Financial programs should be based on the level of employee financial distress.  The topics should differ based on employees’ reported levels of financial distress. The financial program provider working with the employer can also help make appropriate decisions about the financial program information that should be emphasized to specific groups of employees. The employee’s scores on the PFW Scale™ are on a continuum ranging from 1 (overwhelming financial distress/lowest financial well-being) to 10 (no financial distress/highest financial well-being).

The suggested topics for a quality financial program are listed below by category of financial stress:

High financial distress/poor financial wellness (PFW scores = 1, 2, 3, and 4)

  • Setting financial goals
  • Individual budgeting, credit education, and credit recovery counseling
  • Benefits information
  • Tax preparation education
  • Credit union and bank affiliations providing preferred services to employees
  • Coaching in how to begin preparing for a financially successful retirement

Average financial wellness/average financial distress (PFW 5 and 6)

  • Benefits information
  • Credit union and bank affiliations providing preferred services to employees
  • Money coaching on critical wealth management practices
  • Tax preparation education
  • Mortgage lender education for achievement of homeownership goals
  • Insurance education
  • Investment education and advice
  • Retirement planning education that explains the various components of post-work income and how to continue preparing for a financially successful retirement
  • Estate transfer workshops
  • Post-retirement financial education

High financial wellness/low financial distress (PFW 7, 8, 9, and 10)

  • Retirement planning education that explains the various components of post-work income and how to continue preparing for a financially successful retirement
  • Money coaching providing direct education on critical wealth management practices
  • Investment advice
  • Tax preparation education
  • Estate transfer workshops and individual counseling
  • Post-retirement financial education