Key themes in financial wellbeing this year

Posted by LearnLux

What should employers have on their radar when it comes to financial wellbeing this year? These are the top 4 themes that will impact workplace financial wellbeing the most this year.

Building emergency savings

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Following the financial shocks that rocked many American families back in 2020, building (or re-building) emergency savings should be a top priority.

Having funds for a rainy day is the largest predictor of financial wellbeing. As a result, employer programs focused on building short-term savings have become a critical priority.

Think of emergency savings education as preventative care for employee financial stress. Having money stashed away today means peace of mind tomorrow. Look for holistic financial wellbeing programs that shine a light on emergency savings as a part of each employee’s full financial picture.

 

Choosing the right health insurance / voluntary benefits 

Financial wellbeing helps employees choose the right insurance


Your workplace offers outstanding benefits. Are employees using them to their full potential?

The U.S. Department of Labor reports that benefits are worth 30% of an average employee's total compensation.

When employees are confused, uninformed, or intimated, they are leaving money on the table and putting their wellbeing at risk. Choose a financial wellbeing program that provides benefit decision assistance and Open Enrollment communications to help employees elect with confidence this year. 

 

Looking for monthly Financial Wellbeing themes to power your employee communications?

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Preparing for big life events

Young couple getting married thinking about their financial wellbeing

 

Employees seek financial guidance when it’s time to make a big decision, especially for the first time. That’s because major life events like getting married, buying a home, and having kids can be extremely stressful.

Missing an important step or getting something wrong this year can be disastrous for their financial future. Offering access to Certified Financial Planner™️ professionals can be valuable to employees and employers alike during these big milestones.

With a financial wellbeing program that offers access to CFPⓇ professionals, your benefits team will enjoy peace of mind knowing that employees’ questions will be answered by a trusted resource.

 

Saving for retirement

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Who wants work to be optional someday? Almost all of us. What’s the best way to make this happen? Save for retirement. Sounds easy when you put it that way, but saving for retirement isn’t that straightforward.

It’s on the mind of nearly all employees, and offering competitive retirement benefits isn’t enough to help them feel supported. Employees want to know how much of their paycheck they should be stashing away, how to plan when retirement is 20+ years in the future, and how to know if they’re saving enough (and what to do if they’re not).

Skip guidance from your 401k provider that only addresses this one piece of employee's full financial picture. Explore programs that offer employees holistic education and interactive tools (such as retirement readiness calculators) from a trusted financial wellbeing provider. 

Tags: financial wellbeing

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