FREQUENTLY ASKED QUESTIONS (FAQs)
Employee financial wellness services are on the rise. Forbes highlights “Why workplace financial wellness programs are hot.”7
What is financial wellness?
Financial wellness is the ability to meet current and ongoing financial obligations, feel financially secure, and afford new experiences and opportunities.15
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 and dynamic program that addresses both the motivation and the skillset associated with financial wellness behavior.6 As employees increase in financial wellness, they will also increase in 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
Why have companies begun adding financial wellness services to employees’ benefit packages?
Smart companies realize that helping their employees learn financial wellness equates to increased revenue for the company. Here’s why:
- Over 80% of employees admit that financial concerns impact work productivity.3,6
- The majority of employees (90%) use work time to deal with personal financial problems.6,9
- Each employee spends on average 150 work hours each year dealing with financial problems.10 The financial stress results in $250 billion lost in employee wages.10
- Helping employees achieve financial wellness will result in a healthier company.19
What are companies getting by adding financial wellness services to employees’ benefit packages?
Here’s what your company can expect to receive from investing in financial wellness services:
- Up to 78% increase in employee satisfaction6,12
- Up to 70% increase in employee loyalty6,12
- Up to 68% increase in employee engagement6,12
- Up to 57% increase in employee productivity6,12
Are employees really expecting financial wellness services as part of their benefits packages?
Yes! As employees consider joining your company, financial wellness services are likely to factor into their decision.
- 86% of all surveyed employees want financial wellness services provided by their employer.13
And the numbers are rising:
- 92% of all surveyed millennial employees want financial wellness services provided by their employer.13
How many companies are providing access to employee financial wellness services as part of benefit packages?
In the past 5 years, companies are taking notice of financial wellness programs.
- Of the 141 surveyed mid and large-sized companies, 84% are adding financial wellness programs to existing employee benefit packages.7 This is up from 76% the year before.7
How is FFE™ different than other financial wellness services?
From the hundreds of financial wellness services on the market today, Financially Fit Employees™ (FFE™) differentiates itself from its competitors by being academically researched and company-tested. FFE™ is an employee assistance program that offers scientifically sound and clinically tested support services to improve employees’ financial wellness.6 Click here for access to the research upon which FFE™ is founded.
Why is Financially Fit Employees™ the Right Choice for My Company?
FFE™ services for companies include aggregated employee productivity and wellness reports, ease of enrolling employees, and even referral rewards. Employee services include one-on-one financial coaching, personalized financial wellness reports, clinically proven online training, FFE™ community platform use, and FFE™ paid incentives and rewards. Each of these FFE™ services directly benefit both company clients and their employees to increase financial wellness.