How You Can Improve Your Financial Well Being — At Work
There are always plenty of things you can do to brighten your financial well-being. You can cut debt, reduce spending and save more.
But what if your employer was to help you do these things? Would it make a difference?
Financial “well-being” or “wellness” programs are increasingly being offered as fringe benefits, right along with health insurance and 401(k)s. Only they are different: They address an umbrella of financial concerns.
According to a recent survey by Alight Solutions, financial well-being benefits provide a suite of services, which address the following core issues:
Financial Wellness Programs Have Impact – Employees who have financial wellbeing programs available through work are more likely to say they have more control over their financial future than those without financial wellbeing programs available (56% vs. 42%)
Debt Management is a Top Concern – 70% of employees say student loans significantly or somewhat impact their ability to save for the future.
More Employees are Saving for Retirement – 74% of employees say that saving for retirement is a priority, and 81% are contributing to their employer’s retirement savings plan. More than half (57%) have created a financial action plan that details what they need to do to retire by their goal.
Preparing for Healthcare Costs – 43% have asked about or looked up costs, 36% have compared costs for recommended medical services or prescriptions, and 76% say they are saving for healthcare expenses.
If your employer offers these services, don’t be shy. Take advantage of them. What if they don’t? Ask your human resources department what they can do.
Source: https://www.forbes.com/sites/johnwasik/2021/08/04/how-you-can-improve-your-financial-well-being---at-work/?sh=2e892aa516e9