Your boss knows that your finances may need some help. This year, you just might get it.
Just over half of employers surveyed by Alight Solutions said they are in the process of creating financial wellbeing strategies at the workplace.And nearly 30 percent of the participating companies said they already have such a program and are putting it into action, Alight found.
The benefits administration company polled 171 employers in September and October of 2018. The participating businesses represent a total of 7.6 million workers.
Whether you call it “financial well-being ” or “financial wellness,” the concept is the same: Companies want to improve the overall health of their workers’ finances. This can run the gamut from helping you budget to educating you on how to get the most out of your retirement plan.
Why should employers care? The answers range from wanting to “enhance the overall employee experience” and “we believe it’s the right thing to do,” said Rob Austin, director of research at Alight.
“Employers are looking at what benefits employees, including helping them reduce financial stress and get a handle on what they’re spending,” he said. “If you’re feeling better about yourself, it could translate to better engagement.” There’s something to that.
About half of the workers polled by PricewaterhouseCoopers said that they were stressed over their finances. The firm surveyed 1,600 working adults in February 2018.Of those stressed employees, more than half said they had less than $50,000 saved for retirement. Further, 2 out of 3 said they consistently carry balances on their credit cards.
Here’s how your employer is trying to help you clean up your finances.