Corporate Financial Wellness Programs Gain Traction |

Category: Basic Money Management Published: Friday, 06 March 2015 Written by Admin

Workplace wellness isnt just about your physical fitness anymore. Many employers have broadened the concept beyond health care to include programs that help workers get their finances in shape.

I think financial wellness is becoming more than a buzzword, says Bob Harris, director of financial wellness at Waddell amp; Reed, a Kansas City, Kansas-based asset management and financial planning firm that customizes financial wellness programs for clients in a wide range of industries. Its something that most employers are considering as an important part of their overall wellness program.

Often these programs are offshoots of the planning assistance that employers provide to participants in a 401(k) or other retirement savings plan. But now employers are broadening the scope of these programs. In a recent Aon Hewitt survey of more than 400 US employers, three-quarters of respondents said they were likely to expand employee benefits focused on promoting financial well-being beyond retirement decisions. Twenty-five percent said they were very likely and 36 percent said they were somewhat likely to offer employees help with budgeting and managing their money.

Programs employ different tactics

If your workplace doesnt already offer a financial wellness program, a few examples of how others are successfully implementing this benefit might help give the boss a nudge.

Financial Wellness at Work, a Consumer Financial Protection Bureau report published in August 2014, looked at the programs of five companies: Nebraska Furniture Mart, health care provider QLI, Staples, Goodwill of Central Texas and Pacific Market Research. The survey found that these employers use a variety of methods to help employees enhance their basic money management skills, reduce high-interest debt and save more for retirement. Most of the programs include some sort of initial assessment of employees needs, followed by counseling or course instruction.

Hits: 889