Improving employee satisfaction with financial wellbeing programs
Employees want better financial planning resources
- >58% Financial planning
- 51% Loans/banking/tax prep services
- 35% Discounts on goods
- 34% Tax-favoured accounts
Percentages indicate being selected into top four and financial was a top preference
Yet, they’re least satisfied with their employer’s support with finances
- 70% Health care plan
- 55% Retirement plan
- 32% Resources to help manage finances
There are turnkey ways they can do more
Nurture employee trust with broad financial wellbeing offerings
Access to employer-provided financial resources vs. online tools would earn greater employee trust
- 31% No access
- 46% Some access
- 61% High access
Encourage social connections to reinforce good financial behaviour
Percentage who say their finances are headed in the right direction
- 71% strong alignment on financial priorities with their spouses/partner
- 68% strong social connections at work and in the community
Get active and communicate more
While 63% are actively promoting existing counselling resources
Only around 10% have already
- Expanded use of affinity groups in financial wellbeing initiatives
- Implemented NEW financial counselling resources
But employers appear comfortable with status quo
- 9 out of 10 are not considering recalibrating retirement budget to emphasize near-term financial needs of employees
- 5 out of 6 are not considering prioritizing investments to support the most financially vulnerable
Improve the perceived value of your program
To drive greater trust, credibility and higher value on investment, employers should focus on:
- Better, broader resources to meet the wide range of employee needs
- Improved communication and promotion of resources to support decision making
- Social reinforcement through new counselling services and affinity group partnerships
Sources: 2019/2020 Global Attitudes Study U.S.; COVID-19 Employers Surveys on Benefits and Reopening the Workplace, U.S.
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| Title | File Type | File Size |
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