Employers Double Down on Financial Wellness, but Approaches Differ

Fifty-three percent of U.S. companies offer financial wellness programs today compared to just 24 percent in 2015, according to Bank of America’s annual
2019 Workplace Benefits Report. The findings are based on a nationwide survey of 996 employees and 804 employers that participate in 401(k) plans.

One reason for the increased focus on financial wellness: 55 percent of employees today rate their own financial wellness as good or excellent, down from 61 percent a year ago.

Employees who rate their financial wellness positively are more likely to feel they can effectively manage their day-to-day finances, they can pay bills while saving for the future, and their retirement savings are on track, Bank of America found.

The ways in which employers…

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Credit to Stephen Miller, CEBS for the original post.

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