Why Employee Financial Wellness Is a Top Concern

High inflation and other economic issues are causing financial stress for many Americans. Among American adults, 47% said money has a negative impact on their mental health, according to a March 2024 Bankrate survey.¹

Can partnering with a retirement plan recordkeeper that offers a financial wellness program help? We believe it can.

In 2023, The Standard began offering its retirement plan participants free access to Enrich^TM, a personalized online financial wellness platform. More than 3,500 participants registered in the first three months.

We chose Enrich because it goes beyond saving for retirement. It offers resources on a broad range of financial topics. These include:

• Managing and reducing debt
• Saving for a child’s college education
• Understanding your relationship with money

Online programs like Enrich make it convenient for employees to explore financial resources. And they can help participants feel more confident about setting aside money for retirement.

A 2023 survey by the Employee Benefits Research Institute showed that just over half of companies offer financial wellness resources.² To encourage more companies to make these resources available, The Standard offers Enrich at no extra cost to plan sponsors or participants.

There are many reasons for employers to be concerned about their employees’ financial health. Financially stressed employees are generally more distracted and less engaged. Financially stressed employees are also twice as likely to leave a job than non-stressed employees, according to a 2023 PwC survey. And 73% say they’d be attracted to another employer who cares more about their financial well-being.³

Budgeting and savings tools are among the top resources used by Enrich participants. Articles that have attracted a high number of users include:

• 5 Biggest Mistakes You Can Make With Your Retirement Savings
• The 50/30/20 Budget Rule
• How to Save for the Unexpected
• Understanding Financial Stressors

Help your clients understand the value of financial wellness resources. For more information, check out our financial wellness flyer or contact your representative.