Offering financial wellness programs increases employee satisfaction with benefits

Employees were more likely to be satisfied in their employers’ benefits package when a wellness program was offered and even more when financial wellness was included, according to the Four Seasons Financial Education (FSFE) 2017 Employee Financial Wellness Survey. The national survey of 511 employees found that average satisfaction increased by 48.8 percent when comparing satisfaction ratings of employees with no wellness program to those with wellness that includes financial wellness.

Thirty-one percent of employees said that their employer’s retirement plan was the most difficult to understand, followed by health insurance (23 percent), flexible spending arrangements (17 percent), and health savings accounts (16 percent). While the plans are difficult for employees to understand, 39 percent of employees considered retirement as their most important financial goal, followed by budgeting and debt(30 percent).

Employees with access to a financial wellness program were more likely to understand their employer’s 401k plan investment options. The survey found that the categories of extremely well and fairly well increased from 52 percent to 65 percent when an employer had a financial wellness program. The two poorest categories decreased from 28 percent to 11 percent, FSFE noted.

Access to a professional (37 percent) was the most common request among employees when asked what their employer could do to help with retirement goals. Twenty-nine percent would like more retirement education, and 21 percent would like access to calculators and tools.

SOURCE: https://fsfe.com/survey/

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