When workers are continuously engaged in a financial wellness program, they increase their retirement contribution rates by 38%, and the average age at which workers could retire and replace 80% of their income moves from 68.5 to 66.96, according to Financial Finesse.
Tag: financial wellness programs
In addition, to help employees reduce their debt stress and maximize their retirement plan savings, more employers are developing financial wellbeing initiatives, Arthur J. Gallagher & Co. found.
Although a majority of workers thought workplace financial well-being programs would be either very or somewhat helpful in better preparing or saving for retirement, fewer than half of workers thought debt counseling or budgeting help would be helpful, EBRI found.
The four-to-five-hour continuing education (CE) course, available to retirement industry professionals on FiduciaryEducation.com, provides support in planning and incorporating holistic financial wellness benefits.
A new solution helps employees become better educated about their financial challenges through personalized skill building and action plans that reduce money-related stress and motivate change.
The second whitepaper in a series says financial wellness is centered around four core principles: financial awareness, financial health, financial security and financial inclusion.
What sets Centurion’s service apart is its focus on analyzing benefits spend and helping plan sponsors find the money to offer financial wellness to employees.
As programs expand, companies are exploring new communication channels to connect with employees, as well as finding ways to personalize content to increase engagement, a survey from Fidelity and the NBGH found.
The SaaS firm has expanded its platform and initiated new partnerships to help employers easily roll out student loan refinancing as an employee benefit.
Employers are looking at various cost-controlling strategies such as partnering with Centers of Excellence and offering telemedicine services.
In a series of articles, PLANSPONSOR is profiling industry groups that work for retirement and health plan sponsors to protect them from onerous burdens and help them with plan design and administration. In this article we profile the Plan Sponsor Council of America (PSCA).
Within the context of equity compensation, financial wellness programs can go a long way to help employees work toward their long-term financial goals.