Based on Bright Plan's 2022 Wellness Barometer Survey on the state of employee well-being, 72% of employees report they are stressed about their finances—which has affected workers' mental and physical health and workplace productivity. In addition, an estimated 43.5 million individuals carry federal student loans in the United States.

In today's competitive job market, businesses are constantly seeking effective strategies to attract and retain top talent. Financial wellness programs have emerged as a game-changer, providing a crucial solution to this challenge. Among the pressing issues employees and employers face is the savings gap, which poses significant barriers to long-term financial security. A recent survey by Aon found that employees were most commonly stressed about their day-to-day finances and the threat of inflation, rather than their long-term retirement savings.

With the passing of SECURE 2.0 earlier this year, it's easier and more cost-effective than ever for employers to implement workplace savings programs. This article will explore how financial wellness programs address this gap, as well as highlight the benefits these programs can have on your business.