Financial Wellness Benefits

The State of Financial Wellness Benefits

There’s plenty of growth opportunity for financial wellness benefits. Only about 1 in 3 benefits decision-makers are extremely familiar with them—about the same number (30%) who said they currently offer financial wellness to their employees. But there’s a clear trend emerging that indicates that growth is happening: 27% of employers who don’t currently offer a financial wellness benefit said they’re extremely likely to add it in the next 1–2 years. Plus, one-third of the employers who currently offer a financial wellness benefit just added it in the last year. Even more importantly, employer sentiment about the importance of financial wellness as a benefit is extremely positive.

  • 89%
    say providing a financial wellness benefit is an important component of a comprehensive employee benefit package.
  • 88%
    say it’s important for an employer to provide resources and tools to help with employee personal finances.
  • 87%
    say their organization has a responsibility to support the financial well-being of their employees.

What Goes Into Financial Wellness Benefits?

The majority of financial wellness benefits on the market include common features like benefit planning, a personal finance assessment, budgeting tools, investment advice and financial education—and many of these also top the list of must-have features for benefits decision-makers.


  • Benefit planning
  • Financial wellness assessment
  • Budgeting tools and content
  • Investment advice
  • Personal finance education
  • Virtual webinars
  • Access to personal finance tools
  • Individual financial coaching/counseling
  • In-person seminars
  • Access to purchase financial products


  • Access to personal finance tools and services
  • Budgeting tools and content
  • Financial wellness assessment
  • Benefit planning
  • Personal finance education
  • Individual financial coaching/counseling
  • Investment advice
  • Educational seminars
  • Customization of promotional materials
  • Ability to sync accounts

Employer Satisfaction With Their Financial Wellness Benefit

In the Overview of Benefits section, we saw that employers who offer financial wellness benefits were more likely to be extremely satisfied with their overall benefits package. Drilling down a bit more, 49% said they were also extremely satisfied with their current financial wellness benefit. Of those who offer SmartDollar, 67% said they were extremely satisfied.

67% of companies with Ramsey SmartDollar are extremely satisfied with their financial wellness benefit compared to 49% of companies with other financial wellness providers.
The Takeaway

Even though only about a third of employers say they’re extremely familiar with the concept of financial wellness benefits, they’re hearing the rumblings—or feeling the consequences—of their employees’ lack of financial wellness. You can see it in the trend—a third of those who offer a financial wellness benefit to their employees added it just in the last year. So, even though some might not know what financial wellness is or what it should look like, they see the importance of offering it.

But back up for a second. If they don’t know what a financial wellness benefit should accomplish, how can they know what actually works? All the must-have features in the world can only take employees so far if they’re not engaged. If your financial wellness benefit provider offers a set-it-and-forget-it solution without driving engagement, you won’t see a long-term impact on your team. At SmartDollar, we know employee engagement is about more than the usual enrollment and usage numbers. We measure employees’ actual life-change. That’s what makes us different, and it’s why companies who offer SmartDollar are nearly 20% more likely to say they’re extremely satisfied with their financial wellness benefit.

If sign-ins and traditional usage metrics don’t lead to your employees getting on a budget, paying off debt, saving for the future, and building wealth, then how valuable are those things, really?

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