There is a significant gap between employees and employers regarding financial wellness programs, according to the Harvard Business Review . “80% of employees report being financially stressed. Only 28% of employers offer financial wellness programs,” the article states.   Similarly, Forbes highlights a 2023 Transamerican Institute study showing that 77% of workers consider financial wellness programs an important benefit.  With so much research on the need for these programs, what should employers do?  The first way employers can bridge this gap is to learn what financial wellness is and how it can improve an employee’s overall being. In this short Q&A, we introduce the topic and offer some essential tips to get started.  Q1: What is financial wellness?  A: Financial wellness refers to the sense of security a person feels about their financial situation in all aspects of their life. It means having control over day-to-day finances, being prepared for ...

Each quarter, the Attraction and Retention newsletter offers statistics about the employment market, suggestions on securing top talent and insight to attract and retain workers. This month's Attraction and Retention newsletter offers insights into how COVID-19 vaccines are impacting employers, tips for remote worker success and the value of upskilling employees.  Download your copy today . For more information on healthcare and employee benefits changes, contact HANYS Benefit Services by  email  or by calling (800) 388-1963. This is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2021 Zywave, Inc. All rights reserved.

Many households were stressed about their finances before the pandemic, but the past year has remained just as challenging. As a result, many Americans are still financially stressed out, which can negatively impact their mental health. If you are experiencing financial stress, know that you’re not alone. Financial anxiety and stress can be debilitating. Consider these coping tips from the U.S. Department of Labor: Increase your financial literacy. Create a budget—and stick to it. Switch from credit to cash. Address the topic head-on. Download the Live Well Work Well October Newsletter . For more information on healthcare and employee benefits changes, contact HANYS Benefit Services by email or by calling (800) 388-1963. Further, if you’re feeling significant stress, talk to a mental health professional for additional guidance and support. This is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2021 Zywave, Inc. All rights rese...

Financial wellness is an increasingly popular topic, but there is no consensus about their value. Financial wellness is achieved when people can confidently manage their daily finances (budgeting and debt elimination) while successfully meeting both short- and long-term savings goals (emergency reserves, specific purchase, college savings, and retirement). While clear advantages and perceived value have been identified, several obstacles remain. In Assessing the Merits and Challenges of Financial Wellness , we evaluate whether financial wellness programs are a wise choice and welcome addition to the traditional employee benefits package. Why is Financial Wellness Important to Plan Sponsors? When designed properly, financial wellness programs can help employers enhance their benefits packages and realize significant cost savings by helping employees retire on time, be more productive, and enjoy better health. Recruitment and Retention -  Employers are constantly competing to attract...

Financial wellness is an increasingly popular topic, but there is no consensus about their value. Financial wellness is achieved when people can confidently manage their daily finances (budgeting and debt elimination) while successfully meeting both short- and long-term savings goals (emergency reserves, specific purchase, college savings, and retirement). While clear advantages and perceived value have been identified, several obstacles remain. In Assessing the Merits and Challenges of Financial Wellness , we evaluate whether financial wellness programs are a wise choice and welcome addition to the traditional employee benefits package. Why is Financial Wellness Important to Plan Sponsors? When designed properly, financial wellness programs can help employers enhance their benefits packages and realize significant cost savings by helping employees retire on time, be more productive, and enjoy better health. Recruitment and Retention -  Employers are constantly competing to attract...