Prudential survey shows jump in companies offering employee financial wellness plans
A recent survey by Prudential's Workplace Solutions Group highlights the benefits of financial wellness programs for employees, which may explain the jump to 83 percent of companies offering such benefits to their workers.
Prudential's 10th annual "Benefits and Beyond: Employer Perspectives on Financial Wellness," found the number of employers offering financial wellness for its employees has gone up 20 percent in two years. According to the survey, another 14 percent of employers say financial wellness programs are in the works for their employees over the next two years.
“Our survey reveals that employers and employees report higher satisfaction with their benefit plans when financial wellness programs are offered,” Prudential’s Workplace Solutions Group financial wellness officer Vishal Jain said in a statement. “Employees increasingly look to their employers to help them achieve financial security, and employers are seeking data and insights on how to respond and influence better outcomes."
Prudential's survey also shows employers are looking to their employees to decide what types of financial wellness programs would be of most benefit, as expressed through feedback and examining internal data relating to 401(k) loans, withdrawals and wage garnishments.
“As financial wellness becomes the rule rather than the exception, financial services providers that can use data to help employers develop better programs and communications for employees will be increasingly valued," Jain said.