Employers are accustomed to providing health benefits for their employees, even absent the Affordable Care Act’s mandate to do so. But when it comes to what employees need beyond basic health insurance, many employers are in the dark.

Benefits Pro reports that 95% of all employers polled report feeling “a responsibility to step in and support employees’ financial wellbeing” in a world of economic uncertainty and inflation. A report from Bank of America states employees want  “online financial tools, calculators and scores to measure and improve financial wellness, and retirement education.” 

Financial wellness is an increasingly popular request when employers survey their population. Younger employees need education on retirement planning, budgeting, and long term planning. Older workers who may be considering a retirement date need to understand their options based on their current financial positions. Specific employee loan programs, where an employer enlists a vendor to loan specified amounts of funding to employees for a variety of expenses are a growing trend. Many vendors sponsor these types of benefits, which can be offered alongside an employer’s health and welfare plans. Because these types of financial education do not constitute ‘health plans’ there is more flexibility in terms of making these benefits available to all employees.

Research indicates that employees who receive financial planning and wellness options from their employer are more productive, and less likely to seek other employment. These benefits create a deeper employment relationship, benefiting both employer and employee alike.