HRA administration company, Clarity Benefit Solutions, shares financial wellness trends.
Financial wellness programs are a win-win for employers and employees alike. With rising healthcare costs, employees have the opportunity to feel secure about their financial future with financial wellness education, which positively impacts the workplace. Happy employees are less stressed, more productive, which generates more revenue. The following are some trends to take note of regarding financial wellness.
First and foremost, employers realize that employees count on advanced technology when it comes to accessing their financials and learning how to achieve their goals. A user-friendly platform is vital to make this a positive experience, and employers are rolling out the latest and greatest tech with features such as personalized content delivery and account combination. A majority of employees use their cell phones as their primary source of information. Employees expect this process to be easy and convenient. For employers, this is the best way to share information to educate employees, and thus increase financial wellness participation.
In addition, more employers are offering HSAs and FSAs due to their mutual benefits. These triple-tax advantage accounts allow employees to set aside funds, invest for the future, and cover out-of-pocket expenses in a cost-effective way. These benefits combine to help improve financial wellness, both in the short- and long-term.
Larger companies will introduce financial wellness programs quicker than ever, realizing the importance of delivering the latest customized financial wellness initiatives in a timely fashion. Expect smaller employers to follow this lead.
Another financial wellness trend is employers focusing on providing education-focused benefits such as student loan repayment programs. With younger generations facing colossal student loan debt, many employers are including student loan repayment programs as part of benefits packages.
It is also paramount that financial wellness programs have the ability to effect true change amongst employees. While programs that help employees with one issue (such as the aforementioned student loan repayment programs), employers also realize the need to assess each employee’s goals when it comes to financial wellness and provide them with a clear plan to help them achieve their goals.
To that end, this year financial advisors will incorporate financial wellness initiatives into retirement plan counseling. This forward-thinking is another method to engage employees in caring about their short- and long-term financial health wellness.
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