Financial wellness has become an essential employee benefit

October, 2017

A recent survey from Charles Schwab indicates financial wellness to be a new essential employee benefit. The survey actually determined that 44% of employers believe that to remain competitive, they must offer some form of a financial wellness program.

Other key findings include:

* 52% of employers said that they have implemented, or are considering implementing, a financial wellness program.
* Employers are generally defining financial wellness for employees as "better financial outcomes and a reduction in financial stress because of employees taking ownership of their financial well-being."

Money woes. Kate Dahl Folan, marketing manager at Emerge Workplace Solutions, says that many employees are too preoccupied with their own financial issues to worry about what their lack of productivity is costing their company. "Especially in today's economy, I think it is important to consider the personal financial stressors that people bring with them to the workplace, resulting in significantly higher levels of distraction.

People are at work but they are more likely to be focused on dealing with their financial problems, which can add up to more than 20 hours a month per employee, according to a recent PFEEF (The Personal Finance Employee Education Foundation, Inc.) study," Dahl Folan says.

Some of the key stressors which have affected millions of consumers all across the country can be understood by the astronomical statistics as listed below:

* Up to 89% of Americans contain incorrect information in their personal credit reports which may contribute to a lower score.
* 700 million identity records were breached in 2016 alone. As of September 2017 as many as 143 million consumers may have been breached by Equifax alone!
* 1.3 trillion dollars of debt can be attributed to student loan debt and approximately 25 % of borrowers are either delinquent or in default.
* According to numbers reported in April, 2017 by the Federal Reserve states that there is over 1 billion dollars in credit card debt. The average US household has a staggering $16,425 in credit card debt. This is a 10% rise since 2013.

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