The white paper cites credit unions as a low-cost provider of financial wellness programs.
“Financial Wellness in the Workplace 2015” is based on a survey of 408 human resources (HR) executives at companies with more than 1,000 employees, conducted in January as well as a survey of 1,007 workers between the ages of 18 and 64, conducted in September 2014. The paper offers best practices for establishing a financial wellness program.
The paper found that 70% of employees “are seriously concerned, if not seriously worried, about their finances.”
Financial wellness programs can ease the stress created by these worries, the paper said. Each employee who suffers from severe financial stress costs an organization somewhere between $5,000 and $7,000 per year in lost productivity.
A program should cover all aspects of financial wellness relevant to the organization’s employee population, from debt management to more advanced wealth protection and estate planning, based on the results of an assessment.
Programs should not be one size fits all. Instead, they should be positioned to help all employees at all levels not just those of a certain demographic, age or lifestyle.
One-on-one counseling, especially free consultations with benefits professionals, should be provided through the program, as should classes and webinars.