Should you offer a workplace financial wellness program?
Your employees may worry about their finances, but is it up to you to help? Recent research says it may be in your best interest.1 And it doesn’t have to be difficult to provide a financial wellness program.
Personal finance worries may impact your bottom line
It’s likely not a surprise that 30% of people say they worry about finances at work. Among them, 70% say they worry at least somewhat often. It’s more common among those who said debt was a major problem, those who aren’t confident about living comfortably in retirement and younger workers.1
That worry can cause a drain on productivity. And the problem may span your entire workforce. According to this recent research, lack of confidence may prevent anyone, regardless of income and other factors, from making financial decisions.2
What is financial wellness?
Financial wellness involves having financial literacy or an understanding of money management and personal finance. People who have that understanding are more likely to take steps to get out of debt, save and plan.
Providing a workplace financial wellness program may boost confidence, drive action, and increase productivity. It’s a modern benefit that may especially appeal to younger workers.
A majority (53%) of employees surveyed about financial wellness and financial wellness programs say they would be more productive at work if they didn’t spend time worrying about personal finances.1
How to add financial wellness to your employee benefits
Some employers build programs that include financial wellness assessments, incentives, and detailed measurement. Others simply offer access to valuable content and resources.
There’s no one right way to run a financial wellness program, but it’s important to think about the type of help your employees may need and the time you want to devote to managing the program.
Here’s a no-cost financial wellness program you can start using today
Financial wellness and retirement security go together. That’s why we launched a financial wellness program that’s automatically available to all retirement plan participants with no additional cost to the plan or to participants.
Within Principal® Milestones, your employees can access the award-winning EnrichTM financial literacy platform and will and legal document preparation services through ARAG®. They can get help from webinars, worksheets, videos, articles, courses, calculators and more.
Want to learn more? Talk with your financial professional or give us a call. We’re here to help.
1 Employee Benefit Research Institute, Perceived Helpfulness of Financial Well-being Programs: Results From the 2017 and 2018 Retirement Confidence Surveys, August 2018.
2 Principal Financial Group and Dan Goldstein, April 2018.
The value-added resources provided through ARAG Services, LLC (ARAG®) and iGrad, Inc. (Enrich) are not a part of any insurance products and plan administrative services provided through Principal Life Insurance Co. or affiliated with any company of the Principal Financial Group®. All resources may be changed or canceled at any time. The use of resources provided by ARAG Services, LLC or Enrich should not be considered a substitute for consultation with an attorney or advisor. Principal® is not responsible for any loss, injury, claim, liability, or damages related to the use of the ARAG Will & Legal Document Center or Enrich resources. Please remember that the ARAG legal documents are accurate and useful in many situations. Whether or not the document is right for you and your situation depends on your circumstances. If you want specific advice regarding your situation, consult an attorney.
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