They may not tell you, but at least some of your employees have financial strains and concerns. About three-quarters of U.S. workers report living paycheck to paycheck, and they identify their top sources of financial stress as:
- Affording healthcare in retirement
- Outliving retirement savings
- Affording bills after a job loss
- Covering out-of-pocket medical bills
- Relying on Social Security/Medicare
As a result of these concerns, more employers are offering or considering financial wellness platforms for employees. Before you jump on this bandwagon, ask a few questions:
- Does the platform offer a personal assessment of each person’s current financial situation and help them identify appropriate financial goals?
- Does it address 100% of your employees, including those with little or no financial knowledge or sophistication?
- Does the platform integrate essential components to create a personalized plan for each employee?
- Does it offer solutions for both short- and long-term financial challenges?