If there’s one demographic that employers should be focusing on for financial wellness programs, it’s millennials, says Bryan Borzykowski in his Forbes.com article. Many studies reveal that millennials are worried about money – the MetLife 2015 Employee Benefit Trends Study shows that just under 40 percent of people aged 20 to 34 feel in control of their finances, while less than 30 percent say they have a savings cushion of three months’ salary.
Here are Borzykowski’s three tips for implementing a financial wellness program to help millennials.
- Talk about more than retirement.
Many employee financial wellness programs focus solely on retirement, and that may be the wrong approach for millennials. They just aren’t thinking that far ahead. They just want to get out from under their student loan debt. Plus, millennials are thinking more about mortgages, marriage and children than they are about their golden years. So providing tips and tools on how people can reach other financial goals, like repaying debt or purchasing a home, may be more beneficial to millennials.
- Create long-term engagement.
Traditionally, companies treat financial education as a one-off event – such as holding a retirement seminar. Programs need to be more robust. Continual engagement is easier with millennials, because companies can use technological tools to engage them. Videos, social media and mobile apps have been proven to work, as well as online budgeting resources.
- Get personal.
A one-size-fits-all approach to financial wellness won’t work. Millennials want their programs more personalized. They want to know how they compare with their co-workers and what they can do to solve their specific issues. Online personal assessments, for example can give millennials a way to learn where they stand financially as well as where they stand relative to other people in their age group and where to get advice on how to pay down debt or save for a home.
Developing programs with offerings that millennials can understand and relate to – that’s the key to success.