Three-quarters (73 per cent) of U.S. employees said their employer needs to offer more resources to help them manage their personal finances, according to a new survey by personal finance platform Ramsey Solutions.
The survey, which polled more than 3,000 full-time workers, found only 23 per cent had access to employer-provided financial wellness benefits. Among this group, 82 per cent said these benefits have had a “moderate to significant impact” on their personal finances.
Almost half (46 per cent) of employees with financial wellness benefits said they’re extremely satisfied with their current overall employee benefits package, compared to just 21 per cent of those who don’t have access to these programs.
Nearly a third (29 per cent) said they use these benefits to save for retirement, 25 per cent built up their emergency fund and 24 per cent said they had more clarity around how much they should be saving for retirement. More than half (53 per cent) said retirement planning is the most important aspect of financial wellness benefits and 27 per cent said these benefits provided them with peace of mind regarding their finances.
Among employees who don’t currently have these benefits, the most sought-after programs are savings perks for purchases (14 per cent), student loan repayment assistance (13 per cent), financial hardship programs (12 per cent), financial planning resources (12 per cent) and financial education resources (12 per cent).
The survey also found eight in 10 employees agreed financial wellness is an important part of a comprehensive employee benefits package. Half (51 per cent) said financial stress has negatively impacted their mental health and 45 per cent said that, in the last year, they’ve been distracted at work due to financial problems.