First of all, what is a financial wellness benefit? A recent Forbes article described it as the following: "It is the glue that drives how employees feel about and use their compensation and benefits to achieve their financial goals. It’s also a major indicator of your culture and commitment to your employees." ("Considering a Financial Wellness Program For Your Employees: Make Sure You Ask These Questions First" - Liz Davidson, Forbes, March 3, 2019).
In deciding to implement or expand a financial wellness program, it’s first important to understand why this would matter to employees. It also feels necessary to remove some stigma around the dreaded and fragile terrain of “giving financial advice.” I’m being intentional in not citing a lot of specific data in today’s blog – mostly because I have a fair amount of data on this topic and will organize it into more digestible chunks in the other parts of this series. My high level view on financial wellness programs is that:
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