Financial Wellness: The must-have employee benefit in 2022. If you aren’t incorporating financial wellness into your 2022 benefits strategy, your employees are missing out.
The COVID-19 pandemic has had a long-lasting impact on your employees’ financial health. According to a study by Morgan Stanley and SHRM more than one in four employees report financial trouble related to the pandemic. In the same study, 31% of employees reported having finance-related anxiety.
Financial wellness programs are a must-have for your 2022 benefits strategy. Here’s how these programs can offer a lifeline for your team.
Financial Wellness is the must-have employee benefit for 2022
Money management is a universal issue for your employees, whether they’re fresh out of college or approaching retirement age. But not all of your employees are financially stable. In fact, according to data from CapitalOne, 73 percent of Americans rank their finances as their top source of stress. The problem has only grown over the last few years due to the significant economic strain of the pandemic.
Long-term financial stress has far-reaching effects on those struggling with debt and other challenges. Twenty-three percent of Americans report that their financial challenges keep them from a full night’s sleep and financial stress has long been linked to an increase in anxiety, depression and burnout. Meanwhile, around the office, financially stressed employees are often less focused, less productive and at a greater risk of employee turnover than their financially stable peers.
That’s why comprehensive financial wellness programs, like Best Money Moves, aim to allow employees to take control of their finances on their own terms.
What employees want from financial wellness programs
Adding financial wellness programs to an employer’s benefits package is a great way to meet the needs of employees. According to a SHRM survey, 74% of employers have not added benefits that address employee’s financial stress since the beginning of the pandemic. However, in the same survey, over half of the employees said they wanted some form of financial wellness benefits.
Seventy-seven percent of employees want retirement planning and 54 percent of employees want safety net insurance as a part of their financial wellness programs. Employees also want advice from professionals. Employees listed access to a financial advisor, information on retirement plans, and help developing good financial skills and habits as three problem areas that they want their employers to address.
It’s not just the employees that reap the rewards of these benefits. According to a Bank of America survey, 8 out of 10 employers surveyed agreed that including a financial wellness program led to more productive, engaged and loyal employees.
Best Money Moves can help
If you’re looking for a first-in-class financial wellness solution, Best Money Moves could be the answer you need. Best Money Moves is a financial wellness program that provides all the guidance and support employees need to help them reduce their financial stress. It has tools and features that help employees measure their financial stress, budget for monthly expenses, pay down debt and plan for emergencies.
Employees can talk to trained professional financial counselors and educate themselves about everything from investing to co-signing loans and buying their first homes with access to a library of over 700 articles, videos and calculators.
Best Money Moves is also gamified, featuring a point-based rewards system where users earn points every time they log in, enter their information into their profile, work with their budgets, read articles and measure their stress. Each point translates into a chance to win a monthly contest.
Employers want a financial wellness program that is expansive, engaging and suited to meet each of their employee’s unique needs and they’ve found it in Best Money Moves.
If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.