Financial wellness benefits for your employees

When your workforce is worried about making rent, covering an unexpected car repair, or managing student loan debt, that financial stress doesn’t stay at home. 

It follows them into the office, where it tanks productivity, increases absenteeism, and ultimately drives your best people away. 

That’s where financial wellness benefits come into the picture. 

What are financial wellness benefits?

Financial wellness benefits are employer-provided tools, programs, and resources that help employees manage their money, reduce financial stress, and build long-term financial stability.

They typically include access to their earnings through on-demand pay, savings tools, and financial education. Combined, these tools help employees build meaningful habits to improve their overall financial situation. 

Because financial wellness depends on how confidently someone manages their money, these benefits matter across every income level in a workforce. A strong financial wellness platform integrates these pieces so employees get a complete picture of their financial health.

Why financial wellness benefits are important

Your employees are the backbone of your company. This is exactly why financial wellness employee benefits are essential. Your biggest investment is in your workforce, and you can give them the tools they need to better manage their money.

There’s no quick fix to this problem. But much of it can be attributed to a lack of financial literacy, with two in five Americans (42%) feel they lack understanding of money management.¹

While financial education isn’t the only piece of the puzzle, it seems to be a rather large one. Paying close attention to your employees’ financial literacy is a step in the right direction.

The cost of financial stress today

The figures above make the case, but more recent research shows the problem has only grown. Here’s what employers need to know:

• Employee financial stress drains more than $1.1 trillion in lost productivity from US employers every year.²
• Nearly 80% of the workforce reports that their financial well-being is at least a moderate source of stress, with more than 1 in 10 citing it as their biggest source of stress overall.³
• Over 30 percent of employees report that their mental or physical health has been negatively affected by financial stress.⁴

Financial stress is expensive for employers, and the right benefits can be an effective option to reduce that stress. 

That’s why exploring employee financial wellness resources should be a priority for any organization focused on retention and engagement.

Types of financial wellness benefits to offer

A modern financial wellness package usually combines several of the benefits below. The strongest programs pair at least one “help today” benefit (like on-demand pay) with “plan for tomorrow” benefits (like savings features and financial wellness content):

• On-Demand Pay: Let employees access their earned pay on their schedule.⁵ This addresses a common financial stressor: the gap between paychecks. Whether employees need to cover an unexpected car repair, or simply handle everyday expenses, having access to their earnings builds confidence and reduces the financial anxiety that follows them into work. Learn more about how on-demand pay for employees works and why it’s become table-stakes for competitive benefits packages.
• Savings accounts: Offer savings options that help employees build a financial safety net cushion without thinking about it. By simplifying the saving process, employees can easily set aside money and make it a routine.
• Financial education resources: Offer various resources that help employees learn about the importance of improving their financial situation and help them better understand how these financial wellness benefits can help them. 
• Financial counseling or coaching: Personalized guidance can take their financial knowledge to the next level. Offering access to financial experts can further help employees in their long-term financial stability, not just their next paycheck.
• Discount and perks programs: Exclusive discounts and exclusive perks on everyday expenses. These programs work because they address the daily costs that don’t fit neatly into other benefit categories and can help provide immediate relief for employees. 

How to choose the right financial wellness benefits

Here’s a practical approach for how to incorporate financial wellness into your benefits package:

• Look for a feature-rich offering that includes the various financial wellness benefits mentioned in the previous section. 
• Survey your employees to learn their actual financial concerns rather than guessing.
• Start with a high-impact “help today” benefit like on-demand pay, which can bridge the gap between paychecks. 
• Choose tools that integrate with your existing payroll and HR systems and require minimal administrative lift.
• Communicate the benefits year-round and measure participation so you can refine the mix over time.

For a deeper dive into strategy and implementation, explore our guide on how to launch a corporate financial wellness program.