Why Employee Financial Wellness Is a Top Concern for Your Clients
High inflation and other economic issues are causing financial stress for many Americans. More than 50% of U.S. adults say their personal finances have gotten worse since 2020, according to an October 2023 Bankrate survey.1
Can partnering with a recordkeeper that offers a financial wellness program help? We believe it can.
Last summer, The Standard offered its retirement plan participants free access to EnrichTM, a personalized online financial wellness platform. More than 3,500 participants registered in the first three months.
We chose Enrich because it goes beyond saving for retirement. It offers resources on a broad range of financial topics. These include:
- Managing and reducing debt
- Saving for a child’s college education
- Understanding your relationship with money
Online programs like Enrich make it convenient for employees to explore financial resources. And they can help participants feel more confident about setting aside money for retirement.
A 2023 survey by the Employee Benefits Research Institute showed that just over half of companies offer financial wellness resources.2 To encourage more companies to make these resources available, The Standard offers Enrich at no extra cost to plan sponsors or participants.
There are many reasons for employers to be concerned about their employees’ financial health. Financially stressed employees are generally more distracted and less engaged. Financially stressed employees are also twice as likely to leave a job than non-stressed employees, according to a 2023 PwC survey. And 73% say they’d be attracted to another employer who cares more about their financial well-being.3
Budgeting and retirement analyzer tools are among the top resources used by Enrich participants. Articles that have attracted a high number of users include:
- 5 Biggest Mistakes You Can Make With Your Retirement
- 8 Essential Financial Figures to Know
- How to Save for the Unexpected
Help your clients understand the value of financial wellness resources. For more information, check out our financial wellness flyer or contact your representative.
More About Sales Insights & Tools
