How to Create a Financial Wellness Program For Your Employees

By focusing on financial wellness, employers can empower their workforce and see significant returns in productivity, engagement, and retention. This comprehensive guide will walk you through the steps to build an impactful financial wellness program tailored to your employees‘ needs.

What are Financial Wellness Programs and Why are They Important?

Financial wellness programs provide resources, education, and tools aimed at improving employees‘ financial literacy, behaviors, and overall stability. Research has shown that personal finance issues like debt, inability to save, and lack of retirement planning are major causes of stress for employees. For example, a report from PwC found that 52% of employees are stressed about their finances.

Implementing financial wellness initiatives can reduce money-related anxieties, leading to:

  • Increased productivity and focus
  • Improved job satisfaction and engagement
  • Stronger attraction and retention of top talent
  • Reduced absenteeism and healthcare costs

Additionally, employees facing fewer financial burdens are less likely to tap 401K accounts early or take out high-interest loans against their benefit plans.

In short, making financial wellness a priority benefits both your employees and your bottom line.

Key Components of a Financial Wellness Program

Financial wellness encompasses many facets of an employee‘s financial life. Successful programs take a holistic approach across four main areas:

1. Financial Education

Providing access to resources for increasing financial literacy, like workshops, webinars, guides, and one-on-one counseling. Common topics include:

  • Budgeting and money management
  • Debt and credit management
  • Investing basics and retirement planning
  • Understanding benefits and compensation plans

2. Benefit Programs

Offering tax-advantaged accounts like HSAs, FSAs, 401Ks with matching contributions, etc. These help employees save and invest for healthcare and retirement.

3. Discounts and Incentives

Partnering with banks and financial service providers to offer discounted products, accounts, loan rates, and financial advice access specifically for your employees.

4. Wellness Initiatives

Promoting positive financial behaviors through contests, workshops, and reminders around enrollment periods, tax time, holidays, and other events throughout the year.

Now let‘s explore how to build out these components into a tailored program.

How To Create a Financial Wellness Program in 5 Steps

Follow this step-by-step guide to implement an impactful financial wellness program:

1. Survey Employees to Identify Needs

Gather insights directly from your workforce around their financial priorities, challenges, knowledge gaps, and areas of interest for support. Use surveys, focus groups, meetings with team leaders, etc.

Assess their current financial behaviors and attitudes, along with demographics like age, income levels, and life stages. This will reveal the most relevant issues to address and help shape your program strategy and offerings.

2. Get Leadership Buy-In

Present the business case and employee data to executives and stakeholders to gain their support. Having visible involvement from leadership helps build engagement and participation across the organization.

Define clear goals tied to metrics like reduced stress levels, increased 401K enrollment and savings rates, higher benefit utilization, and improved retention. Track analytics to showcase ROI over time.

3. Design Program Offerings and Resources

With leadership alignment on strategy, work cross-functionally with teams like Benefits, Total Rewards, and Diversity & Inclusion to map out specific initiatives across the four key areas.

Prioritize offerings that address your biggest employee pain points and high-impact topics like budgeting, student loan debt, and retirement readiness. Use both in-house and external resources to build a robust program.

4. Communicate and Market the Program

Launch communications across multiple channels like email, your intranet, posters, team meetings, and events. Leverage ambassadors and advocates across the organization to drive awareness through word-of-mouth.

Share specifics around available resources, eligibility for different offerings, dates and locations, registration links, etc. Promote ongoing participation by celebrating small wins and keeping the momentum going.

5. Track Effectiveness and Iterate

Re-survey employees regularly to assess changes in financial stress levels, confidence in money management, utilization of offerings, satisfaction with the program, and more key metrics.

Look for areas of underperformance to identify gaps and continually refine your strategy. Expand popular initiatives and introduce new relevant offerings to provide the greatest impact.

The Benefits of Prioritizing Employee Financial Wellness

Organizations investing in robust financial wellness programs reap significant gains in both workforce and bottom line results:

  • Reduced stress and increased productivity
  • Higher engagement, job satisfaction, and loyalty
  • Stronger attraction and retention of top talent
  • Higher 401K participation and savings rates
  • Decreased healthcare costs and absenteeism

By taking a holistic approach across education, benefits, tools, and ongoing support, you can truly help your people gain financial clarity and resiliency for life. This pays dividends to both employees and employers alike.

Prioritizing financial well-being demonstrates that you genuinely care about employees‘ overall wellness while also strengthening your workforce and organization. It‘s a win-win investment towards building a thriving place to work.

Platforms to Support Financial Wellness Programs

While you can build programs using internal resources, partnering with a dedicated financial wellness platform provides robust tools and education specifically designed for employee populations. Here are some top solutions:


LearnLux provides an end-to-end financial wellness program covering budgeting, investing, taxes, major life events, and more. Users connect with on-demand certified financial planners for personalized advice.


Enrich offers employers white-labeled financial literacy solutions including assessments, video courses, money management tools, and live counselors. Content is tailored across diverse groups and generations.


Origin‘s platform allows employees to set financial goals, build actionable plans, get on-demand advice from experts, and track spending, savings, and investments in one place.

The right technology partner can make program delivery, engagement, and reporting much simpler while connecting employees to financial guidance. Assess providers based on content depth, user experience, analytics, flexibility, and overall integration with your tech stack and programs.

Prioritizing employee financial well-being yields measurable returns – get started building your financial wellness program today!