The 2015 Employee Financial Wellness Survey recently released by Four Seasons Financial Education (FSFE) revealed that employees are more satisfied with their employer’s benefits package when wellness programs are in place. In the survey, which included over 500 employees around the US, respondents were asked to rate their overall satisfaction with their employer’s benefits package.
Those employees with no wellness program averaged a rating of 6.03 on a 10 point scale (10 highest). Those employees with wellness programs that excluded financial wellness averaged 28.6% higher at 7.75. Those employees that had wellness programs available, which included financial wellness, averaged 34.5% higher than those without any wellness program available at 8.11.
The results also show a demand for financial wellness as part of an employer’s overall wellness program with 74% of employees. This represents an increase from 71% in 2014. Yet, over 65% of employees do not have a financial wellness program available to them.
- When asked how likely an employee would be to share in some cost for a financial wellness program 2 5 % responded “possibly” while 59% responded “likely.”
- The youngest age group of 18-24 cited “investments” as their area of most concern, followed closely by “debt and budgeting.”
- The next age group of 25-34 cited “investments” as their area of most concern, followed by “retirement.” The age group of 35-45 strongly cited “retirement” as their area of most concern, followed by “investments.”
- The final age group of 45 and over by far cited “retirement” as their primary area of concern with 56% of employees citing the same concern. This area of concern was followed by “debt and budgeting” by 14% of employees in this age group.
Survey participants were asked about their employer’s wellness program, their thoughts on financial wellness, and how they receive their current workplace financial education.
Does you employer have a wellness program?
The 2014 survey showed that 47% of employers had wellness programs in place for employees. The 2015 survey illustrates that 56% of employers have wellness programs in place. This
represents an increase of approximately 18% over 2014.
Is financial wellness part of the program?
The 2014 survey showed 72% of employers did not include financial wellness
as part of their wellness program. However, the 2015 survey illustrated significant change with only 39% of employers lacking financial wellness programs. Employee demand also grew from 2014 to 2015 with 74% citing they feel financial wellness should be part of an overall wellness program compared to 71% in 2014.
Do you feel financial wellness should be a part of your overall wellness program?
- 74.3 yes
- 25.7 no
The benefits satisfaction question was new for the 2015 survey, said Travis Freeman, president of FSFE. “It’s no surprise that when employees are focused on wellness and are shown how to best coordinate and utilize their benefits, they are more satisfied with them,” said Freeman. “This is one of the many benefits of having a wellness program that includes financial wellness.”