Financial wellness programs are services or initiatives designed to help individuals improve their financial health and manage their money more effectively.
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List of the top 27 Financial Wellness Programs in Shortlister as of December 2023, presented in the order they appear in the full Vendor Listing tab.
Financial wellness refers to the state of an individual’s overall financial health and relationship with money, which includes having a stable income, managing expenses, saving for the future, and handling unexpected financial emergencies.
Financial wellness programs are employee benefits designed to help employees improve their financial well-being by providing tools, resources, and education on topics such as budgeting, saving, investing, and managing debt.
Financial well-being is a fundamental component of the broader, multidimensional concept of employee wellness. However, according to statistics, personal finances are the most significant stressor for nearly half of the employees. Financial wellness is important because reducing the stress and anxiety related to money can increase productivity and job satisfaction and improve overall physical and mental health.
Examples of financial wellness include having a budget for short, medium, and long-term financial goals, saving for retirement, paying off debt, being prepared for unexpected expenses by having an emergency fund and having adequate insurance coverage.
Financial wellness programs are essential employee benefits because they can lead to higher employee morale, reduced absenteeism, increased productivity, and help attract and retain top talent. When employees are dealing with financial struggles like debt, insufficient savings, or unstable income, they often experience money-related stress and anxiety that can negatively impact their work performance. However, when employees feel financially secure and have access to resources and support to manage their finances effectively, they can experience more confidence, less stress, and better focus on their work. Studies have confirmed that users of financial wellness programs report better mental health, lower stress levels, and better physical health compared to non-users.
To set up a successful financial wellness program for employees, employers can work with a financial wellness provider, conduct a needs assessment, develop a customized program, and provide ongoing employee education and support.