By the end of 2016, 77% of employers intend to have at least one financial well-being program in place, according to a new report by Aon Hewitt.
Its Hot topics in retirement and financial well-being report, which surveyed more than 250 U.S. employers representing seven million employees, found that 52% of respondents said they intend to have at least three financial well-being programs in place by the end of the year.
The report also found:
- 55% of employers currently offer help to employees in at least one category of financial well-being, such as budgeting, debt management and the financial aspects of healthcare.
- 38% provide help in at least three categories.
- 85% of employers said they are creating and adding financial well-being programs because it is “the right thing to do.”
- 80% reported that their programs are designed to improve employee engagement.
“Workers have a wide variety of financial needs and challenges,” said Rob Austin, director of retirement research at Aon Hewitt. “Employers are realizing that they need to provide a range of financial well-being tools and resources to help this diverse workforce and to truly make an impact on workers’ long and short-term savings goals.
“In 2016, financial well-being programs will cement themselves as part of most employers’ total benefits package.”