How employees rank financial wellness program features

Recent studies like the 2019 Workplace Benefits Report are showing that financial wellness programs are linked to improving employees’ sense of financial confidence. The trend is encouraging employers to continue to find ways to enhance their programs and integrate features that are most valued by employees. To help inform your strategies, consider what our Workplace Benefits Report reveals about how employees rank financial wellness program features.1

1 Advice from a professional, such as a financial advisor, planner or accountant.
2 Information on financial topics separate from 401(k) education.
3 Availability of financial products and services that help employees.
4 Review or evaluation of employees’ individual financial situations.
5 Online financial tools or calculators, such as debt payoff, car/mortgage payment or college planning tools.

National Retirement Security Week (October 20–26) presents a timely opportunity to step up communications and educational programs that can help employees plan for their financial futures. Consider sending out an email that provides links to a variety of online educational resources—or inviting our financial wellness specialists and advisors to your locations to conduct a financial workshop or one-on-one consultations.

1 2019 Bank of America Workplace Benefits Report Methodology. Escalent conducted an online survey with a national sample of 996 employees 804 employers who responded between February 1, 2019 and February 26, 2019. To qualify for the survey, employees had to be current participants in a 401(k) plan and employers had to currently offer a 401(k) plan; the plans did not have to be provided by Bank of America. Bank of America was not identified as the sponsor of the study.