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  • Lucas Gillis

How a Financial Wellness Program Can Improve Company Culture


Employers recognize that financial stress is taking a toll on their workforce — and their bottom line. As such, growing numbers of companies are offering financial wellness as part of their employee benefits programs.


Financial wellness helps improve employees’ fiscal well-being and reduces stress by providing the education and tools they need to help them successfully manage their money, prepare for unforeseen expenses and save for the future.

Financial wellness programs can deliver significant benefits for both employers and employees. Their positive impact can result in a happier, healthier workforce and a more profitable, productive business.


Here are five ways financial wellness potentially benefits your company culture:


Benefit #1: Enhanced recruiting and retention.

Nearly 9 out of 10 workers feel it’s important for employers to offer a financial wellness program.[1]

66% say a financial wellness program improves their company loyalty.1 As such, they are more likely to remain loyal to employers who provide financial wellness, helping reduce turnover long term.

In addition, an effective financial wellness program is a compelling recruiting tool. For prospective candidates, it demonstrates a culture of care and commitment to employee well-being.



Benefit #2: Lower health insurance premiums.

The average family healthcare premium contributions paid by large employers rose by 22% over the last five years and 47% over the last ten years.[2]

Workers who are less stressed tend to be healthier and, therefore, their healthcare-related spending declines.

Employers may experience lower health insurance costs when employees stress less about their finances.


Benefit #3: Improved productivity.

Employees spend three hours a week distracted by their personal finances at work. The cost of financial stress has increased by 26% over the last 3 years.[3]


Annual employer cost of lost productivity & absenteeism = $2,412/employee


Workers who feel financially in control are less distracted and more engaged on the job.

Employers benefit from a workforce that’s more present — physically and mentally — and gets more done. Happier, healthier employees are more productive.


Benefit #4: Stress reduction.

Your employees are stressed! Nearly 72% say they’ve experienced moderate to extreme stress — and nearly 3 out of 5 attribute their stress to finances.[4]

When employers educate workers on financial wellness, it can pay off. Employees may experience better financial well-being and less stress.

For employers, it can result in more productive workers who feel engaged and empowered, which enhances the bottom line.


Offering a financial wellness program can help improve your company culture by enhancing your employees’ experience and engagement. We are dedicated to helping you discover and implement financial wellness solutions aimed toward positively impacting your employees and your bottom line. Contact us to learn more.


401K EXTRA | RETIRE YOUR WAY

Fran Gillis AIF, QPFC, PPC, CFWP

Lucas Gillis CPFA, CFWP

connect@401kextra.com

970-225-2001

www.401kextra.com


Fran Gillis and Lucas Gillis are Investment Advisor Representatives of Dynamic Wealth Advisors dba 401k Extra LLC. All advisory services offered through Dynamic Wealth Advisors.


This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.

©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.

[1] John Hancock. “Stress, finances and well-being.” 2022. [2] Kaiser Family Foundation. “Employer Health Benefits Survey.” 10 Nov. 2021. [3] John Hancock. “Stress, finances and well-being.” 2022. [4] John Hancock. “Stress, finances and well-being.” 2022.

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