Just how stressed are employees feeling about their finances? According to employees, nearly half say that financial stress impacts their mental health. However, 75% of employee think that more benefits choices would greatly reduce their stress while improving financial wellness.
Total rewards play a big role in employee compensation, but the focus on finances doesn’t stop at the paycheck. Employees are looking for more ways to maximize their paychecks in ways that are meaningful to them, from setting aside monthly savings to preparing for retirement.
401k-matching, pre-tax healthcare spending account contributions, and base compensation are table stakes in today’s benefits. Employees are looking for a broader suite of holistic benefits to support their financial wellbeing goals. These are some of employees’ top-wanted financial wellness benefits:
“[When] cost of living adjustments are not always feasible for employers to pass along to their employees, it becomes all the more important for employers to offer an innovative, creative solution in terms of their benefits suite that can help set employees up for that financial success.“ -Shelby Gartner, VP of Broker Partnerships at IdentityForce
Data from our annual Benefits Insights report consistently shows that employees self-report not being able to put money into savings consistently, feel anxious about unplanned medical expenses, and would go into debt in order to pay for that expense. That constant stress has an impact on employee productivity and mental health. Similarly, benefits are one of the top ways an employer can show empathy to their employees, and financial wellness benefits are no exception.
