Sometimes, someone else can say it better. An article today by David Kilby of BenefitsPRO dived into the critical need for financial wellness programs. Employees are more concerned about their financial health than their physical, social, or mental well-being, and it is not close—more respondents said they were concerned about financial wellness than the other three categories combined.
The article points out that 2/3 of Americans cannot pass a basic financial literacy test and pleads with more employers to expand their financial wellness plans. The only problem with that idea is that it simply is not working.
70% of large companies already offer “financial wellness” programs and more than half are rolling our new or expanded plans in 2020. Yet financial stress is at an all-time high and debt continues to balloon. We do not need more “wellness” programs that are really aimed at increasing 401(k) revenue, selling products to participants, or providing online calculators. People need real help, and until they get it the broken financial system will continue to punish employers and employees alike.