Financial Wellness Program Shows Measurable Impact

For several years, financial wellness has been a prominent topic and shows no sign of lessening in the future, as the COVID-19 pandemic has further intensified financial stress for many Americans. Employees continue to be challenged with managing debt, meeting savings goals, retirement planning, budgeting, student loans, and other areas. They have looked to their employers for more assistance. 

Companies are answering the call to do more for their workforce. Investment in employees’ financial health can mitigate turnover, improve absenteeism, increase workforce productivity, and impact employee attraction and retention initiatives.

Implementing a smart and flexible financial wellness program can have a measurable impact on the workforce. Recent results from the Assurex Global Enterprise Financial Wellness program, powered by Financial Finesse, have shown some remarkable improvements in users’ financial wellness scores with the implementation of an AI-driven financial coach. In just six months:

• Rising scores: 14.3% improvement in average Financial Wellness Score™ (from 4.7 to 5.37)
• Impacting the most vulnerable: 19.3% of users report high or overwhelming financial stress. 8.7% of users who began in the “crisis” and “struggling” phases have advanced to the “planning” phase (most participants – 68% – started in “crisis” or “struggling”) 
• Building strong financial foundations: 25% increase in users in the “planning” and “optimizing” phases of financial wellness

• Retirement readiness: 29% say they are on track for retirement 
• Driving important actions: The top three action steps completed include analyzing where your money is going, capturing full company match, and considering paying yourself first. 

We have seen clear improvements with participants in a short amount of time. This program is offered at the employer level. It demonstrates that companies can significantly positively impact their employees’ financial health, a critical pillar of a total wellbeing strategy. Our findings also highlight employees’ stark need for financial wellness resources and education. We’re excited to monitor participants’ progress over the next six months and beyond.

For more information on financial wellness or providing this resource to your employees, please contact your local Assurex Global adviser.

Jenny Bedeaux
VP, Employee Benefits Practice
Assurex Global