From Stress to Success: How Financial Wellness Plans Enhance Employee Well-being

In recent years, more and more companies have recognized the importance of offering financial wellness plans as part of their employee benefits packages, especially considering the impact financial stress can have on worker productivity and overall well-being. It is clear to many employee benefits brokers why financial wellness plans are becoming increasingly crucial to employee success.

Financial Wellness Plans in a Nutshell

These are benefit programs designed to help employees improve their financial health by addressing their specific financial needs and providing education and resources. A typical plan can include things like financial counseling, debt management and reduction programs, budgeting tools, advice on how to manage major financial expenses, and more.

Benefits for Employees

First and foremost, a financial wellness plan alleviates financial stress and anxiety. According to the PwC 2023 Employee Financial Wellness Survey, 57% of respondents say finances are the top cause of stress in their lives., and one in three full-time employees say money worries impacted their work productivity. When management provides resources and support to help employees achieve financial stability, an organization promotes a healthier, happier workforce that is better able to perform their jobs effectively.

Benefits for Employers

Employers can see significant benefits as well. Financial wellness is a hot topic for management as Chad Schneider, Head of Broker Partnerships at Origin, explained at the recent ALM BenefitsPRO Broker Expo.  It is the number #1 requested employee benefit according to Origin’s research and produces a range of positive outcomes, including increased 401 (k) contributions and HSA participation. These positive results are in addition to employee retention, improved morale and engagement, and higher productivity resulting from financial wellness programs.

More than Just Traditional Benefits

The rise of financial wellness programs also reflects a substantial shift in what people expect of employee benefits. While traditional services like healthcare and retirement plans continue to be necessary, there is growing recognition that other factors like mental health, work-life balance, and financial security are becoming essential to maintaining overall employee well-being. By offering financial wellness plans, organizations are showing they understand the multifaceted nature of their employees’ lives and are committed to supporting them in all aspects of their health. We believe that Countrywide Pre-Paid Legal Services offers one of the best financial wellness plans in the industry.

Countrywide has a nationwide network of certified counselors who provide both guidance and assistance to plan members as they work through various financial issues. College loan debt, creating a personal budget and managing medical bills are sources of considerable stress for the average employee. Countrywide offers the kind of benefit that addresses these and other situations that preoccupy employees and affect their productivity. The high-quality services Countrywide offers make employees feel appreciated by their employers, and that assures greater retention of top talent.

The Bottom Line

In today’s fast-paced, high-stress business environment, promoting employee well-being should be a top priority for companies. Financial wellness plans offer a powerful tool to help achieve this goal by reducing financial stress and anxiety among employees, improving overall productivity and engagement, and promoting a more positive, supportive workplace culture.

Financial wellness plans are an increasingly crucial component of employee benefits packages, offering a range of benefits for both employees and employers alike. As we continue to see a shift towards a more holistic approach to employee benefits, financial wellness programs will play a key role in promoting employee well-being and success. Countrywide has a fantastic financial wellness plan that your employees will appreciate.

Please contact us if you are interested in what Countrywide can do. They have a benefit that employee benefit brokers can offer to their clients and those organizations will be glad to have.