At a Glance | October 17, 2019 Motivations and Measurement of Financial Wellness Initiatives Findings from EBRI’s 2019 Employer Approaches to Financial Wellbeing Solutions Survey. DIVERSITY OF DEFINITIONS Top Three Employer Definitions of “Financial Wellness” Employees’ financial wellbeing 34% Having Access to Assistance and Resources remains an evolving concept That Enable Good Financial Decisions among employers. There is little 30% Being Comfortable/Financially Secure Overall consensus on what financial wellness looks like. 21% Being Equipped to Achieve Retirement Security Through Planning and Saving ISSUES BY INDUSTRY Issues Employers Hope to Address With Financial Wellness Initiatives By Industry Sector Retirement preparedness is a Retirement Preparation Utilization of Benefits Other top issue that financial Health Care Costs Budgeting wellness initiatives are geared By Industry to address. However, in sectors 50% 49% All that still tend to offer defined 43% benefit plans — such as 40% 35% education and government — Financial Planning 29% this is less of a focus. 26% Student 25% Loan 21% 21% Debt 17% 14% 11% 13% 13% 12% 11% 10% 9% 8% 8% 9% 7% 3% 3% 0% 0% 0% Overall Health Care Manufacturing Retail Finance/ Education Professional/ Government Top 4 Sector Insurance Scientific ME A SURING UP Characteristics of Employers That Utilize Metrics vs. Employers That Do Not The number of employers using Utilizing Financial Wellbeing Metrics Not Using Metrics financial wellbeing metrics to (23%) (77%) gauge the financial wellbeing of their employees rose from Offer a High Number (6+) of Financial 15% 56% 14 percent in 2018 to 23 percent Wellbeing Benefits in 2019. Data show that Offer a Holistic Financial Wellness Program employers using metrics are 38% 56% more likely to offer holistic programs and have a high level Have a High Level of Concern About Their of concern around employee 15% 33% Employees’ Financial Wellbeing 0% 100% financial wellbeing. SOURCE: Lori Lucas and Jack VanDerhei, “2019 Employer Approaches to Financial Wellbeing Solutions,” EBRI Issue Brief, no. 491 (Employee Benefit Research Institute, September 26, 2019). * © 2019 EBRI This report is copyrighted by the Employee Benefit Research Institute (EBRI). You may copy, print, or download this report solely for personal and noncommercial use, provided that all hard copies retain any and all copyright and other applicable notices contained therein, and you may cite or quote small portions of the report provided that you do so verbatim and with proper citation. Any use beyond the scope of the foregoing requires EBRI’s prior express permission. For permissions, please contact EBRI at permissions@ebri.org.