The Benefits of Workplace Financial Wellness Programs How Companies Can Promote Household Financial Security Mathieu Despard, University of Michigan Meredith Covington, Ellen Frank-Miller, Geraldine Hannon, Michal Grinstein-Weiss, Washington University in St. Louis PlanSource Eclipse 2017 • July 21, 2017 • Park City, Utah
18
Embed
The Benefits of Workplace Financial Wellness …plansource.com/collateral/The Benefits of Workplace...Employee Financial Wellness 2017 PwC Employee Financial Wellness Survey •35%
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
The Benefits of Workplace Financial Wellness Programs
How Companies Can Promote Household Financial Security
Mathieu Despard, University of Michigan
Meredith Covington, Ellen Frank-Miller, Geraldine Hannon, Michal Grinstein-Weiss, Washington University in St. Louis
PlanSource Eclipse 2017 • July 21, 2017 • Park City, Utah
What is Financial
Wellness?
“Freedom from financial stress and debt, enjoying life, and being prepared for emergencies” 1
Employee Financial Wellness
2017 PwC Employee Financial Wellness Survey
• 53% of employees have financial stress - #1 source of stress
• Nearly 1 in 3: personal finances a work distraction; 22% say productivity suffers
• 42% struggle to meet monthly household expenses
Employee Financial Wellness
2017 PwC Employee Financial Wellness Survey
• 35% use credit cards for basic needs
• 30% have made non-retirement withdrawals from plans
• Top concern: lack of emergency savings (50%)
Source: JP Morgan Chase Institute
Source: JP Morgan Chase Institute
What Employers Can
Do
Financial Wellness Programs – services to help employees become more financially capable and secure
• Financial coaching
• Credit counseling
• Online financial management tools
• Payroll advance or short-term loans
• Split deposit, automated savings products
Financial Wellness Programs
Research supported by the Ford Foundation, the JPMorgan Chase Foundation, and the W.K. Kellogg Foundation
• Payroll-deducted installment payments may help improve credit scores
Download the Primer
• Additional tips for each type of wellness product or service
• Examples of financial wellness providers
References
JP Morgan Chase Institute. (2015). Weathering volatility: Big data on the financial ups and downs of U.S. individuals. https://www.jpmorganchase.com/corporate/institute/document/54918-jpmc-institute-report-2015-aw5.pdf