Finding the win-win when offering employees financial wellness programs

It’s no surprise to employers that too many workers are more than a little distracted from stress over how to make ends meet, leading many organizations to launch financial wellness programs. But employers have questions. Chief among them: What should such programs include, and how well do they work for employees?

Healthcare help an option

HR consulting firm Mercer’s 2023 to 2024 Inside Employees’ Minds study reports results from a July 2023 survey of 4,505 full-time U.S. employees working for organizations with more than 250 employees.

The results showed the No. 4 concern of the employees surveyed was being able to afford health care—behind the ability to cover monthly expenses, the ability to retire, and achieving work/life balance.

Because the cost of healthcare is such an important concern, Mercer says employers must address healthcare affordability. Low-income workers were more worried about healthcare costs, and because of the ongoing gender pay gap, more women than men were worried.

A March 2024 Mercer blog reported that 64% of organizations were enhancing 2024 health and well-being offerings, but just 3% were shifting the cost to employees. Other benefits employers were offering included free employee-only health coverage, salary-based contributions, low- or no-deductible plans, and larger health savings account contributions.

More program options