Is It Possible To Achieve Financial Stability Through Workplace Wellness Programs
- Research from PwC suggests companies need to offer a cohesive and holistic financial wellness program for their workforce.
- Personal finance is a major cause of stress and anxiety, particularly among Millennials, with 71% of Millennials saying finance-related stress has increased over the past year.
- Financial wellness means being stress free and achieving financial stability, and 1 in 4 employees believe their workplace should offer support for financial matters.
PwC recently published the results of its 2019 Employee Financial Wellness Survey, which found that despite a strong economy and joblessness at a 49-year low, employees are increasingly stressed due to financial matters. This year’s survey showed “more employees than ever admitting to being stressed about their finances.”
In fact, the survey states that “the number of employees stressed about their finances increased across all generations, particularly among Millennials. 71% of Millennials say that their stress level related to financial issues has increased over the last 12 months.”
Because many employer programas are still ineffective in addressing the key financial challenges employees are facing, financial stress is on the rise. “We foresee critical issues for organizations if the root causes of this financial stress are not addressed. While some studies show upwards of 80% of employers having a financial wellness program in place, our results show that a majority are still traditional retirement education and planning programs lacking focus on the key areas causing employee stress.”
But, what exactly is financial wellness? According to surveyed employees, “financial wellness means being stress free and achieving financial stability.”
Employees are aware that they need help with financial matters. The PwC survey found that when asked what employer benefit they don’t currently have that they would like to see added in the future, more than one in four respondents state a financial wellness benefit with access to unbiased counselors.
It pays off to have these programs as well. “More employees are using the services their employers provide to assist them with personal finances — 71% of those with employer-provided services say they’ve used the benefit, and those numbers have increased in recent years.”
However, only 24% of employees said their employer offers services to assist them with personal finances. Without effective financial wellness programs, employee anxiety will continue to mount. Though there’s been a rise in digital financial tools that people can use, workers are looking for a financial wellness solution that balances the technology and human aspect in order to deliver the motivation employees need to achieve their goals.