5 Signs You’ve Found a Financial Wellness Program That Works

Unless you’ve been living under a rock for the past few years, you’ve likely heard a lot about financial wellness benefits—and for good reason. It’s no secret that most people in America today aren’t in great shape with their money. In fact, nearly 8 out of 10 live paycheck to paycheck no matter their pay grade, 40% can’t cover a $400 emergency, and only a third are on track to save enough to retire comfortably by 67.^1,2,3 The need for financial wellness is clear, and your employees are looking to you for help.⁴

What’s also clear is that seminars teaching how to handle money are a dime a dozen. The problem is, if you rely on them to meet the needs of your employees, you’ll get dime-a-dozen results. We get it. But the reality is: Financial literacy seminars don’t help your team get their money habits under control.⁵ Sure, your people may learn a few things they didn’t know before, but knowledge is only part of the equation for financial success. Your program needs to guide employees along the way, not make them suffer through an outdated presentation full of bad memes and charts.

So, how can you pave the way for them to change their financial lives? It’s not as complicated as you might think—just make sure your program hits on these five things.

1. It Teaches How to Achieve Change With Money. 

How can a financial wellness program make a lasting impact? Keep. It. Simple. Your program should lay out clear, easy-to-understand steps so it can meet your employees wherever they are in their money journey and walk with them along the way. This isn’t a quick fix for them. It takes time to form bad habits, and it takes time to break them. 

2. It Scales to Your Entire Organization. 

A truly scalable financial wellness program needs to be accessible to your employees from anywhere. Your company may have multiple locations, different shifts or even spouses who would like to participate, making class facilitation nearly impossible. So, look for something employees can take with them, access at their own pace, and find online or on their smartphone anytime, whether they’re in the office, at home or on the road. This also allows your employees to have the privacy they need to truly take advantage of the program. Do you want to sit in an uncomfortable seminar with your coworkers and share all your personal finance woes? Of course not! And neither do your employees. That’s just not the way to get them to buy in.

3. It Shows Your Employees How to Succeed. 

You wouldn’t go to the gym once a year and expect to look like a bodybuilder. So, why would you think a 45-minute lunch-and-learn session once a year is enough to help your employees build their financial muscles? Instead of an ineffective and, frankly, boring seminar with limited participation, give your team a personalized program that shows them how to succeed with engaging, bite-size lessons where they can learn how to practice sound money habits—no matter the step they’re on. For example, they will learn that someone who’s in the process of paying off debt shouldn’t be focused on investing. But once they’re out of debt and ready to build their nest egg, they can revisit the lesson on investing for the future. That’s setting them up for success.

4. It Actually Works for All Financial Situations.

Each of your employees has different needs. Whether they’re just starting out, getting married, having their first child, sending kids to college, or nearing retirement, they need a financial wellness program that actually works no matter their situation. An annual financial seminar that offers blanket answers to specific personal questions just doesn’t cut it. But a program that meets them where they are and helps them in every step of their individual journeys is more likely to inspire them to take control of their money once and for all. 

5. It Makes a Real Impact on Your Company. 

Shouldn’t your employee financial wellness program also work for your company as a whole? We think it should. We’re happy to report that when your team takes the steps to change their financial lives, it reduces turnover, employee stress and absenteeism.⁶ In fact, we’ve found that financial wellness even drives participation in your other generous benefits, like your company’s 401(k).⁷ Plus, the right program gives you the ability to see your team’s participation and progress along the way. So, what’s stopping you?

Bring Real Financial Change to Your Team 

It all boils down to this: You have the opportunity to impact the lives of your employees with real financial wellness. In a benefits world full of ineffective financial seminars and predatory products designed to keep your team in debt and make them comfortable with bad money habits, you can show your employees that you truly care about their long-term financial health. The right financial wellness benefit awaits. Set up a SmartDollar demo today.  

Click here for free, SHRM-accredited webinar content on all things HR and business leadership.