To help allay their fears, MetLife has issued the first of four white papers on financial wellness.
Fifty-three percent of employees worry about their financial future, and 46% feel overwhelmed by financial decisions, according to MetLife’s annual Employee Benefit Trends Survey (EBTS). In response, MetLife has created a four-part white paper series, “Financial Wellness: Creating a More Productive and Engaged Workforce.”
The first paper, “Deciphering Financial Anxiety,” says the first step to a successful program is to understand employees’ needs. In so doing, a company can better understand how workers’ financial worries are impacting the business. The assessment will uncover the areas where employees need help.
“Knowing the demographic makeup of your work force—age, generation, life stage, marital status, family structure, income and financial circumstances—is vital to designing a relevant financial wellness program,” MetLife says.
The second step, the firm says, is to analyze usage of your existing benefits, such as contribution rates to the retirement plan, average balances and loan frequency/amounts. Likewise, it is important to see whether workers are adequately covered with life and disability insurance.
The third step is to conduct surveys and/or focus groups to ascertain what workers know about finance and money management. “Successfully implemented, an assessment produces quantifiable data that can help define your financial wellness program objectives,” MetLife says.
Next Step: Speak to Erick, a Financial Advisor
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This article was originally posted by Plan Advisor
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