At a Glance | December 6, 2018 Findings From EBRI’s 2018 Employer 1 Financial Wellbeing Survey In general, employers agreed that it is important for employees to balance current and future financial needs and that future financial security should not come at the expense of financial stability today. IN THE E A RLY S TAGE S How do you (or might you) offer financial wellness initiatives? Employers have offered health wellness programs for decades, but financial wellness offerings 32% Nearly 4 in 38% are in their infancy. Via periodic 10 employers Offered through campaigns/Ad hoc consider a pilot program themselves Though workers’ financial in the pilot wellbeing is of great interest to stage. 12% employers, programs have only One-time initiative 38+ J32+1216+2++ 16% recently been introduced. Holistic program 2% Other INITI ATI V E S ON OFFER Which of the following financial wellness incentives does your company offer?² Financial wellness initiatives Offers initiative Plans to offer Not planning Not sure were defined in the survey to offer as including student debt Employee discount programs 72% 11% 15% 2% (e.g., cell phones, travel, entertainment) reduction programs, help with Tuition reimbursement managing credit card loans, 69% 8% 19% 4% budgeting tools, and financial Financial planning education, seminars counseling to help employees 60% 20% 17% 3% or webinars better manage their money. Personalized financial counseling, 47% 15% 33 % 6% coaching, or planning Basic money management tools, such Only about one in ten of those 47% 18% 30% 5% as budgeting tools or calculators surveyed offer emergency Bank-at-work partnership with a bank savings vehicles or accounts, 37% 7% 51% 5% or credit union debt management services, Emergency fund/Employee hardship 28% 10% 53% 8% assistance or student loan repayment Personalized credit or debt subsidies or consolidation/ 25% 17% 50% 8% management counseling refinancing services. Incentives to encourage non-retirement 17% 14% 56% 14% savings and prudent financial actions Payroll advance loans through the 12% 4% 78% 6% employer Short-term loans through payroll 12% 6% 75% 7% deduction, through a third-party Emergency savings vehicle/account 11% 9% 73% 8% through payroll deduction Debt management services 11% 7% 70% 12% (e.g., negotiated debt repayment) Student loan repayment subsidies 11% 13% 68% 8% (employer-paid) Student loan debt consolidation/ 10% 7% 74% 8% refinancing services 1. Drawn from online interviews of 250 plan sponsors that expressed an interest in financial wellness initiatives for employees. Those with no interest were screened out. 2. Percentages in the chart may not total to 100 due to rounding. Source: Lori Lucas. “EBRI’s 2018 Employer Financial Wellbeing Survey.” EBRI Issue Brief, no. 466 (Employee Benefit Research Institute, November 29, 2018). © 2018 EBRI