Granted, they have a dog in the hunt, but new research from Ramsey Solutions’ SmartDollar finds that adding financial wellness to employee benefits packages reduces stress, boosts morale and productivity, and helps attract and retain top talent.
More than 1,000 employee benefits decision-makers at companies of all sizes across the United States participated in the survey. The study’s objective was to understand the benefits landscape, the financial wellness market, the barriers to and impact of financial wellness, and the perceived financial health of their employees.
“We knew, even before the pandemic, that 78% of workers were living paycheck-to-paycheck,” Brian Hamilton, Senior Vice President of SmartDollar, said in a statement. “Those money problems follow people to work, leading to more problems. The survey results show just how uniquely positioned employers are to help. If done correctly, there is no doubt financial wellness is good for employees and great for the bottom line.”
Employee financial stress has been linked to increased healthcare costs, high employee turnover, low participation rates in company 401k plans, and distracted workers, yet the study finds only three in 10 companies currently offer financial wellness as an employee benefit.
Of the companies that do offer financial wellness, a vast majority (81%) say they’ve seen improvements since offering it to their teams, while a whopping 91% say financial wellness made them more competitive in recruitment and hiring.
ADDITIONAL SURVEY FINDINGS CAN BE FOUND HERE