By 2026, it’s estimated that 47% of employers will include some form of employee financial wellness programs in their benefits packages. While many people agree that these types of benefits are valuable and help improve employee engagement, only 12% of employees take full advantage of them for one reason or another.
In this somewhat chaotic economic climate, with rising housing and food costs, managing personal finances can feel overwhelming, so don’t overlook these valuable benefits. They can save money, reduce financial stress, and improve future security.
This article will help you understand the financial wellness benefits your employer offers and how to maximize them while working to meet your financial goals.
Understanding Your Company’s Financial Wellness Package
Employee financial wellness programs can include a variety of tools and formats. Some of the most common are services and programs in these three areas:
- Financial education seminars teach topics such as budgeting, saving, and investing to improve your financial literacy;
- One-on-one coaching provides personalized advice tailored to your unique financial situation;
- Digital planning platforms offer convenient, on-the-go access to budgeting tools, retirement calculators, and savings trackers.
Some employers may even go a step further with perks like student loan repayment assistance, emergency savings programs, investment guidance, or matching retirement account contributions. Generally speaking, most employees will reap the most significant benefits from a mixture of these component programs and services.
Accessing Information About Your Financial Wellness Benefits
It’s not too late to explore your options, even if you’ve already completed your company’s onboarding process. While you’ll probably need to activate or opt into some benefits during either onboarding or an open enrollment period, others are accessible anytime.
Your first step should be to visit your company’s benefits portal, which may include a dedicated section for financial wellness. You may find articles, recorded webinars, tools, and sign-up forms for additional services.
If you can’t find what you’re looking for or have any questions about specific benefits, contact your HR department directly. Many companies also share financial wellness details during onboarding or benefits orientation sessions, so review any materials you received when you started your job.
Core Components
The financial wellness programs in your employee benefits package may include core components such as educational, coaching, or digital tools, or a mix of those. Each type of program offers a different perspective on financial health and money management.
1. Financial Education Seminars
Financial education seminars may address different areas of financial wellness. Key topics can include budgeting, retirement planning, investing, and managing debt to improve financial management. Some companies also offer specialized resources, such as home-buying workshops or tips for navigating major life changes like having a child or saving for college.
Additionally, seminars may come in a variety of delivery formats. Live webinars provide an interactive experience, allowing you to ask questions of the expert or facilitator in real time. In contrast, pre-recorded videos or on-demand webinars offer more flexibility to learn at your own pace. Moreover, employers sometimes partner with financial experts or organizations to bring in tailored educational content for their employees. Look through your company’s offerings for the seminars that align with your current financial goals or challenges.
2. One-on-One Financial Coaching
One-on-one financial coaching offers the most targeted advice for your financial situation. Whether you have access to just a few sessions or many, consider taking advantage of coaching if it’s part of your benefits package. You’ll get the most personalized insights and focused guidance to meet your goals quickly.
Individual coaches follow their own approaches. In general, you can expect to share relevant documents (pay stubs, a list of recurring expenses, a copy of your budget, etc.) with your coach so that they get a better understanding of your current financial picture. Then, you and your coach will discuss your goals and devise a plan of action to get you there. Your coach can help you focus on your progress and any challenges you face.
Digital Financial Planning Tools
Digital financial tools are increasingly included as the core of benefits packages. These might consist of budgeting apps, retirement calculators, and platforms for investing or tracking net worth. Employers often provide access to premium versions of popular budgeting tools like YNAB (You Need a Budget) or investment apps like Betterment. Some programs also include proprietary tools designed specifically for employees.
Features like personalized financial advice, spending analysis, goal-setting, and automated alerts can be especially useful. Retirement calculators can estimate how much you should be saving based on your lifestyle and goals while budgeting apps track your spending and show you where you can save money. Advanced tools may even provide investment advice or project future financial outcomes based on your current habits.
Often-Overlooked Benefits
Employers can offer many different types of financial wellness programs and benefits. Some may not be as prevalent as others, but financial health — and help — can come in various forms.
Student loan assistance
For many employees, student loan debt is a heavy financial burden. Recognizing this, some employers offer ways to help alleviate the pressure. These benefits may include direct repayment contributions, where the company makes payments toward your loan principal on your behalf, or refinancing options that provide lower interest rates through trusted financial partners.
Emergency savings programs
Building an emergency fund can be a challenge. Employer-sponsored savings programs make it easier. These initiatives often include incentives like matching contributions for every dollar you save or interest-free savings accounts. These funds are typically deposited into a dedicated account that you can access in emergencies, such as unexpected car repairs or medical expenses.
Investment guidance
Investing can be intimidating, especially for beginners. Employer-provided investment guidance simplifies the process. Many companies partner with financial advisors or provide access to platforms that help employees start investing. These tools may include AI-powered robo-advisors that offer personalized investment strategies or in-person consultations with professionals who can answer your questions.
Retirement planning tools
Retirement planning can feel overwhelming, but employer resources can make it more manageable. Start by maximizing your 401(k) contributions, especially if your company offers a matching program. That’s free money you shouldn’t leave on the table.
Beyond matching contributions, many employers provide access to retirement calculators, investment guidance, and automatic portfolio management tools to maximize your savings. These resources can help you assess your current retirement strategy, adjust contributions, and ensure your investments align with your long-term goals.
HSA/FSA optimization
Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are powerful yet often underutilized tools for managing healthcare costs. HSAs allow you to save pre-tax dollars for medical expenses, with unused funds rolling over from year to year. FSAs, while slightly less flexible, also offer significant tax advantages for expenses that meet qualifying criteria.
Additionally, employers may provide tools or seminars to help you make the most of these accounts, such as tips on estimating annual healthcare costs or strategies for using HSA funds as a long-term savings vehicle.
Common Pitfalls to Avoid
To make the most of your company’s financial wellness program, avoid the following pitfalls, which can stall progress toward your goals.
Procrastination
If you haven’t yet, don’t delay looking into your benefits. After all, the earlier you start, the more value you’ll gain, and the sooner those good habits you’re learning will bear fruit. Begin by reviewing any literature you’ve been given. Then, consider scheduling an appointment to consult with your HR department for further information. That way, you can begin taking advantage of your benefits as soon as possible.
Partial participation
Whatever format your benefit takes, resolve to engage fully with the program. It’s important to understand that merely attending one seminar won’t be as effective as using multiple resources. Likewise, you’ll get better and faster results when you give each program or class your full attention. Take notes to help remind yourself of the key points you can implement to improve your financial health.
Missed deadlines
Pay particular attention to enrollment deadlines for any of your financial wellness benefits, especially those perks that require you to opt in or make further choices to configure your plan. Examples would include retirement plans or health spending accounts (HSAs). Missing an enrollment deadline could wind up costing you dearly.
Failure to implement
The first step is learning about the products and strategies that can help you improve your financial health. You’ll need to implement what you’ve learned to gain from the benefit. Resist the temptation to feel that you have to embrace every single strategy at once. Pick one or two to focus on first, then adopt others when it makes sense to do so.
Measuring Progress
To ensure you’re making good progress towards an improved financial profile, it’s important to do three things:
Set reasonable goals: Setting clear goals is the backbone of financial progress. Make your goals specific, measurable, realistic, and time-limited. For example, instead of saying, “I want to save more money,” try something like, “I will save $1,000 for an emergency fund by the end of the year.” If you’re working towards large goals, try breaking them down into smaller goals.
Track the right metrics: Don’t leave your progress to guesswork. Instead, track the right financial metrics to monitor your progress and stay motivated. Identify the metrics that most closely align with your goals. For example, if you want to save a certain amount of money, track your savings rate (i.e., the percentage of your income that you’re depositing into your savings account each month).
Adjust your strategy as needed: Life is unpredictable, so it’s essential to be flexible. Your financial strategy should adapt to changed circumstances. Schedule regular reviews of your financial plan, such as once every quarter or twice a year. During these reviews, evaluate your progress on those key metrics you identified upfront. Are you on track with your savings goals? Is your debt reduction proceeding as planned? If you’re falling behind, identify the obstacles—such as unexpected expenses or unrealistic timelines—and revise your plan.
Conclusion
Financial wellness programs are a powerful way to improve your financial health, reduce your financial stress, and make the most out of your employment. Understanding and using your employer’s offerings can reduce stress, save money, and achieve long-term goals. To maximize your employer’s offerings, start by reviewing your benefits portal or speaking with HR. Choose one or two resources to explore this month. Then, commit to pursuing your new financial wellness plan to meet your goals.
