According to Financial Education and Literacy Advisers, which designs workplace programs: “American workers spend an average of 28 hours a month researching personal financial issues. This lost productivity across an organization can be translated into real dollars—as much as $5,000 per employee per year.”
So big employers are looking more like big personal finance advisers everyday. They are encouraging financial wellness through a variety of tools and resources. More than 75% of employers are likely to introduce or expand financial wellness programs this year, according to an Aon Hewitt survey.
Among the areas of financial support they are targeting: day-to-day budgeting (25%), online tools and apps to model savings and investing habits and goals (63%), 401(k) plan fees (33%), and personal, professional advice online (44%), over the phone (35%), and face to face (23%).