What Employers are Doing to Support Financial Well-being

15% of global benefits or global rewards leaders at multinational organizations report that they have a financial well-being strategy, although that is expected to increase to 60% in three years.

This guide presents the business case for offering financial well-being programs and benefits not only in the United States but also around the world.

15% of global benefits or global rewards leaders at multinational organizations report that they have a financial well-being strategy, although that is expected to increase to 60% in three years.1

Fig 1: Financial Well-being Programs Offered by U.S. Employers1

Financial well-being programs offered by US Employers

Early Access to Wages, Walmart:

Walmart is helping its associates avoid costly payday loans and overdraft fees by enabling them to access earned wages eight times a year free of charge. The program also gives employees the opportunity to put money into savings, estimates their monthly bills and calculates how much employees have available to spend before pay day.3

Student Loan Repayment, Fidelity Investments:

At Fidelity, eligible employees at manager level or below are eligible to receive $2,000 per year to help pay off their student loans, up to an employee maximum of $10,000 ($1,000/$5,000 for part-time associates regularly scheduled to work 20-29 hours). In addition, employees also have access to online tools to help manage debt.4

Incentives for Action, SunTrust:

SunTrust offers employees up to $1,000 a year to improve their financial well-being, including creating a “rainy day” fund. To earn the incentive, employees must complete an eight-part financial education course and take steps to improve their financial security like contributing at least $20 each pay period to an emergency savings account. So far, 80% of employees have taken advantage of the offering.5

Financial Security at Every Age, Colgate:

Colgate developed a financial wellness toolkit that’s available in seven languages. The toolkit focuses on three areas: creating wealth, managing wealth and enjoying wealth. The company’s financial education program aims to help Colgate employees learn to live within a budget, fund their children’s education, finance their homes and manage their debt.6

Fig. 2: Snapshots of Financial Well-being Initiatives Around the World1

Snapshots of Financial Well-being Initiatives Around the World

Metrics to measure impact of financial well-being initiatives include:7,8

 Measuring impact of financial well-being initiatives 

Employees are Seeking Organizational Support for their Financial Health

When asked how their employer can better support their well-being, U.S. employees prioritize financial health.9 Among all financial well-being programs and tools, U.S. employees place importance on the following:10

Importance among all financial well-being programs

Globally, 85% of employees are interested in online tools to help manage their finances, and 79% trust their employer to give sound advice on financial planning, saving and investing.11

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