Think Only Lower-Income Employees Need a Workplace Financial Wellness Program?
As employers weigh the need for financial education in the workplace, it’s easy to think that only lower-income employees need help. Is that a valid assumption?
Here’s some eye-opening statistics:
A 2016 survey by PWC shows that workers at all income levels are stressed about their personal finances:
- 51% of all employees were consistently carrying balances on their credit cards
- 43% of employees earning $100,000 carried balances consistently as well
- 36% of employees find it difficult to make their minimum credit card payments on time each month
- Even among those earning $100,000 or more, 27% find it difficult to meet minimum credit card payments
In an ideal world, every workplace would offer a financial wellness program of some sort to help their stressed employees change their habits and get on track to financial security.
The problem is, financial wellness programs can require a significant investment. In fact, employers report the biggest obstacle to implementing a financial wellness benefit is cost.
This is not a surprise, but fortunately, there’s good news. Financial wellness programs come in all sizes and shapes. By harnessing technology, online financial wellness programs can help you provide a financial wellness benefit that is both effective and affordable.
But researching all the various options is no easy task and there’s little historical data since it’s such a new concept. To help you in your research, we’ve compiled the latest information on how to get the most bang for your buck out of your financial wellness budget. Check out our free e-book for more information.
Whatever direction you do go, it will be worth the effort. According to Richard Cordray, Director of the Consumer Financial Protection Bureau, “a financially capable workforce is more satisfied, more engaged, and more productive for their employers.”
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Wavelength Financial Content Inc. provides user-friendly, engaging and affordable branded and white-label financial wellness programs.