Dive Brief:
- Large employers plan to expand the depth and breadth of financial well-being programs in the year ahead, according to a recent survey from Aon Hewitt.
- According to Aon Hewitt’s Hot Topics in Retirement and Financial Well-Being survey of more than 250 U.S. employers representing nearly seven million workers, 55% currently offer help to workers in at least one category of financial well-being (budgeting, debt management, financial aspects of health care, etc.), and 38% provide help in at least three categories.
- But by the end of 2016, 77% of employers say they will have at least one financial well-being program and 52% will have at least three.
Dive Insight:
Financial wellness is part of the continued trend of wellness programs becoming more holistic, as many companies are beginning to realize that every level of wellness has an effect on an employee. Financial wellness can lead to less sick days taken, for example.
Aon Hewitt also found that 85% of large employers say they are creating and adding financial well-being programs because it is “the right thing to do,” while another 80% report that their programs are designed to improve employee engagement.
“Workers have a wide variety of financial needs and challenges,” said Rob Austin, director of Retirement Research at Aon Hewitt. “Employers are realizing that they need to provide a range of financial well-being tools and resources to help this diverse workforce and to truly make an impact on workers’ long and short-term savings goals.”
