Worker (Money) Wellness: Financial Fitness Perks Gain Popularity

Worker (Money) Wellness: Financial Fitness Perks Gain Popularity

There’s a good chance your employer is already taking measures to help you stay healthy.

Perhaps you hit the local gym every morning on your company’s dime. Or maybe your office manager has swapped out candy for fresh fruit in the break room.

But now, a growing number of companies are broadening their focus to include financial health initiatives as part of their employee wellness offerings, too.

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An Aon Hewitt survey published earlier this year found that more than three-quarters of U.S. companies were either “somewhat” or “very” likely to create or expand financial wellness programs. Proposed initiatives included providing help with budgeting, online investment tools and access to financial professionals.

Of course, the million-dollar question is: Will these efforts make any difference in employees’ money lives—and their output at the office?

A bevy of recent research suggests the answer is yes.

Over the past few years, studies have found that, at companies where financial wellness programs have been implemented, staffers are more likely to feel confident in their investments, contribute to a retirement fund at higher rates and are overall less stressed about their finances. And given the fact that studies have also highlighted a link between financial stress and decreased work productivity, plus heightened rates of absenteeism, that increased money confidence could translate to more focused, energized employees.

Unfortunately, achieving financial wellness isn’t easy. As Liz Davidson, C.E.O. and founder of financial education provider Financial Finesse told USA Today, financial wellness is a process, not an event. “Employers would never expect employees to work out once or eat their vegetables for a week and immediately improve their health,” she said. “Same thing with finances.”

One key to success? As anyone who’s ever tried to achieve a health goal, like exercising more, knows, striving for financial wellness takes willpower, dedication and the willingness to put up with setbacks along the way.

LearnVest Planning Services is a registered investment adviser and subsidiary of LearnVest, Inc. that provides financial plans for its clients. Information shown is for illustrative purposes only and is not intended as investment, legal or tax planning advice. Please consult a financial adviser, attorney or tax specialist for advice specific to your financial situation. Unless specifically identified as such, the people interviewed in this piece are neither clients, employees nor affiliates of LearnVest Planning Services, and the views expressed are their own. LearnVest Planning Services and any third parties listed in this message are separate and unaffiliated and are not responsible for each other’s products, services or policies.

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