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Blue @ Work

Making sense of financial well-being in the workplace

Beyond the balance sheet

This article was last updated Nov. 22, 2023.

The focus of traditional health and well-being programs is on encouraging physical activity and healthy eating. But, stress can directly impact your employees’ physical health — and more than half of employees are stressed about their finances, according to PwC’s annual employee financial wellness survey External Site.

When your employees are stressed about their finances, they’re less productive and more likely to take time off to deal with financial matters, seek a job with higher compensation and cite health issues caused by financial stress.

See how your employees’ financial stress can impact your company — and learn what you can do to help.

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How you can improve financial well-being in your workplace

According to Fidelity, the majority of companies now offer financial security programs to their employees External Site. Additionally, employees want this financial help. Nearly 84 percent of workers surveyed by MetLife External Site say that a financial well-being program, financial planning, education, workshops and tools are either must-haves or nice-to-haves. When their employer offers a financial wellness program, employees stressed about finances are even more likely to use it. 

Start with the right financial well-being tools

Providing your employees with resources to improve their financial fitness is challenging, but Enrich financial wellness benefits can help. With Enrich, your employees have access to educational courses, curated content and interactive tools that help them gain confidence and work toward their unique financial goals.

Offer an on-site financial counselor

By having a trusted resource at your worksite, you show your employees that financial well-being does matter. A financial counselor that's available for one-on-one meetings with employees emphasizes the importance of decisions like planning for retirement, navigating college tuition expenses and even budgeting for the holidays. This counselor can be available for one-on-one meetings and even help with financial workshops for larger groups.

Offer financial wellness workshops or education

Financial wellness workshops can cover a number of topics from budgeting and how credit works to investing for retirement and documenting wishes through a will and trust. Providing education on one topic, like budgeting, can help employees with other aspects of financial well-being.

Explore available tools from your company's retirement plan provider

Often, your retirement plan provider offers free calculators, tools, tips and more at no additional cost. Tap into these expert resources and encourage your employees to reference them before making any big financial decisions or during open enrollment.

Have questions?

Have additional questions or want to learn more about Wellmark's well-being and consulting services? Email us at Send Email, and we'll connect you with a Wellmark representative to learn more.