The Next Frontier in Workplace Wellness Is Financial Health

A new study published by PricewaterhouseCoopers estimated that 25 percent of American workers ages 21 to 75 said financial concerns caused them health problems, while 40 percent said finances distracted them at work and 15 percent said these difficulties made them miss work, reports Reuters . In response, companies are providing stronger arrays of voluntary financial wellness benefits, sometimes with cash incentives or discounts, to help workers better manage their money. "They are starting to see that a 401(k) is not enough," says Edukate CEO Chris Whitlow. "Employees say: I have present-day needs I have to take care of before I can take care of retirement." Another study from Fidelity Investments and the National Business Group on Health found 90 percent of 162 firms currently feature financial wellness programs, such as debt management and budgeting; about 75 percent provide stress management training. These options are customized to the demographics of a company's workforce. Fidelity advisers used to make quarterly visits, but workers kept requesting more facetime. Now advisers visit multiple locations at least 12 days a month at corporate headquarters, in addition to regular visits to more than 25 U.S. satellite locations. Other firms are ramping up campaigns to raise awareness and educate: for example, Prudential in 2017 started a $5 million partnership with the Aspen Institute to develop new financial wellness tools for employees and a roadmap for companies.