Engaging Today’s Workforce: Financial Wellness Programs

DMEC Staff@Work

Building a Successful Workplace
Financial Wellness Program

Financial Wellness ProgramsBy Jeffrey Tulloch, VP

PlanSmart Financial Wellness
MetLife

Financial insecurity is reaching a tipping point: according to a U.S. Harris poll conducted last year on behalf of CareerBuilder, 71% of all U.S. workers are in debt.1 And MetLife’s 16th Annual U.S. Employee Benefit Trends Study2 found half of employees, 52%, report living paycheck to paycheck. Employees are in a precarious position — they may not have the tools or skills to plan financially for day-to-day expenses, much less for the future or an unplanned expense — and this can lead to financial stress.

Not only can financial stress impact employees, it also affects employers. A workforce that has its mind on money concerns is less engaged; 48% of individuals say they are distracted at work due to their financial stress.2

This lack of engagement can have real-world impacts on employers’ businesses, resulting in decreased productivity, increased absenteeism or presenteeism, workflow disruptions, costs associated with turnover, and lower morale. Employers are beginning to recognize these potential impacts and are increasingly viewing financial wellness programs as a business imperative.

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