Benefit Consultants

In recent years, financial concerns have become one of the biggest stressors for employees, with 59% of workers identifying finances as their primary source of stress. A recent Morgan Stanley study revealed that 78% of employees experiencing high financial stress admit it distracts them at work. The COVID-19 crisis has only magnified this problem, making financial wellness programs an essential benefit for employers to offer.

Employees face a wide range of financial challenges, from managing daily expenses like bills and debt payments to saving for major milestones such as weddings, home purchases, education, or retirement. Unfortunately, a lack of financial knowledge often leaves employees without the resources they need to improve their situations.

Employers are increasingly looking to benefit consultants for guidance in implementing financial wellness programs. These programs have become a top priority for companies in nearly every industry as organizations recognize their impact on productivity, retention, and employee satisfaction. Studies show that offering financial wellness programs as an employer-sponsored benefit can improve employees’ lives by reducing financial stress while also enhancing workplace culture.

For benefit consultants, financial wellness is a growing opportunity. Employers and plan sponsors are turning to consultants for expertise in developing formal workplace financial wellness strategies. These programs provide measurable outcomes, from reduced turnover to increased retirement plan participation.

Financial wellness programs also deliver significant cost savings for employers. By addressing financial stress, these programs help reduce absenteeism, improve employee retention, and lower healthcare costs. In fact, companies with financial wellness programs report fewer safety incidents, lower turnover rates, and a more engaged workforce.

Employees benefit from improved financial literacy, which helps them manage debt, create budgets, and save for retirement. This boosts morale, increases productivity, and empowers employees to take control of their financial futures. Additionally, financial wellness programs provide access to supplemental benefits such as life insurance, disability insurance, and college savings plans, giving employees greater confidence in their overall financial well-being.

The Benefit Consultant Advantage
For benefit consultants, promoting financial wellness programs provides a unique opportunity to expand their services and grow their client base. By offering financial literacy education, debt management strategies, and retirement planning solutions, consultants can create lasting relationships with both employers and employees.