Monitoring improvements in employees’ financial lives effectively gauges the success of employer financial wellness programs.
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Employers have been increasingly interested in offering financial well-being programs to employees over the years, and the COVID-19 pandemic has accelerated this interest. Nearly half (49%) of plan sponsors added financial well-being tools or services to their benefit offerings last year and 17% plan to add them in 2021, according to Alight’s “Hot Topics in Retirement and Financial Wellbeing 2021” report.
“Employers are saying, ‘We understand finances can contribute to stress,’” says Rob Austin, head of research at Alight Solutions. “A lot of them want to help [employees] get a handle on their finances. Sometimes it’s helping someone with budgeting, emergency savings, etc. It starts with employers saying ‘We’re here for you.’”