Expanding upon the EAP Financial Wellness Model

Employee Assistance Programs (EAPs) are well known for their abuse counseling services amongst other health, work and life-related issues, but perhaps one of the most utilized benefits and well-kept secrets is their financial counseling component. Why is financial counseling included?
By MSA Staff

Employee Assistance Programs (EAPs) are well known for their abuse counseling services amongst other health, work and life-related issues, but perhaps one of the most utilized benefits and well-kept secrets is their financial counseling component.

Why is financial counseling included?  According to numerous studies, finances are the number one stressor in America, lying at the heart of many health, conflict and abuse-related issues – the very issues that EAP wellness programs try to fix.  It only makes sense to offer a service that combats the underlying challenge.

How does the typical EAP financial counseling benefit work?  Services are usually performed under a 30-60 minute call with a financial counselor who will address an employee’s financial priority and offer guidance.  While many employees feel much better after one call, they still need more help.

Why is additional financial help needed?  As the financial component for most of the EAPs in existence today, we are familiar with the model, the guidance, and the outcomes employees receive.  During a recent study performed for a large Silicon Valley company, we learned that the average employee that received a referral to us had five additional topics requiring assistance from a financial counselor.  When the benefit only allows for one call, it’s hard to help employees with all of their financial issues.

What are EAPs doing about this?  Many of the EAPs we work with have determined the need for greater assistance, so they are enhancing their benefit through us to include options for unlimited coaching per topic, which allows for multiple calls or lengthening the call itself.

What else can be done?  While EAPs are providing a great service with financial counseling and are making additional extended services available, at the end of the day employees are still looking for more options.  That’s why our My Secure Advantage (MSA) Financial Wellness program offers services that go above and beyond any EAP offering.

How is the financial counseling different?  Employees have unlimited access to a Money Coach, not just a one-time call.  Employees are assigned a Money Coach based upon their specific priority, instead of working with a different coach each time they get a referral.  A personal Money Coach provides on-going accountability and support for both challenge and goal-oriented financial topics.

How else does the MSA Financial Wellness program differ?  In addition to the one-on-one money coaching aspect, MSA offers financial assessments, a personal website, identity monitoring, legal forms, videos, calculators, a library of financial and legal articles, live forums and monthly webinars, et cetera.

How can I get more information about MSA?  Call 888-724-2326 to talk with a MSA Customer Success Manager.

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