IFP Insights

Employers are becoming increasingly aware of how knowledge deficiencies hinder organizational productivity as employees grapple with the distractions of financial stress.

In today's competitive job market, HR departments and benefits managers constantly seek ways to attract and retain top performers. It's no longer just about a paycheck. Employees want a comprehensive work experience that fosters growth, financial well-being, and a sense of purpose.

According to a 2023 article on WebMD, money remains a taboo topic for many employees, yet it is a leading cause of stress. Many organizations are recognizing its impact on people's performance and overall mental health.

If employers were to offer the benefits workers desired, the majority of respondents to the FinFit survey said they would be more likely to stay at their company (80%), more likely to recommend their company as an employer (78%), less likely to seek new roles outside the company (68%), and more engaged in their work (65%).

Engaging in financial wellness initiatives helps employees achieve financial freedom – and once free from financial stress, they'll do better at work.

Employee wellbeing encompasses various dimensions, including physical, mental, and financial health. While physical and mental wellbeing have been gaining traction in corporate wellness initiatives, financial wellness often remains a neglected area.

One in four Gen Z employees face a precarious financial reality, risking their ability to build a secure future. Crushing student loan debt, stagnant wages, and lack of financial wellness leave them teetering on a tightrope.

By championing holistic financial wellness initiatives, HR managers can empower employees to take control of their finances and reduce stress in general.

Our study yielded several key takeaways with significant implications for financial wellness programs. From the importance of financial preparedness to the impact of personality on stress variation, these insights underscore the critical role of tailored financial strategies in mitigating stress and enhancing overall financial wellness.

Employee financial wellness also goes beyond just higher wages. It also includes benefits like retirement plans, insurance benefits, financial wellness programs, and even stock ownership plans.