In today's fast-paced world, financial wellness is a top concern for employees, especially Gen Z and Millennials. According to the 2022 TIAA Financial Wellness Survey, employer-sponsored financial wellness programs can have a significant impact on employees' financial lives and confidence. The survey found that employees participating in such programs are twice as likely to have a high financial wellness score.

However, despite the demand for financial wellness resources, over 70% of employees say they need more support from their employers. Many employees are also unsure how to utilize the resources currently offered to them. In fact, 87% of US workers feel their employers must help them understand how to use their benefits.

The lack of engagement with financial wellness programs is often due to employees' concerns about hidden costs or fees, not wanting to disclose financial issues to employers, or feeling unsure about the effectiveness of the program. To ensure the success of these initiatives, it's crucial to provide guidance and ongoing education about the program's structure, purpose, and security.

Financial literacy is also essential, as it can significantly impact employees' financial habits. A lack of knowledge about personal finances cost American workers an estimated $1,389 in 2021, with nearly 11% losing over $10,000. However, attending just one financial well-being webinar can make a difference. EBRI data shows that 401k contributions increased between $649 and $988 after a webinar on one of nine financial topics, and the budgeting webinar resulted in an increase of over $3,000 among workers with lower initial contribution rates.

By providing the right financial wellness benefits and resources, employers can boost employee morale and financial confidence. This shift in workplace offerings has a positive impact on the employer by increasing employee satisfaction, retention, and productivity. So, if you haven't already, now is the time to invest in your employees' financial wellness and overall well-being. 

To learn more about financial wellness benefits, click here.

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