More than ever, employees care about financial wellness; and they are looking to their employers for guidance and support.
There’s good news and bad news about financial wellness benefits. More companies offer financial wellness programs for employees, but awareness–especially of healthcare savings and caregiver support benefits–is still lacking. Read on to see how your workplace stacks up with the competition.
The 2019 Workplace Benefits Report shows that:
- 53% of companies offer financial wellness programs. This is twice as many as four years ago.
- 55% of employees rate their own financial health as excellent. This is defined as being able to manage day-to-day finances, pay bills, and save for future goals. While this number is still strong, it’s down from 61% last year.
- Men (65%) are more likely to say they feel financially well than women (43%).
- Men are ahead of women in retirement saving. Women have an average of $30,000 saved for retirement, compared to $100,000 for men.
- 45% of employees perform caregiving duties for a family member; and 62% of these don’t believe their employer knows that they have this responsibility. Caregivers report missing an average 12 hours of work monthly due to their caregiving activities.
- While a vast majority of companies offer a Health Savings Account benefit, only 11% of employees are able to correctly identify its attributes.
- 88% of employers offer some type of caregiving resources, although 71% of employees are unaware of these benefits. Only 34% of employees say they have utilized such resources.
- The financial wellness benefit that employees value most is personal advice from a professional. They also say they appreciate information on financial topics separate from 401(k) education and the availability of financial products/services.
- Healthcare expenses are a real financial burden for employees, costing them each an average of $7,685 annually. More than half (53%) of employees report having put off or skipped at least one important medical activity to save money. This includes appointments (32%), tests/procedures (21%), and medication purchases (14%).
Survey authors say, “The financial journey of employees is becoming more and more complex. The challenges they face, from planning for retirement to managing healthcare costs and caring for family members, all contribute to their feelings of financial wellness.” They further note that “employers play an important role in helping employees address the challenges they face.”
