For the majority of employees today, especially those on the front line the past two years could easily be described as a financial wellness crisis. And as the pandemic seemed to pile on challenge after challenge for employers, employees’ financial wellbeing was not something that seemed to clearly popped up as a critical item on any of their radar screens.
With 2022 now upon us things have changed. Financial wellness is now a core pillar of employees’ total wellbeing and has made it's way to the top priority on employees lists of must have benefits. Survey after survey is now showing that over two-thirds of full-time employees reported their financial stress has increased since the start of the pandemic and over 90% of employees specifically want their employers help when it comes to their personal finances. If they don't get this help it is very likely that they are going to look elsewhere for employment.
So by now, it should be abundantly evident to Employers that they need to adapt their financial wellness solutions to meet theses newly evolving needs and expectations of their workforce. For employers to keep happy employees today it’s essential they they provide a variety of avenues for employees to access financial wellness support that covers everything from actual financial instruments, such as loans and savings products to the more encompassing aspect of financial literacy.
And almost as important as offering these services, employers must also find opportunities to talk about the importance of financial wellbeing and provide information in ways that will preserve the dignity and privacy of their employees. It's very well known that many employees are embarrassed to ask for help in this area. To combat this issue, employers need to take the reins and lead the way to solutions.
Financial wellness benefits will never be a one-size-fits-all type of solution. As employers are striving to rebuild a culture of wellness they will also need to inspire employee engagement through communications that foster connection and a sense of support. With the majority of younger employees topping the list when it comes to experiencing increased financial stress due to the pandemic, personalized and digitally interactive benefit experiences will be a must have.
Employers need to invest time and effort into identifying the life moments where they can step up for employees and make a real difference in their overall financial wellbeing. With the right benefits technology partner at their side this is a challenge that can and should be met with urgency and speed.