Financial well-being has been defined as anything between financial security and financial freedom, including being debt free or having enough savings to handle unexpected expenses. Simply stated, financial well-being is not being stressed about money.
Over the last few years, employers have increasingly recognized the need to address their employees’ financial wellbeing. The number of organizations offering financial wellness programs has risen by over 60% in the last two years, with 14% more planning to offer a program in the next two years. And with 62% of Americans reporting money-related stress, the investment is worth it.
Financial stress has been connected to a variety of mental and physical health issues, including migraines, cardiovascular disease, insomnia, depression, and anxiety. The PwC 2018 Employee Financial Wellness Survey found nearly one in four employees were distracted at work by financial issues. Of this employee group:
44% spend three hours or more each week dealing with financial matters at work
15% are likely to miss work to handle financial matters
34% have cited health issues related to their financial stress
Employers have the opportunity to improve their employees’ financial well-being by addressing their main financial concerns. Half of employees are most concerned about having enough savings for unexpected expenses, according to the PwC survey. Millennials and Generation Xers worry about not meeting monthly expenses, and baby boomers are more concerned with retirement.
Thankfully, there’s good news. When employers offer financial well-being resources, employees use them. In the PwC survey, of the 35% of employees who said their employer offers personal finance benefits, nearly two-thirds said they’ve benefited from the services. With fewer financial worries, employees have more mental capacity to focus on their work.
There are a variety of tools to improve employees’ financial well-being and drive high ROH. These benefits include:
Identity theft protection, to avoid the associated loss of finances and credit destruction
Credit inquiry activity alerts
Document replacement assistance when identification documents such as Social Security cards, birth certificates, passports and driver’s licenses are lost, stolen or destroyed
One bureau credit report, credit score and monitoring
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