While overall health is important, finances play a great role in wellbeing. If financial stressors plague your employees, the stress can make them sick and not perform to their full potential. Offering employees financial education and wellness tools has become a prevalent benefit offered to employees.
A recent survey found that the number of employers offering financial wellness programs rose use to 83% from 20% in 2015. Additionally, the survey found that organizations who offer a financial wellness program have employees who are more satisfied (61%) than those who do not (44%).
Going beyond offering a 401(k) with a match is important to help address the financial wellbeing of your employees. Many employees are saddled with student loan debt and living paycheck to paycheck to get by. There are a plethora of tools available to support all facets of financial wellness.
Below are 6 solutions to consider:
MoneyLion – Services include low-cost loans and free cash advances, easy ways to save, cash rewards, and other generous incentives. They provide 24-hour customer service, bank-level security, personalized AI-driven financial advice, no-fee investment trading and free credit monitoring.
CommonBond– Many employees are trying to tackle student debt and loans. CommonBond provides two solutions to address these concerns. Employers can either provide access to a platform that educates individuals on the best game-plan to refinance and tackle paying off their debt. The additional option is to help contribute to loan payments (similar to 401k matches – check with your accountant about tax implications), which is becoming a trend with employers.
Edukate– Workplace financial wellness providers to give employees an individualized journey for financial guidance. From assessments, personalized guides, and a growing library of resources, Edukate can provide your employees with assistance on tackling student debt, learning how to save and budget, better understand their 401(k) options and retirement plans, and overall improve their financial knowledge.
Kashable– Loans and interest rates can be hard to navigate and ruin credit. Kashable offers a simple platform that allows individuals to obtain a socially responsible loan (in amounts that are feasible for the person to pay back).
MBL Financial – Our team of certified financial planners can provide onsite programs to educate your employees about general financial wellness (budgeting and savings), their 401(k) plans with MBL or 529 plans and saving for college.
Other Services – If a technology platform isn’t in your HR tech budget this year, onsite education sessions are great. For a Millennial take on savings and investing, Stash Wealth is a great option. To educate your employees on budgeting 101, savings, and offer 1:1 financial sessions, the Financial Gym offers great services.
More than half of all employees want to make their own financial decisions but are looking to have someone validate that decision. Employees want financial wellness benefits. Provide employees with the opportunity to improve upon their financial wellness and decrease finance-related stress.