailored to the organization's needs, a library of resources (articles, videos, calculators) and access to comprehensive financial planning tools.

"Employers must encourage employee engagement within these programs – we often correlate highly engaged plan sponsors and committees with positive results from their employees," Hennig said. "A supportive company culture can help employees feel comfortable discussing financial concerns without fear of judgment or reprisal. Employers can encourage open communication and provide channels for employees to seek guidance or assistance regarding their financial challenges."