A recent Employee Benefit Adviser article by Purchasing Power COO Elizabeth Halkos discusses our industry’s role in helping employers take steps toward building a more financially-secure workforce through financial wellness benefits.
In the article, Halkos outlines what to expect this year in financial wellness benefits.
- More employers will want to add financial education benefits this year. Benefit advisers can help by bringing this to the attention of their clients.
- Financial education benefits are becoming more holistic. They are more than planning for retirement and having access to supplemental medical benefits. Financial education benefits today should include financial education tools and resources as well as voluntary benefits that are designed to address both physical and emotional struggles while working to help employees with short-term financial needs.
- More student loan repayment benefits will be available in the industry this year, including programs in which employers are making contributions to loan balances or providing methods for employees to refinance their debt.
- While financial education benefits can help employees with budgeting and debt reduction needs, employers also should offer additional voluntary benefits that provide employees some financial assistance in the short-term. Employers should consider short-term financial assistance voluntary benefits such as employee purchase programs and low interest installment loans and credit that help employees avoid payday loans and cash advances from credit cards when they have emergency needs such as a broken refrigerator or unexpected out-of-pocket medical expenses.
Click here to read the full article.