- According to the 2015 Consumer Financial Literacy Survey, 70% of U.S. adults have financial worries. The unintended side-effect: an increased number of sick days taken to address “financial stress” and perform personal finance tasks during working time, Employee Benefits News reported.
- In 2013, Aon Hewitt said that 76% of employers surveyed were interested in a financial wellness program – and for good reason. According to a recent survey by Alliant, financial wellness programs lead to a 43% increase in employee engagement.
- Overall, the ROI on such programs has been shown through numerous studies to be substantial and relevant. The Consumer Financial Protection Bureau cites a payback of $3 for every $1 spent on financial wellness, EBN reported.
Financial wellness can be seen as part of a company’s holistic wellness program.
“Today, 20% of Americans smoke and 30% are obese, but a full 70% of them are seriously concerned, if not seriously worried, about their finances,” the Alliant report said -- and stress in the workplace is an issue with serious consequences.
While millennials may often be seen as the targets of these programs, EBN said, “no employee age group is safe from the potential plague of money issues.” 33% of current workers between ages 55 and 64 are “likely to be in or near poverty” when they retire due to a lack of preparedness. Often, the situation is even worse for women.
“Offering financial wellness benefits to your employees is a sound investment that will pay dividends to both current and future generations,” writer Keith Kitani said. Including, potentially, a decrease in sick days used.