Why Financial Wellness Should be Your Goal for 2016

a business man holding up a tiny compass

With employees’ 2016 resolutions screaming for help with finances, employers should make it a goal to meet the need.  According to Aon Hewitt, 77% of employers will offer solutions by the end of the year.1  Why?  When employers focus on helping their employees complete resolutions, everyone wins.

Employees’ Resolutions

It’s no surprise that finances are still the number one stressor in America, but financial resolutions are trending more than usual this year.  In 2015, only 31% of people made a financial resolution; now, 37% are solidifying their goals for better finances.2  When asked about their particular financial resolution(s), respondents noted three main topics:

  • 54% of people plan on saving more.
  • 19% plan on spending less.
  • 16% plan on paying off their debts.

And, employees are looking to their employers to help them check off the list.  Half of employees (49%) dealing with financial stress want their employers to help them achieve financial stability through benefits; in fact, half of them think their financial wellness is their employer’s responsibility.3

Employers’ Resolutions

Two years ago, a study from Aon Hewitt found that 76% of employers were considering financial wellness in the workplace.4  Now, they plan to act on it.  77% of employers will have a financial wellness program by the end of the year.1

How Employees Win

Incorporating financial well-being into the workplace wellness programs makes a huge difference.  8 in 10 employees use the well-being programs provided by their employer in order to reduce stress, and more than 80% see a positive difference.5

On top of that, employees who work with a financial professional and increase their financial knowledge are more likely to take action; for example, they increase their savings and make more progress with long term goals, like boosting 401(k) contributions for retirement.  They’re also more likely to feel in control of and happy with their financial situation.

How Employers Win

According to Aon Hewitt, 85% of employers are incorporating a financial wellness program in order to improve employee engagement and because it’s “the right thing to do.”1  The list of reasons continues to grow when you consider the numerous studies about focusing on financial well-being in the workplace.

  • Loyalty:  One of the top three factors driving employee loyalty is an employer who understands employees’ financial pressures.3
  • Employee Satisfaction:  Decreasing worry about financial issues is the #1 factor driving employee satisfaction.6
  • Less Stress:  72% of employees experienced decreased financial stress after enrolling in their employer-based financial wellness program.7
  • Increased Productivity:  57% of employers believe that financial education positively effects employee productivity.8
  • ROI:  Employers can save up to $5,000 per employee, per year, by decreasing personal financial distractions at work.7

Financial Wellness for Your Workplace

The My Secure Advantage Financial Wellness program (MSA) focuses on improving and maintaining financial wellness, and general well-being, through the multifaceted approach of education, coaching, and on-going support for all financial topics.  MSA provides relief from financial stress by helping members and their loved ones make behavioral changes: they learn to communicate about money and work together to master healthy financial habits in order to overcome challenges and reach financial goals.

Employees who use MSA commend both the program and their employer for offering such a helpful solution.  One employee said, “I think this is a fantastic benefit to employees.  I know my past financial stress has affected my health, state of mind, and work performance.  It is a very forward-thinking employer that understands that and is willing to provide a benefit to mitigate the issues.”

Talk with a MSA Success Coordinator about how you can bring financial wellness into your workplace, meet the needs of your employees, and check off one of the most important goals for 2016.  Call 888-724-2326 today.

 

1Otto, Nick.  “Will 2016 be the year of financial well-being?”  ebn.benefitnews.com.  EBN, 7 Jan. 2016.  Web.  13 Jan. 2016.

2“New Year Financial Resolutions Make a Comeback, According to Annual Fidelity® Study.”  fidelity.com.  Boston: Fidelity, n.d.  Web.  13 Jan. 2016.

3Benefits Impact: Delivering Dynamic Benefits for a Loyal Workforce.  MetLife, 2015.  Web.  12 May 2015.  PDF.

4Atchison, Amy and Rob Austin, FSA, EA.  2014 Hot Topics in Retirement: Building a Strategic Focus.  Aon Hewitt, 2014.  PDF.

5Moore, Rebecca.  “More Employers Using Holistic Wellness Programs.”  plansponsor.com.  PLANSPONSOR, 1 Jun. 2015.  Web.  21 Oct. 2015.

6“When employees get the benefits they want, everyone wins.”  Benefits Impact.  MetLife, N.d.  Web.  12 May 2015.

7Financial Wellness Landscape Analysis: An Overview of the Need for Workplace-Based Financial Wellness Programs.  ING Employee Benefits, 2013.  PDF.

812th Annual U.S. Employee Benefit Trends Study.  New York: Met Life, 2014.  Web.  17 Apr. 2014.  PDF.