Just under 20 percent of American workers had access to financial planning benefits through their employer last year, the Bureau of Labor Statistics recently highlighted at its news publication, the Economics Daily. According to BLS data from last March, these benefits were more commonly enjoyed by high-earning employees, employees of larger organizations, and those in certain skilled professions:
Employees in larger establishments (100 workers or more) were three times as likely to have access to financial planning benefits as employees in smaller establishments (1–99 workers). Workers in higher wage groups were also more likely to have access to financial planning benefits as workers in lower wage groups.
Nearly half of workers in the information and finance and insurance industries had access to financial planning benefits. Fewer than one in ten workers in construction and leisure and hospitality had access to financial planning benefits.
The BLS data belies the growing interest in financial wellbeing offerings among employers in the US and globally: Surveys have found that a large and growing majority of American employers are offering some form of financial wellbeing benefit. The employer-provided or subsidized financial planning services tallied in the bureau’s Employee Benefits Survey are just one of many ways organizations can help their employees better manage their finances.