Financial Wellness In The Workplace

We believe employees who feel more secure about their personal financial situation are likely to focus more attention on their day-to-day responsibilities — and take on those tasks with greater confidence and increased enthusiasm. Other potential advantages are:

Increased participation in the company retirement plan
Decreased turnover
Increased productivity
Enhance company culture

Financial issues are common in the workplace:

• 77% of workers are dissatisfied with amount saved.
  
• 58% have not tried to calculate how much they need to accumulate for retirement.
  
• 37% have not saved for retirement.
  
• 43% of employees age 55+ have saved less than $25,000 for retirement.

^{Source: EBRI Retirement Confidence Survey — “Saving For Retirement in America” — 2006}

But that’s only part of the picture. The ability to find and retain talented workers are key points to any employer’s success. Offering a financial wellness program can serve as a major recruiting tool. Financial wellness is not about money; it’s about decision making.