Financial Wellness: Understanding Financial Wellness Programs

The extent to which employers understand financial wellness begins to come into focus when assessing their responses to some basic questions. But with so many organizations struggling to understand what constitutes financial wellness, it’s clear that they need more information to assess the need for such a program.

Nearly 60% of the SBS survey respondents said their organization offers a financial wellness program, or plans to in 2018 or beyond. The remainder of those who were polled said their organization does not have such a program in place, nor do they plan to offer one. However, it’s worth noting that nearly 60% of respondents who do not have a financial wellness program believe their employees would be receptive to such a program.

Doing Good While Doing Well

Plan fiduciaries are seeing increased interest in social, or impact, investing as an option in their plan offerings. We have witnessed the evolution of socially responsible investing (SRI) from being just a consideration of avoiding companies that profit from “sin” (alcohol, tobacco, gambling, firearms, etc.) to a holistic focus on environmental, social, and governance (ESG) factors as integral to an investment strategy.

To be good stewards of capital, advanced knowledge of the benefits and significance of sustainability in investing―aligning with values―is essential. It is especially important to the millennial generation, and is consistent with the importance many institutions place on social responsibility as part of their greater mission.