Your Employees Want (And Need) More Than Just Financial Education

We here at Greenspring recently published the results of our 2020 Seeking (k)larity Survey, and much like 2019, the results show that financial wellness continues to be an area of focus for employees, and thus should continue to be an area of focus for employers. With 39% of employees admitting to feeling financial stress, and numerous statistics showing that financial stress impacts their work, employers can not only help their employees by adding a financial wellness benefit but also improve the overall productivity of their workforce.

One of the key takeaways from this year’s survey, however, is that financial wellness programs that stop at education are no longer enough to satisfy the needs of employees. While financial education is an important part of a complete financial wellness program, employees also want/need the tools and resources that can help them take their newfound knowledge and apply it to their personal finances. Specifically, our Seeking (k)larity Survey found that:

• 65% of employees rated access to 1-on-1 meetings with a fiduciary advisor as “very” or “extremely” important in a financial wellness program. Employees crave advice from a professional advisor that can work with them on their specific needs and help them make financial decisions that will bring them closer to realizing their financial goals.
• 74% of employees rated access to financial planning tools as “very” or “extremely” important in a financial wellness program. Rather than having to go out and find the tools and resources on their own, employees want a curated set of resources that they can use to evaluate their current financial picture, plan for their future, and track their progress over time.
• 65% of employees admitted to not having a will, and even more, do not have other critical estate planning documents in place. Financial wellness is about more than just retirement planning. It is about ensuring that employees (and their families) are set up for a successful financial future, and financially prepared for the unexpected.

Many financial wellness programs stop at education but, as the results of our Seeking (k)larity Survey show, education alone is no longer enough. A true, comprehensive financial wellness program should include access to 1-on-1 fiduciary advice as well as tools and resources to help employees plan for their future and prepare for the unexpected.

At Greenspring, we have built our (k)larity @ Work™ platform which offers to, not only educate employees on financial best practices but also empower them to take action towards their own financial well-being by providing access to 1-on-1 advice from a team of CERTIFIED FINANCIAL PLANNER™ Professionals, as well as tools and resources to help employees plan and prepare for the future.