Employers will add more financial well-being programs in 2016

Large employers plan to expand the depth and breadth of financial well-being programs in the year ahead, according to a recent report from Aon Hewitt. The Hot Topics in Retirement and Financial Well-Being survey of more than 250 U.S. employers found that:

• 55 percent of employers currently offer help to workers in at least one category of financial well-being such as budgeting, debt management and the financial aspects of health care;
• 38 percent provide help in at least three categories; and
• By the end of 2016, 77 percent of employers will have at least one financial well-being program and 52 percent will have at least three.

“Workers have a wide variety of financial needs and challenges,” explained Rob Austin, director of retirement research at Aon Hewitt. “Employers are realizing that they need to provide a range of financial well-being tools and resources to help this diverse workforce and to truly make an impact on workers’ long and short-term savings goals.”

The survey also found that most employers (85 percent) say they are creating and adding financial well-being programs because it is “the right thing to do.” Another 80 percent of employers report that their programs are designed to improve employee engagement.

“Workers say they want their employer to provide them with the resources to help them obtain a more secure financial future, and it seems that employers are stepping up to this request,” added Austin. “In 2016, financial well-being programs will cement themselves as part of most employers’ total benefits package.”

SOURCE: Aon press release, January 7, 2016.

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