Financial Wellness Has Become a “Must Have” Employee BenefitSubmitted by GRP Advisor Alliance on July 25th, 2018
Even with a relatively positive economic outlook, U.S. employees are still not confident about reaching their long-term financial goals with retirement plans continuing to serve as a safety valve for more immediate needs, according to PwC’s US 2018 Employee Financial Wellness Survey. Yet, less than half of respondents surveyed are confident they’ll be able to retire when they want, and nearly two-thirds either say their retirement plans and Social Security won’t be sufficient to support them in retirement or they are not sure if it will.
As a result, it comes as no surprise that companies are implementing financial wellness benefits programs to help employees with their financial difficulties as well as aiding in productivity and employee retention. The National Business Group on Health, in partnership with Fidelity Investments, found that 84% of large and midsize companies are offering financial wellness programs in 2017, up from 76% from 2016. While that statistic seems impressive, many of those companies included in that survey do not offer a comprehensive financial wellness product. Instead, many firms offer wellness services regarding specific topics which are limited to only debt elimination or investment advice.
The major task when selecting an effective financial wellness program is finding a program that is unbiased. Jeff Kayajanian, Managing Partner at GRPAA, determined after an exhaustive search that Financial Finesse offered a holistic program that covered all bases for the user. He states, “Financial Finesse’s initial user assessment is much more detailed than its competitors and the questions depend on the user’s specific goals, which in turn provides the user with a more personalized and defined action plan.” Furthermore, Financial Finesse offers a CFP® helpline which connects you to an independent CERTIFIED FINANCIAL PLANNER™ professional that will help guide the user with education on various financial milestones such as marriage, college planning, and buying a home.
Nathan Voris, managing director of business strategy for Schwab Retirement Plan Services, Inc., says, “The path to financial wellness often starts at work, and it is encouraging to see so many companies moving towards making it a priority,” Voris continues “Employers can play a huge part in helping their employees take ownership of their finances by encouraging them to take an active role, ask questions and ultimately take accountability for their financial future.”