Financial wellness initiatives are critical when it comes to a post-COVID benefits strategy.
According to Corporate Insights’s 2021 Workplace Finance Monitor Report, 44 percent of surveyed participants felt their personal finances were negatively impacted by the pandemic. Eighty-two percent of respondents rated financial wellness as “very important” or “extremely important.”
Here are four key insights from the 2021 report to explore the need for financial wellness benefits in a post-pandemic workforce.
1. The financial fallout from the COVID-19 pandemic has highlighted a need for financial wellness programs.
The turmoil the pandemic caused has resonating effects and has increased the need for employer-based financial wellness programs. Only 38 percent of employees with an emergency fund said the pandemic negatively impacted compared to 54 percent of employees without an emergency fund. The pandemic also created opportunities to enroll employees that were otherwise unengaged with financial wellness benefits. About 58 percent of employees reported that they logged into financial websites and mobile apps more frequently as a result of the pandemic.
2. Employee interest in financial wellness programs is on the rise.
In recent years, financial wellness programs have turned from an addition to retirement planning to a desirable workplace benefit. Among employees who do not have access to a workplace financial wellness program, 85 percent expressed interest in their employer adding one, up from 53 percent in 2018. Employers have responded to these demands rapidly as about 40 percent of all surveyed employees reported having access to a workplace financial wellness program, also up from 14 percent in 2018.
Employers that add financial wellness benefits can see positive improvements in productivity from their employees as well. According to a recent PWC survey, 45 percent of employees whose financial stress has increased due to the pandemic reported that stress was a distraction at work as opposed to 12 percent of employees whose financial stress did not increase. Alleviating the financial stress of employees can lead to increased productivity.
3. A successful financial wellness program includes a wide variety of media and tools.
When it comes to financial wellness, there isn’t a one-size-fits-all program. Employees will vary with what they want to achieve from these financial wellness benefits. Some want quick answers to easy questions while others want a longer investment to build a wealth of knowledge. Millennials put budgeting resources and financial tracking goals as the tools they wanted the most from their financial wellness program. Providing employees with a wide range of tools to access allows individuals to accomplish their goals with their benefits. Also, people have a range of preferences when it comes to modes of learning, so a variety of media helps more employees stay engaged with the program.
4. The most requested features from financial wellness programs are financial goal tracking and budgeting resources.
When employees express their interest in financial wellness programs, they want tools and resources that will help plan for a healthy financial future. Financial goal tracking tools (55 percent), budgeting help and resources (48 percent) and actionable next step recommendations (48 percent) all appear within the top-10 highest rated financial wellness program features. The report highlighted sites with particularly robust budgeting tools such as Best Money Moves.
Looking for a financial wellness solution for your team? Best Money Moves is a human-centered program that offers a personalized approach to financial wellbeing. Employees can register their financial stress in 15 categories to receive resources meeting their individual needs. Meanwhile, a highly detailed budget tool offers savings suggestions tailored to each user’s unique financial situation. The comprehensive and user friendly-platform provides a plethora of financial resources and educational tools, with nearly 800 articles, videos, calculators and more.
Whether your employees need help saving money, paying their bills, raising their credit scores, getting ready for retirement or buying a house, Best Money Moves is there to support them every step of the way. Best of all, Best Money Moves is portable, so when your employees move on, they can take it with them.
If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.