Benefits June 21, 2019
Pairing Health, Financial Wellness Benefits Yields Better Results
Providing traditional health and wellness offerings alongside financial wellness programs results in a healthier, more productive workforce, Prudential Financial finds.
Reported by Lee Barney
Employers that provide traditional health and wellness offerings alongside financial wellness programs are likely to have a healthier workforce, according to research by Prudential Financial. Workers’ physical and mental health improves, and their level of stress reduces, the company says, based on self-reported outcomes by workers.
Prudential’s report, “The Interplay Between Health & Financial Wellness Benefits,” is based on a survey of 2,000 workers who work for companies that offer wellness benefits like gym memberships, fitness and diet advice, and smoking cessation programs.
“Workplace health and financial wellness programs can make a positive difference in the lives of American workers,” says Judy Dougherty, chief wellness officer at Prudential. “Financial and physical health are often intertwined, and employers who provide help on both fronts stand a greater chance of achieving better outcomes for their employees.”
The study also found that 45% workers who used health wellness benefits said they are in good physical health, compared to 37% of non-users.
Fifty-nine percent of workers who use health wellness programs say their overall mental health is good, and 59% of those who use financial wellness programs say the same. The percentages who don’t use those programs are 53% and 55%, respectively.
Only 13% of those who use financial wellness programs say their stress level is high, compared to 17% of non-users.
Nearly one-third of workers expressed an interest in financial education classes, online financial management tools, digital financial advice and planning, accrued wage advances, low-interest loans and debt consolidation/payment programs.
“These findings mirror our experience providing financial and health wellness programs for our almost 50,000 employees,” says Lucien Alziari, chief human resources officer at Prudential. “We have seen firsthand how financially well employees become more effective employees [and] less burdened at home. As a company, we know that understanding the needs, challenges and desires of our employees makes us stronger, more attractive to new talent, and improves the productivity of our workforce.”
Prudential’s report, “The Interplay Between Health & Financial Wellness Benefits,” is based on a survey of 2,000 workers who work for companies that offer wellness benefits like gym memberships, fitness and diet advice, and smoking cessation programs.
“Workplace health and financial wellness programs can make a positive difference in the lives of American workers,” says Judy Dougherty, chief wellness officer at Prudential. “Financial and physical health are often intertwined, and employers who provide help on both fronts stand a greater chance of achieving better outcomes for their employees.”
The study also found that 45% workers who used health wellness benefits said they are in good physical health, compared to 37% of non-users.
Fifty-nine percent of workers who use health wellness programs say their overall mental health is good, and 59% of those who use financial wellness programs say the same. The percentages who don’t use those programs are 53% and 55%, respectively.
Only 13% of those who use financial wellness programs say their stress level is high, compared to 17% of non-users.
Nearly one-third of workers expressed an interest in financial education classes, online financial management tools, digital financial advice and planning, accrued wage advances, low-interest loans and debt consolidation/payment programs.
“These findings mirror our experience providing financial and health wellness programs for our almost 50,000 employees,” says Lucien Alziari, chief human resources officer at Prudential. “We have seen firsthand how financially well employees become more effective employees [and] less burdened at home. As a company, we know that understanding the needs, challenges and desires of our employees makes us stronger, more attractive to new talent, and improves the productivity of our workforce.”
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