Improving employee financial wellness—4 tips to help your people plan smarter

Workers need help with their financial wellness. Not only do they struggle to understand their finances, they also need support when it comes to saving and planning for their future. Research from Alight shows only 40% of U.S. employees have a positive perception of their financial health and when it comes to getting advice, less than half of all U.S workers feel comfortable approaching investment companies for help. Luckily, this is a prime opportunity for employers to provide their people much needed support to save, invest and plan smarter. Check out our tips to make sure your company is doing all that it can to set your people up for a secure financial future.

1. Offer ways to save for more than just retirement

Whether it is paying back student loans, saving to buy a home or planning for retirement, today’s workforce has a diverse set of savings needs.  Provide employees with a goals-driven savings solution that helps manage everyday budgeting along with significant life events.
 

2. Personalize the investment portfolio

Employers need to learn more about a worker’s full financial picture, including other financial accounts, a partner’s financial situation or other obligations such as a child’s college tuition or elder care. Analyze individualized financial data to recommend the best possible investment portfolio for peoples’ financial nest egg.
 

3. Educate and support workers through their savings journey

There is no doubt that workers want access to support when it comes to assessing and acting on their financial needs and goals. However, they are hesitant to use resources outside of their plan. Offering in-plan access to financial advisers will help best match people with savings strategies that meet their unique goals.
 

4. Make communication simple

Saving for your future can be challenging, but communicating best practices and information should not be. Meet your people in their channel of preference and use an omni-channel approach to ensure communications do not act as a roadblock to a better financial future.
 

Interested in helping your people save, invest and plan smarter for their future? Chat with us about WealthSpark™ and how it can help your people build better financial outcomes.