Financial wellness benefits employees value
You know what’s wild? Organizations spend thousands on financial wellness programs that employees ignore. Fancy planning tools, retirement calculators, investment advisors – all sitting unused while employees stress about money constantly.
When asked why they weren’t using the financial benefits their companies offered, employees responded: “Too complicated.” “Felt like admitting I’m bad with money.” “Didn’t think it applied to me.” “No time to figure it out.”
When it comes to offering financial wellness benefits that employees will value — and use, here’s what works:
Emergency savings programs with employer matching. Just like 401(k)s, but for the crisis fund most Americans don’t have. Employees contribute a small amount per paycheck, the employer matches (even $20/month makes a difference), and money is accessible if needed. Simple. Concrete. Non-judgmental.
One manufacturing company started this program and saw usage rates 4x higher than their other financial benefits. Why? Because it solved an immediate problem – the fear of unexpected expenses.
Student loan repayment assistance that’s meaningful. $50/month sounds good on the benefits summary, but doesn’t move the needle on $40K of debt. If you’re going to offer this, make it substantial enough to matter. Or partner with refinancing services that actually reduce interest rates.
Financial coaching that isn’t about investment strategy. Most employees aren’t ready for wealth building. They’re trying to figure out how to stop living paycheck to paycheck. Coaching that addresses budgeting, debt reduction, and emergency planning gets used. Advanced investment advice gathers dust.
HSA/FSA reminders that are actually helpful. You know those end-of-year “use it or lose it” reminders? Make them specific. “You have $300 left – here are 15 things it can cover, including that dental work you’ve been avoiding.” Employees leave thousands on the table because they forget these accounts exist.
Actual early wage access. Not predatory payday loans – real access to earned wages before payday. Companies like Walmart offer this and see reduced financial stress, better attendance, and lower turnover. When people aren’t waiting for payday to pay rent, they can focus at work.
What doesn’t work? Complex programs requiring financial literacy to understand. Benefits that feel like admitting financial failure. Programs that assume middle-class stability that employees don’t necessarily have.
The bottom line: Financial wellness benefits work when they address immediate, practical problems. Start there. Expand later.