Employee Personal Financial Stressors Are Costing Companies Money1
90% Employees Use Work Time to Deal with Personal Financial Problems6,9
80% Employees Admit Financial Concerns Impact Work Productivity3,6
150 Work Hours Per Employee Are Spent Each Year Dealing with Financial Problems10
$250 Billion Lost in Employee Wages Due to Financial Stress10
84% of Employers are Adding Financial Wellness Programs to Existing Employee Benefits7
By giving your employees access to a financial wellness program you can expect to see up to a:
• 78% Increase in Employee Satisfaction
• 70% Increase in Employee Loyalty
• 68% Increase in Employee Engagement
• 57% Increase in Employee Productivity6,12
Employees want the benefit of financial wellness programs:
86% of All Surveyed Employees & 92% Millennial Employees Participate in a Financial Wellness Program When Provided By Their Employer13
What is Financial Wellness?
Financial wellness is defined as “…a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow enjoyment of life.”15
The Four Elements of Financial Wellness15
|Security||Control over your day-to-day, month-to-month finance||Capacity to absorb a financial shock|
|Freedom of Choice||Financial freedom to make choices to enjoy life||On track to meet your financial goals|
What is an Employee Financial Wellness Program?
An employee financial wellness program offers employees services to increase financial wellness. Financial wellness is best increased through use of an individualized, dynamic program, which addresses both the motivation and the skillset associated with financial wellness behavior.6 As employees increase in financial wellness, so also increases employee productivity, engagement, and satisfaction. Financial wellness allows for additional focus on employees’ work because there is less stress about employees’ money worries.6,12 Employee financial wellness services are generally offered and paid for by companies on behalf of their employees who utilize the service.
Why is Financially Fit Employees the Right Choice for My Company?
Financially Fit Employees™(FFE) is a financial wellness service structured specifically to save companies money, by addressing employees’ financial stress. The services available through FFE are scientifically sound and based on up to date research assessing effectiveness of strategies designed to foster individuals’ saving behavior.6 Applying social-psychological and psychological theories, the strategies are designed to improve employees’ motivation and skillset to increase financial wellness6.
Financially Fit Employees™ services are available online, making them easy to use during employees free time. Employee services include employee financial incentives for participation, one-on-one financial coaching, clinically proven brief video modules, and personalized financial reports. The first service component focuses on providing an incentive for positive financial behavior change, the second component offers financial coaching support, the third component emphasizes ongoing financial wellness development, and the fourth component gives employees opportunities to identify and track their current stage of financial wellness to move toward even greater financial wellness.
Company administrations receive aggregated employee productivity reports as well as aggregated financial wellness reports.