Financial Wellbeing Programs are expanding beyond the early stages of topics from prior years. Financial wellness programs are now incorporating a focus well beyond retirement preparedness.
As financial wellbeing programs expand, the process of measuring the outcomes for such plans becomes significantly more complicated. Fortunately, the 2022 EBRI Financial Wellbeing Employer Survey conducts some of the heavy lifting for plan sponsors who want to measure the effectiveness of their own financial wellbeing program.
WHERE IS THE FOCUS TODAY?
What are the top challenges your company faces – or anticipates facing – in offering financial wellness benefits in the workplace?
Financial wellness programs that expand their focus beyond retirement preparedness, now include a more complete picture across all aspects of an individual’s finances.
Top challenges to offering these programs are:
- Costs (to both the employer and the employee);
- Data;
- Privacy; and
- Complexity.
MEASURING SUCCESS
With the hope of reducing employees’ financial stress and increasing productivity, companies are looking for better ways to evaluate the impact of their financial wellbeing programs, whether on a retention/recruitment or productivity basis. At a Glance | the 2022 EBRI Financial Wellbeing Employer Survey reveals that employers continue to expand their financial wellness programs. Rankings of current goals, success measures, and challenges are reviewed to provide a more complete picture across all aspects of an individual’s finances.
SOURCE: Copeland, Craig, “2022 EBRI Financial Wellbeing Employer Survey: Employee Satisfaction and Retention a Primary Focus,” EBRI Issue Brief, no. 573 (October 27, 2022).
