At this year’s Annual Employee Health Care Conference hosted by The Conference Board in New York City, financial wellbeing took center stage as a critical pillar of employee health.
In the panel session titled "Prioritizing Financial Wellbeing as a Key Pillar of Employee Health: Strategies from Leading Employers," experts from leading organizations discussed how employers can prioritize financial health in a world where more than 88% of employees report feeling financially stressed.
Moderated by Gregory Doane, Director of Health & Benefits at WTW, the session brought together a panel of seasoned benefits leaders:
- Aaron Steele, Vice President, Employee Benefits Manager at Fifth Third Bank
- Kathryn Rider, AVP of Benefits & Well-being at The Campbell’s Company
- Rebecca Liebman, CEO and Co-Founder at LearnLux
The panel explored how employers can respond to changes in the financial landscape, design impactful financial wellbeing programs, and use effective communication strategies to keep employees informed and engaged.
Financial Wellbeing as a Foundational Pillar
The session opened with the question, “What’s one piece of financial advice that has stuck with you over the years?” This grounded the conversation in real-life perspectives and reminded the audience that financial wellbeing is personal. Kathryn emphasized the importance of discerning between needs and wants to avoid unnecessary spending, encapsulated in her father's advice: "Just because you can doesn't mean you should." Aaron highlighted the necessity of understanding investment vehicles and their associated fees before committing funds, advising, "Don't invest in anything you don't understand." Rebecca advocated for a long-term investment strategy over attempting to predict market fluctuations, stating, "It's all about time in the market, not timing the market."
Rebecca then connected the dots between these personal stories and broader workforce trends. Today’s employees are navigating economic uncertainty, rising healthcare costs, and financial decisions that impact their physical and emotional health. As employers strive to support the whole employee, financial wellbeing has become a non-negotiable.
Key Takeaways from the Panel
Financial wellbeing is a business priority
Kathryn Rider shared that for Campbell’s, financial wellbeing is more than a benefit, it’s part of their commitment to whole-person care. “It was clear to me twenty years ago that someone is not going to manage their diabetes if they are financially insecure. If they're living paycheck to Monday, they're not prioritizing their health because their basic needs are not met. So when you think about the population at Campbell's, the backbone of our company is more traditionally blue collar: working in plants, mixing houses, and warehouses across the country in many rural areas. Our employees need basic education on how to make their money work better for them, how to make good financial choices. So financial wellbeing is really a key pillar in our health and wellbeing strategy at Campbell's."
Data drives real impact
Aaron Steele detailed how Fifth Third Bank has achieved exceptional results with their financial wellbeing program. “When we first started, our goal was simple. We just needed to find a financial education program,” said Aaron. “So, we found one and used it for a couple of years. The struggle with that program was the lack of verifiable metrics. We wanted to be sure our employees were actually engaging with the content. We’d get these broad data points like, “this lesson was viewed X number of times.” But did they complete the lesson? We didn’t know. So how could we verify that real learning was taking place? Another challenge was that we didn’t have the financial coaching we do now with LearnLux—specifically, the ability to talk with Certified Financial Planner® professionals. As we evaluated different programs, we ultimately found LearnLux.”
Macro trends mean the time to take action is now
“When you look at the macro trends driving interest in financial wellbeing today, it’s really centered around an affordability and cost of living crisis in the U.S. and globally,” says Rebecca. “Economic uncertainty and inflation have left many people unsure of what to do or where to turn. The data is staggering: Americans now hold $1.2 trillion in credit card debt, the highest in history. Debt has become normalized, and many can’t afford to live on their paychecks alone. 83% of Americans carry some type of debt, and 60% is credit card debt. People are struggling to get by day-to-day. Some are facing urgent issues, like falling behind on rent or risking repossession of their car, which makes it hard to focus on long-term financial planning. And this isn’t limited to lower-income groups. Recent data shows that 48% of people earning $100,000 are living paycheck to paycheck. Even among those earning $200,000 or more, 36% are still living paycheck to paycheck. It’s clear that income alone doesn’t determine financial stability: financial behaviors, habits, and the money narratives we grew up with play a huge role.”
Guidance for Employers Exploring Financial Wellbeing in 2025
For employers exploring financial wellbeing solutions, the advice is clear: keep it simple, focused, and inclusive. Employees are overwhelmed, so it’s important to cut through the noise and make the healthy financial choice the easy one. As Kathryn shared, “employees are stressed right now more so than ever… so think about what the core is that they really need to focus on, and then continue to make the healthy choice the easy choice.”
Financial stress doesn’t just affect wallets. It impacts mental and physical health too. Aaron reflected, from personal experience, how stress can manifest physically and emphasized that supporting employees financially is part of taking care of their whole wellbeing. And as Rebecca pointed out, many financial tools were built for a narrow user, relating the experience to the clip-on microphones used at the panel session: "Most financial products are like these mics—they work if you're wearing a blazer, but not so well if you're in a dress. Finance has been built for one type of person, but it's personal, and we need to design it to fit everyone." Solutions must be flexible and inclusive enough to meet the diverse needs of every employee.
Looking Ahead
The session closed with reflections on the future of financial wellbeing. The panel agreed that the most effective programs will be those that integrate into broader wellbeing strategies, are powered by data, and provide highly personalized support. As Aaron says about Fifth Third Bank’s strategy, “With LearnLux, we now have the ability to meet employees where they are… They can go through lessons at their own pace, or, if they want to have a deeper financial conversation, they can connect with someone directly. That flexibility was exactly what we needed.”
As financial stress remains a top concern across income levels, the need for thoughtful, impactful solutions has never been greater.
Financial wellbeing is no longer optional. It is essential to create healthier, more resilient workforces. For employers just beginning their journey, the message from the panel was clear: Start now, find the right partner, and commit to meeting your employees where they are.