May 17, 2024

Employee Financial Wellness Programs: A Full Guide

Financial wellness doesn’t stop when you give employees their paychecks. It’s about educating them and offering the support they need to thrive — which can also pay off big for your business. Financially confident workers are more productive, less stressed, and better equipped to bring their A-game to work each day.

A financial wellness program is a comprehensive approach to supporting employees’ financial well-being. It combines education, coaching, and practical tools to help them navigate money matters with confidence.

Here are some tips to help your company achieve financial wellness for employees.

What is financial wellness, and why does it matter?

Financial wellness refers to a person’s overall financial health and well-being. It means having the literacy and tools to manage money effectively and cope with unexpected expenses.

When employees have a high level of financial wellness, they worry less about money and feel good about their choices while managing it. And that’s a big deal. Lowering stress can boost people’s health, happiness, and focus, both at work and at home. They can concentrate on tasks instead of worrying about how to pay the bills.

Supporting financial wellness is a win-win for everyone. Employees feel more secure and satisfied, and employers benefit from a present, focused, and valued workforce. This is why more and more companies are making financial wellness a priority with results-driven programs.

What is a financial wellness program?

A financial wellness program is a way for employers to help their staff get better at managing their money. These programs come in different shapes and sizes, but they all have the same goal: to give employees the support and resources they need to control their finances like pros.

A well-designed program serves employees’ specific needs. It could include classes and workshops, money management coaching, and help with common financial situations like student loans and emergency funds. The curriculum depends on what people need the most help with and what the organizer can realistically offer.

7 Financial wellness program examples

Here are seven specific ways you can support employees’ financial wellness:

1. Lunch and learns

Lunch and learns are midday training sessions that give employees free food while educating them about important money topics like budgeting, saving, and investing. The learning usually comes in the form of lectures or discussions. Keep sessions engaging and actionable so people can put what they learn into practice.

2. Financial coaching

Give employees access to one-on-one guidance from a financial expert who can help them make a plan for their specific needs and goals. This is a good option for employees who need help, but don’t feel comfortable talking to their employer about certain issues.

3. Financial wellness platforms

There are hundreds of financial apps and tools out here, but many are either expensive or difficult to use. Offer free access to a comprehensive digital toolkit with features like expense tracking, goal setting, and educational content, and make sure employees know how to use it. Many financial software companies offer workplace licensing for their products so you can provide access for the whole company.

4. Student loan assistance

Help employees conquer student loans by offering a monthly contribution or matching payments. Even a small amount can go a long way in helping them get out of debt faster.

5. Employee hardship funds

Life happens. Sometimes people need a little extra help. If you have the resources, consider setting up a program that offers financial grants or no-interest loans for employees facing unexpected expenses or emergencies. Set up clear guidelines to avoid complications.

6. Retirement planning resources

Everyone benefits from saving for the future. But a lot of people don’t know where to start. Offer resources to help employees navigate their retirement options and make smart choices. Consider automatically enrolling them in your company’s 401(k) plan and offering a match to sweeten the deal.

7. Affordable advances on earned wages

Partner with a provider that lets employees access a portion of their earned pay before payday to help cover bills and expenses. Look for a service with low or no fees, like EarnIn, which gives people access to their pay with no interest and no mandatory fees. Employees can get up to $150 per day and up to $750 per pay period.

7 Financial wellness program examples

So, why is financial wellness important for employers? When your team members feel good about their money situation, they bring more energy and confidence to other parts of their lives — and that includes work. Investing in your employees’ financial wellness isn’t just a nice thing to do. It’s also smart business.

Here are some of the biggest benefits of financial wellness programs:

1. Less stress, more focus. Money worries can be a major distraction at work. When employees have the tools and support to manage their finances, they can focus on their jobs and be more productive.

2. Better morale and engagement. Employees who feel their employer cares about their well-being are more likely to feel valued and engaged at work. This leads to higher job satisfaction and lower turnover.

3. Healthier, happier employees. Financial stress can take a toll on people’s physical and mental health. By helping employees improve their financial fitness, you support their overall well-being.

4. Better talent attraction and retention. A strong financial wellness program is a big draw for top talent because it shows you care about employees’ health and satisfaction, not just their work performance. It also encourages staff to stay with you longer, boosting retention.

5. Improved bottom line. Engaged, productive, and healthy employees boost your company’s performance and profits. Financial wellness programs can also help reduce absenteeism and turnover, saving you money in the long run.

Planning and launching a financial wellness program

Ready to start a financial wellness program at your company? Here are the key steps to get you started:

1. Get buy-in from leadership. Help your company’s decision-makers understand how a financial wellness program can benefit not just employees but the business as a whole. Note that launching a financial wellness program doesn’t have to be expensive. If you have limited resources, start small and choose cost-effective options like educational workshops and online resources.

2. Assess your employees’ needs. Use surveys, focus groups, and one-on-one conversations to understand your team’s unique financial challenges and goals.

3. Set clear goals and metrics. With the data you’ve gathered, define specific, measurable objectives for your program. These could include reducing financial stress or increasing retirement savings participation.

4. Choose the right partners. If you’re working with third-party providers, make sure they align with your values and can deliver quality support to your employees. Look at reviews or speak to other companies for recommendations.

5. Communicate. Use multiple channels to inform your employees about the program and get them excited to participate. Make sure they know who to go to for questions or help.

6. Make it easy to participate. Financial wellness shouldn’t mean extra work. Offer resources and activities in the office, provide accessible online tools, and make sure materials are available to all employees.

7. Measure and adjust. Track your program’s progress using key metrics and employee feedback. Make changes as needed.

Enhance your team’s financial well-being with EarnIn

Financial stress takes a toll on employees’ well-being and performance. With EarnIn, you can empower your team to take control of their finances.

EarnIn offers a suite of powerful tools to help employees access their pay as they earn it. The Cash Out tool lets employees get up to $150 per day or $750 per pay period of their earned wages before payday, with no credit checks, interest, or mandatory fees. They can even monitor their credit score for free.

Schedule a demo today to learn how to make every day payday for your workforce.

Please note, the material collected in this post is for informational purposes only and is not intended to be relied upon as or construed as advice regarding any specific circumstances. Nor is it an endorsement of any organization or services.

1. EarnIn does not charge mandatory fees for use of its services. EarnIn does not charge interest on Cash Outs. EarnIn services may not be available in all states. Restrictions and/or third party fees may apply, see EarnIn.com/TOS for details.

2. EarnIn is a financial technology company, not a bank. Subject to your available earnings, Daily Max and Pay Period Max. EarnIn does not charge interest on Cash Outs. EarnIn does not charge mandatory fees for use of its services. EarnIn services may not be available in all states. Restrictions and/or third party fees may apply. EarnIn services may not be available in all states. For more info visit earnIn.com/TOS

3. EarnIn is a financial technology company not a bank. Subject to your available earnings, Daily Max and Pay Period Max. EarnIn does not charge interest on Cash Outs. EarnIn does not charge hidden fees for use of its services. Restrictions and/or third party fees may apply. EarnIn services may not be available in all states. For more info visit earnIn.com/TOS

4. Calculated on the VantageScore 3.0 model. Your VantageScore 3.0 from Experian® indicates your credit risk level and is not used by all lenders, so don't be surprised if your lender uses a score that's different from your VantageScore 3.0. EarnIn services may not be available in all states. Learn more: https://www.experian.com/assets/consumer-information/product-sheets/vantagescore-3.pdf