4 Key Benefits of a Strong Financial Wellness Program

Financial wellness is an increasingly popular topic, but there is no consensus about the value of financial wellness programs in the workplace. While clear advantages and perceived value have been identified, several obstacles remain.

In Assessing the Merits and Challenges of Financial Wellness, SBS evaluates whether financial wellness programs are a wise choice and welcome addition to the traditional employee benefits package.

To read more about the key themes that emerged from the financial wellness research, download Assessing the Merits and Challenges of Financial Wellness.

Why is Financial Wellness Important to Plan Sponsors?

When designed properly, financial wellness programs can help employers enhance their benefits packages and realize significant cost savings by helping employees retire on time, be more productive, and enjoy better health.

The Popularity of Wellness Programs

The Employee Benefits survey helped call to attention the increasingly complex circumstances under which employee benefit plans are constructed. The popularity of wellness programs certainly shows a direct correlation between the health and welfare of employees and cost of their care. Most respondents said their organization offers a wellness program (74%), with the most popular methods including:

• flu shots;
• smoking cessation; and
• a health risk assessment.

If wellness helps reduce the risk of heart attack, stroke, diabetes, hypertension, and other serious conditions, then the hope is that it will result in fewer medical claims.

Download our Employee Benefits Survey Report and the Employee Benefit Survey Webinar Presentation Recording to understand what these results mean to you as an employer, and what challenges and risks you may face when attempting to offer a competitive benefits package under the Affordable Care Act.

If you have any questions, or would like to begin talking to an employee benefits advisor about wellness programs, please get in touch by email or by calling (855) 882-9177.