What’s the top employee benefit for 2017? Financial wellness programs seem to be at the top of the list this year.
It used to be enough incentive for businesses to offer their employees a 401K or some sort of qualified retirement plan. Today’s employees are looking for more and employers are investigating new options.
This year’s study discovered that financial wellness programs are rapidly becoming a top HR initiative. Over 90% of employers say that they are likely to focus on financial wellness programs in the days to come. 60% say that the importance of financial wellness programs has increased from last year.
At least half of the companies surveyed are already building financial wellness programs and providing tools to encourage workers to set goals for their financial wellbeing. The 58% of businesses currently offering at least one financial wellness program is expected to top 80% by the end of this year.
Why are financial wellness initiatives so important?
Employers have begun acknowledging that
Most financial wellness programs are designed to prepare employees for retirement. Yet, only 10% of those businesses polled say that their employees are fully knowledgeable about their retirement savings needs and their options for meeting those needs. Appropriately, 87% of employers indicated that they would take action this year to help their employees meet their retirement goals
In addition, employers are investigating ways to assure that their pension plans will have the necessary funds when their employees are ready to retire. They are looking for ways to bulletproof their pension programs to protect them against the vulnerability of the stock market.
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