Barriers to Financial Wellness

Perceived Barriers Employers Face in Adding Financial Wellness

What’s stopping employers from offering their people a financial wellness benefit? Even though many benefits decision-makers want to offer financial wellness, a handful of factors like cost, time, questions about usage and perception seem to be holding them back.

Cost: 33%

of those who don’t currently offer a financial wellness benefit cite cost as the top reason why.

Time: 24%

say they’re too busy/overwhelmed to implement a new benefit.

Usage: 22%

say they don’t think their employees will use a financial wellness benefit.

Perception: 61%

say an employee’s personal financial health is not the business of their employer.

The Takeaway

No matter what’s keeping you from providing a financial wellness benefit, the fact is that employee financial stress is following your employees into work and hurting your bottom line. How? Through employee turnover, absenteeism, lost productivity, rising health care costs and delayed retirements. Those are the side effects of a workforce that doesn’t have financial wellness. You have to weigh the cost. What’s more expensive for your business: The price of adding financial wellness to your benefits package or the price of a team that’s struggling with money?

When you provide a financial wellness benefit that actually works, your employees stop bringing their money baggage through your company’s front door. That’s how a financial wellness benefit pays for itself. And when you choose a financial wellness provider that dedicates an entire team to help you launch and promote your new benefit and guarantees participation—that’s how you break through.

You have the chance to help your employees and your bottom line.

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