Financial Wellbeing Offerings Proliferate as Popularity Grows

Financial Wellbeing Offerings Proliferate as Popularity Grows

Prudential’s 10th annual Benefits and Beyond: Employer Perspectives on Financial Wellness survey finds that the number of US employers offering financial wellbeing benefits has grown exponentially in the past two years. This year’s study, data for which was collected in September-October 2017, finds that 83 percent of employers are offering these programs, compared to just 20 percent in the last study, conducted in June-July 2015.

In fact, Prudential’s data show that more employers offer this benefit today than the combined total of those who said they already offered it, planned to offer it, and would like to offer it in 2015. An additional 14 percent say they plan to offer financial wellbeing benefits in the next one to two years, indicating that these programs will soon be nearly universal among US employers.

Employers are also offering a wider variety of financial wellbeing programs, Prudential found: seven, on average. The most common of these include digital portals, tools and calculators to help employees measure their financial health, retirement planning assistance, and access to financial advice or advisors—though recent data from the Bureau of Labor Statistics show that only about 20 percent of US employees have access to financial advising services through their employer. Employers told Prudential that they were measuring the success of these initiatives along several metrics, including employee satisfaction, retirement plan participation, productivity gains, and ROI.

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