In previous work, the Employee Benefit Research Institute (EBRI) has investigated the role of financial wellbeing benefits within the context of large employers (those with 500 or more workers). EBRI’s Financial Wellbeing Employer Survey (FWES) has shown that large employers use these benefits to help their workers improve their day-to-day finances as well as to drive business outcomes, such as higher retention, lower absenteeism, higher productivity, and reduced medical or mental health claims. However, little is known about the extent to which smaller firms — those with fewer than 100 workers — engage with financial wellbeing benefits. To gain insights into smaller employers, EBRI fielded a version of the FWES to benefits decision makers at small employers.
In some cases, small employers appear to be similar to their larger counterparts. Both large and small employers believe that they have a role to play in improving workers’ wellbeing across multiple dimensions, and they both self-rate themselves highly in accomplishing those goals. While small employers are not a homogenous group, they do systematically differ from larger employers in several important ways.
Both large and small employers agreed that they have a responsibility in helping their employees — Across three different dimensions of wellbeing — mental health and emotional, health and physical, and financial — the vast majority of benefits decision makers believed that there is a role for the company to play in ensuring that their workers are well.
Both large and small employers have aimed to address day-to-day financial issues — Previous editions of the FWES, focusing on large employers, found that employers were primarily focused on addressing retirement preparedness with their financial wellbeing initiatives until relatively recently. After a period of above-trend inflation, large employers appear to have broadened the focus of their financial wellness initiatives to include helping workers deal with the high cost of living, financial-related stress, and day-to-day living expenses. This survey’s focus on small employers reveals that they, too, have been concentrating on addressing day-to-day financial issues with their financial wellbeing benefits.
Costs of financial wellness initiatives may be a barrier for wider adoption of financial wellbeing
initiatives — Nearly three in 10 small employers cited costs to the employer as a challenge in offering financial wellness initiatives, and nearly one-quarter cited costs to the employee as a challenge. Additionally, small employers were more likely than large employers to report that their financial wellbeing initiatives were fully paid by workers, which may have an adverse effect on enrollment.
Smaller employers tended to lag behind large employers in their propensity to offer core, voluntary, and financial wellbeing benefits — Small employers were less likely than large employers to offer health insurance; a defined contribution retirement plan; dental or vision benefits; or supplemental benefits such as accident insurance, critical illness insurance, and supplemental life insurance.
Both large and small employers viewed their benefits as successful in both improving the wellbeing of workers and in driving business outcomes — A majority of both large and small employers viewed their efforts in improving worker physical, financial, emotional, and social wellbeing as very good or excellent. Also, a majority of small employers viewed their financial wellness benefits as very effective in driving certain business goals, such as improving worker productivity, attracting/retaining workers, improving employee satisfaction, and reducing absenteeism and tardiness.
EBRI was able to fund the development of this research thanks to generous support from Paychex.
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Acros d to wellbei e fully lbe fere lag s ing d, se thr ng veral o ee f To Jak Me Engag Chall Coe p Priorities nc asurin Splusi enge iegel ement o is resear g a n s a nd nd W ch ith Def Hu ass Fin r ini ociate II, dles ng anci Success Healt al We h an ll bei d Wng ealth, Benefi at the Em tsp loyee Benefit Research Institute (EBRI). Bridget Small but Mighty: An Analysis of the Small Employer Sample Financial Wellbeing Strategies EffectivenesT sop of P Friori inan ty c iof al Off Weelrings lness Offerings — however, pe wo be employee difrce ne fere rker fits ntage nt dime slist smal and p p ed aid o nsions ints in ( l than in emp 24 driving pe lar loyers the — rc ge ent me ir e b p lm n a v r us tal an opensity to g pl s.ge oy ines 16 d ers d tpe heir s . The emot rc out ent l of ar c ional a o ge fof verage er a mes co lar hunter s ealth, ge e — small lection e Amp par majo ph loyers ts e ys of mployer o irity ical n 11 finan th ) of .healt eir pro both ff h, cial epe l re and arg w nsity d e 5. e fin lln 4 fina a to ess a nd s ncial of be mall ncial fe n wel r. efi em we ln tsess , such pl llbein oy — ers as g bo be view th l employee nefi ar ed ts ge com th aeir nd s dis effort pare count mall d sw in ith Bearden is research and development strategist at EBRI. This Issue Brief was written with assistance from the Figure 9B, Top Priority of Offerings ....................................................................................................................... 11 Share of Firms Rating Efforts as “Very Effective” in the Finan Act In Despite Like larg After con ad ively enga ditio the e em cerni n f to ig n pl ng ful ing ancial oy t fi ers hems lli with n, sm g what chall fci elves inan all en al W employers ge cial well they vie primar s that ellbeing Emplo ily be som w a with ias ng re a e concer small be the responsi neir fits is w fned ab irms ork bia cr e lity m rsout their ig ’itical retirem to ensure ht face ste y e ent ,p small e e the m in r Sur plo pr the proces iep r w yees are m ork pl ’ well dn oy ers v ess ers ey s’ well of be , did n i im b ng enefits be . proving in Ho otg, employ wever, di d se propo f cis ina io on avera nces. n rtionat ers mak may also In ers ely cr ge at eas ,c ite s lmall e ad d rge cos ecid tse 18% 5.6 improvin employers programs for lag wor rge / ov part em eker p ners rwhel ploy hip hys m ers s ing , t ical, (uiti Fi lyg rfure on rei ep inancial, ort 3)e m .d F bu e u a beli rthe rs mo ement an ti r, t ef onal, and soc th his surv at th d/eir or ey a c s f om iound s al ist pan w ance, an ellbein that a y hasg a d la a d responsi rger s very g ebt sma haoo nag re o bility d e f or ment serv s to ensure e mall xcellent empl ic w . Als oy es or er kers (o, Fi s rep gu a majo are wel re ort 1e 2d rity ). c l ( ur o Fi rently f gsure mall Institute’s research and editorial staffs. Any views expressed in this report are those of the authors and should not be 1–99 Employees 500+ Employees 4 16% 16% employers eng to employers to the off age er financ employ me nt c hav do not er as a ian e al incr w b of e ellbein feas a majo er as re ingly fere g b m r i any f nd mpedim enefits broade um inancia on b ne ent etcaus d he effi to th l well e e offeri ir they ca be aim to cy ing financ ng be d of riv i tho nc e nc lu efi s ertain e de ial tsbe as l hel wnef ellnes bu pi arge its n sin g wo , or sess r b employers e it ca rkers n nef eeits n be ds. w . ith Tw Fi .a nan a br Th re enty ey cannot fle cial well oader r -ction nine perce of be ang l an i ev ing e e nt rage eco o ncreas be f of iss ne bot fits ca ue ed h snomi . n lar W e n pl ge ed hi es of f le ay a and or Figure 10, Core Benefits Offered ........................................................................................................................... 12 Bene Smaller fits d emp ecisi 16% loyers on mak similarly l ers at sagg mall ed be emphin loye d larger rs were 1 e – slightl 9m 9 Epl mpoy loye y ros ers es in ier t 5heir 0i 0n + Eth p mpei r loye opensity to r p esrojections of fo fer volunt r their org arya benef nization’s its. Pai find anc time of ial f By Jake Spiegel and Bridget Bearden, Employee Benefit Research Institute 7 employers offeri Add ). W itio ng zero hil nall e smal vi y, s e fwed the maller iler nancial empl employ wellbei ir oy fin ers ancial well ers lag ng of g be ed ten n be efi ness re hin tspo t d h be rted the an ned ir a fits as v id l lar olarg wer li ger er ecry ef kelihood ounterp employers fective arts of i (pla sli n 16 drivin gh nni pe tly, n rce g g nearly to nt vs ce of rtain f.e 8 r these n b ine pe usin rce in b ess nt). 10 enef g agr Ho oal ite w ss e i ever, a , such as d n with the future the slig im ht p than ly roving ascribed to the officers, trustees, or other sponsors of EBRI, Employee Benefit Research Institute-Education and retireme s role i s that p mall cale nan emp art attract d nt pre icular may loye ing b rs al pare e a s res nef ond retai dn lack pon it. Altho ess de fina re d ni t mains ng ncial ug hat cos a h thi h top reso igh sts a -urce to th of naly qua mind amo s ls ity work , as we e is cannot employ l ng l force as er di l arge employ were a ifn f,erentiat ternal and s h r om eso ur e betw dl e er urc e ss tu ( , es Fi een di recent ges to res ure ts hos s 2 u year gg earc e 0est tan wo sh h d t, anal hat ave se factor 21 )s.tres yz Also, a sen e e, , s be ing an mployers nd ef relatively about make avai its decision pe ai rs mi less ona lab ng m el to l r e akers s h hare el p May 15, 2025 • No. Yes 63 No, 5 but Are Currently Developing One No, but Plan to Develop One No, and Do Not Plan to Develop One 14% was the wellness mos budgets t com . Seventy mon volu -tntary wo p bene ercent of fit, with 81 small emp perce loye nt of rs b leli arg eved e em th pl at their oyers and budge 63 ts percent for financi of small e al welln mess ploy initia ers tives Figure 11, Voluntary Benefits Offered .................................................................................................................... 12 large hig worker sentiment. her shar emp prod loye E e uc BoRI’s rs f tivity s . mall W , attrac ork employ plac tin e Wellnes ers g/reta offini ere s n Sur d g wo eight vey rkers or indi , i mo cates mprov re f in that em ing ancial wel employe ploylb ee e ein ss f atis g ben eelfaction, a similarly efits co,n mpared be d re lievin duci with g ng ab thalt their arger senteeism a e e mp mpl loye oy nd er h rs (3 as 4 53% Research Fund (EBRI-ERF), or their staffs. Neither EBRI nor EBRI-ERF lobbies or takes positions on specific policy 6 Employee Productivity fin est workers of bene anc simated ho mall fit es s a emplo for th is dd are dis w eir work syers s e trac more i ng a cons tion at w geers me mm id.er n t had cha eedi ork date, cos . Differe d tsay to ng-e to employees d nt - w day conc firms ith various have to erns be diff f, inanci with an incr a chal erent allen well goals gebe ea in offeri ; ing w se ork in ef be ers ng financ nef forts at itsan o to ver the a address ial uto b wellnes p ody as ht s e shop 1 alt i2 nih mo tiatives face care nths. diff cost ( 23 p erent s, the e rcent 12% 52% offeri would ei ng tit her (F incr igure eas 11e ). Lif sign e ifiinsurance, m cantly or som ental ewhat health in the be next on nefits, a e nd em to two pl years oyee ass , anist op ance timisprograms m that was shared were also l bess y lar ge 10% Figure 3 tardiness pe a responsi rcent vs . bi . 3 lit 0y to mak percent) e . This sure may be a they are wel res l ult acro ofs a s the slic same thre e of high-reve e dime nuensions niche. bu Ws itines h employee ses, such buy as -s in mall and cons a clulta ear n scies ense or proposals. EBRI invit 10% es comment on this research. Fi gure 12, Financial Wellbeing Benefits Currently Offered or Planned to Be Offered .................................................. 13 Introduction 10% 9% vs hig challenges . h 29 cost pes rc of ent an dai d press ). ly livin ures g, fith nancial an work -relate ers at a d stres de 9%ntal s, and clin budget ic, an 9% ding an , as a res d mult, f oney mana irms wil ge l need ment to . 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You may copy, Figure 16, Rating of Company’s Efforts to Improve Employees’ Wellbeing as “Excellent” or “Very Good” Ben .................... efits Offered 15 de 13cis ). 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Any use beyond the scope of the foregoing requires EBRI’s Figure 20 Med Hi ica gh l/M Con ence talr Hea n (9– lth 10) Claims Medium Concern (7–8) Low Concern (1–6) employers design, im.pl ement, prioritize, and analyze their financial wellbeing benefits is therefo 50% re essential to 80% developing a similarly to their larger counterparts in several key ways: both look to gather and analyze data about their financial Figure 19A Medical/Health Insurance also data h poin eld t. tru This e for ag lar ain ge may r emp bloyers e a result o , though f som larg e s e mall empl em oypl ers oy wer ers le ack mo in re g lth ikely e financ to say t ial an heir ben d orgaefi niz ts at were ional des reso ig urce neds to that benefits within the context of large employers (those with 500 or more workers). EBRI’s Financial Wellbeing Employer Top Eight Challenges in Offering Financial Wellness Benefits 93% prior express permission. For permissions, please contact EBRI at permissions@ebri.org. Figure 19A, Employee Engagement With Benefits Increased in Past 12 Months ........................................................ 17 Figure 12 com plete understanding of the financial wellbeing benefits offered in the workplace. Employee Engagement With Benefits Increased in Past 12 Months wellbeing offerings to drive business outcomes, and both look to help their workers address health care costs, prepare Fully Employer Paid Shared Between Employer and Employee Fully Employee Paid large address emp careg loye Q129: Dirs oving for c es e your njo compay. ny h avhil e a sdr trategen/ y for imbal provinganc your eming ployeeswo ’ financr iak l w ean llnessd pare ? (Small Emplonting yer Sample . n =405). Survey (FWES) has shown that large employers use these benefits to help their workers improve their day-to-day Q43: Which of your financial wellbeing offerings is your company’s highest priority? (Small Employer Sample n=405) Q34 1 B. – 9 Ho 9 w E efm fecp tivlo e ye do y e os u feel your financial wellness offerings/programs are 50% on each of the following? (Small Employer Sample n=405) 28% 21% Financial Wellbeing Benefits Currently Among those offering each benefit (increased significantly or increased somewhat) 45% Fi for gure retir 19B ement, , Employee and deal Eng with age h ment igh cos With ts of Bene living fits Incr with th eas eied r f in Past inancial 12 Months wellbeing i ................................ nitiatives. ........................ 17 Short-Term Disability 1–99 Employees 500+ Employees Report Availability: This report is available on the internet at www.ebri.org finances as well as to drive business outcomes, such as higher retention, lower absenteeism, higher productivity, and 100% Offered or Planned to Be Offered Source: 2024 EBRI Small Employer Financial Wellbeing Employer Survey (FWES). 53% Me 35%thodology S So ou ur rce ce:: 2 20 02 24 4 E EB BR RII S Sm ma allll E Em mp pllo oye yer r F Fiin na an nci cia all W We ellllb be eiin ng g E Em mp pllo oye yer r S Su ur rve vey y ( (F FW WE ES S) ).. Reg The ef ardl fort to ess1 – of 99 help the Employee met workers s hod or add data ress colle dayct -to 43% ed -day financi , employers al lia srge sues and s was mall also ref tende 33% lecte d to d be in the ben enthusias efits tic fir in ms 24% evaluati consider ng th ed e to be 16% 100% 500+ Employees Fi redu gure ced 2 0med , Toic p Eig al or m ht Ch ental allen 90 health c %ge8% s in Offeri laims.n Ho g Fin wever, 35% ancial little We i lln s know ess Ben nef abo its 27% ut ................................ the extent to whic 30% h ................................ smaller firms — those ... with 18 24% Offer Plan to Offer 80% 39% 5.6 eff their hig ectiveness hest p of riority their . fin Small anc em ial w plellbein oyers f g req offerings uently . Over respon half ded o that f em bpl ene oyfits li ers, reg ke pers ardless onalized of72% size, resp financial onde counseli d thatng th , eir Firm Size 29% 29% 30% 29% 90% 69% 80% Long-Term Disability fewer than 100 workers — 67% engage with financial wellbeing benefits. To gai 67%n insights into smaller employ 67% ers, EBRI The 2024 EBRI Small Employer Financial Wellbeing Employer Survey (FWES) was fielded from 66% September 66% 70% 65% 65% 64% 55% Figure 21, Bottom Six Challenges in Offering Financial Wellness Benefits ................................................................. 18 Table of Contents 62% 61% 60% 26% Figure 9B coac offeri hin ngg, s wer or p elanni very e ngff ; ective financial plann in improvin ing e g employee ducation, semi produ nars ctiv, or ity a webin nd in ars the ; attract and bas ioic n money ma and retentio nan ge of ment emp tools loyee s ( such 80% 57% 70% 60% 25% 25% fielded a version of the FWES to benefits 25% decision makers at small employers. 25% through December 2024. All respondents worked full time at companies employing between 1–99 employees and 24% 25% 38% 35% Figure 5 40% Top Priority of Offe 23% rings 62% 23% ( Introductio as Fi b gu 50% u 70% rdg e 1 et 5ing t )n . A ................................ dd ools itio or nall calcu y, sm laall tor 35%em s) were t pl ................................ oyers he were ir 29% 38% high slightly est prior mo ................................ ities, altho re likely to ugrate th h “none eir fina ................................ of thncial well ese” was th being b e moe s .......................... nef t comm its as ve on ry 5 40% 60% 34% 35% 41% 22% 22% 22% 36% 34% Endnotes 37% Dental Benefits 38% 21% Q15. Does your company offer or plan to offer any of the following financial wellbeing or debt assistance benefits to employees? (Small Employer Sample n=405) were either interested in offering financial wellness programs or 21% currently offering them. Figur 38% e 16 34% 34% 36% 71% Helped Design Financial Wellness Strateg 37%y 33% 40% Q20. Which of the following does your company offer to help employees with personal financial challenges? (Small Employer Sample n=405) 60% 50% 37% res effe ponse ctive in r (Figure 5e 0du 0+ Ecin m s p9 loy g A ea ean sbsent d 9B eeism an ). Larged emp tardi loyers ness shared .59% these priorities as well, as pers29% onalized financial co 12%achin 35% g, In some cases, small employers appear to be similar to their larger counterparts. Both large and small e 34% mployers 20% 18% The Current State of Financial Wellbeing Programs at Small Employers ..................................................................... 5 30% Rating of Co Am mp on ag n ty h’o ss e E w ffio thr t as s ttro a te Im gyp orro dv ee v eE lom pip ng lo oy ne ees’ Wellbeing as 33% 1–99 Employees 500+ Employees 50% 500+ Employees 43% 40% 16% 17% 40% budgeting Sou,1 r or plann ce 6:% 2024 EBRI Sming all Emplan oyer d f Finaninanci cial Wellbeinal g E planni mployer Surveng y (FW ed ES).ucation, seminars, or webinars were 57% most frequently cited as a top believe that they have a role to play in improving workers’ wellbeing across multiple dimensions, and they both self-rate 20% Additionally, respondents were required to have at least a medium amount of influence on their company’s “Excellent” or “Very Good” Vision Benefits 1 See the 2021 Survey of US Businesses (SUSB) from the U.S. Census Bureau: 66% Strat40% eg 15i % es and Implementation ............................................................................................................................... 7 Both lar ge and small 14% employers were enthused about their self-rated efforts to improve worker wellbeing. Across four 43% 30% 10% priority by large 40%employers as well. For their part, large employers also focused on bank-at-work partnerships with themselves highly in accomplishing those goals. While small employers are not a homogenous group, they do benefits programs and the 39% selection of financial wellnes 39% s benefits. Respond 39% ents wer 26% e also required to hold 37% 36% 36% 46% Benefits Consultant https:// 30%www.c 12%ensus.gov/data/tables/2021/econ/susb/2021-susb-annual.html. 44% 0% 34% 34% 34% 34% 34% 20% 33% different dimensions of wellbeing — phys 32%ical, financial, emotional, and social — employers were asked to rate their 31% 31% 57% 58% 30% Concern banks or fc or W redit un orker Well ions. being ................................ 1–9................................ 9 Employees 500+ Employ ................................ ees ................................ 8 systematically differ from larger employers in several important ways. positions 10% 1–99 such 50 as executiv 0+ 1–99 e, owner, 500+ or ma 1–99 nag 50er 0+ in the 1–99 areas50 of 0+ human 1–99 resources 500+ , co 1–mpensation, 99 500+ or f 1 28% –99 inance. 28% 500 + The Defined Contribution Retirement Plan 26% 10% 20% 24% 10% 70% employees employees employees employees employees employees employees employees employees employees employees employees employees employees eff 2 orts in helping improve workers’ wellbeing (Figure 16). Over two-thirds of large and small employers al 8%ike rated the This survey found that 93 percent of small employers did indeed consider their retirement benefits to be part of their Q25_1. Please rate your company's level of concern about employees' financial wellbeing. (Small Employer Sample n=405) 8% 40% small e Qmp 5. Whicloye h statemer nt m soample st accurately re cons flects your 7% i cs omted pany’s cof urren t 4 app05 roach ire n offs eripond ng financial e wents llness i w nitiativo esrking to employeea s? t (Sm fi allrms Employe r with fe Sample n=405)wer than 100 workers. Top Prioriti 10% es ................................................................................................................................ 69% ....................... 10 The Company Itself Tuition Reimbursement Child/Elder Caregiving Basic Money Employee Hardship Bank-at-Work Personalized Credit or Payroll Advance Loans 0% 5% 56% effectiveness of Pthe hysical We ir eff llbort eings as either “excelle5% nt” or “very good.” Workers, for their part, may not necessarily feel the Both large and small employers agreed that they have a responsibility in helping their employees — financial well 6% ness program. 5% Be nefits (e.g., referral Management Tools, Assistance Partnership With a Bank Debt Management Through the Employer Q85. Which employee benefits does your company offer? Please sele1 ct -a9 ll 9 th E at m appp lyloye and Q e8s 3: Does your company offer employees any of the5 fo 0 ll0 ow + in E g re m tire pm loy ene t b e es nefits? Please select all that apply. (Small Employer Sample 71% 0% 4% 4% Soun=405) rce: 2024 EBRI Small Employer Financial Wellbeing Employer Survey (FWES). Source: 2024 EBRI Small Emplose yerr vi Fin ce ans, ciab l W acku ellbep in ca g Em re p, loyer S S uu rve ch y a (Fs B WES u)d . geting or Credit Union Counseling, Coaching, 500+ 1–99 500+ 1–99 500+ 1–99 500+ 1–99 500+ 1–99 5 3% 00+ 1–99 500+ 1–99 500+ 1–99 500+ 1–99 500+ 1–99 500+ 1–99 Benefit Offerings ................................................................................................................................................. 11 same way, 4% as previous research suggests that this 3%is one area i3% n which employers and employees are not on the same Across three different dimensions of wellbeing — mental health and emotional, health and physical, and financial — the employees employees employees employees employees employees employees employees employees employees employees employees employees employees employees employees employees employees employees employees employees employees subsidized or Tools or Calculators Planning, or Services 24% 3 0% 2% 2% In total, S EBR ource: 20I 24 ask EBRI Sed ben mall Employee r fits decisi Financial Wellbeinon g Em pmak loyer Suers a rvey (FWEbout 16 financi S). Financial Wellness B al wel enefits lbei Ven ng b dor(s)enefits, including emergency savings accounts, 7 Emp2% loyee Discount Emergency Savd ing iscou s nteT d u ca itionre, Child/Elder Caregiving Bank-at-Work Debt Management Hardship Assistance Payroll Advance Loan(se.g Sh .,o n rt-T ee g rm o tia Loate nsd de Lib fet style Spending Student Loan Debt Cost Q36. W to ho E paym s p or loye might e pay foCost r your f in to an E ciam l wp elloye lness r initiative p Com rogramp ?lexity (Small Em inployer E Sa m mp plo le ye n=4e 05 A ) ccess to Data and Privacy Lack of Interest Complexity 55% in Complexity for The Current State of Financial Wellbeing Programs at Small Employers page. Programs/Partnerships Fund Reimbursement and/or Benefits (e.g., referral Partnership With a Services (e.g., Fund Through the Employer Through Payroll Accounts (LSAs) Assistance vast majority of benefits decision makers believed that there is a role for the company to play in en 74% suring that their Measuring and Defining S couc mpces any ch s ................................ ild care ................................................................ repayment) ........................... 14 (e.g., cell phones, Assistance sIm ervip ce lem s, bae ckn utin p cag re, BanS k o e r r Cvice redit U s/I nio n nitiative negos tiated debtConcerns Among EmployeeD sedCho uctiono , T sing hroug P h arograms Employees Utilizing Financial Wellbeing tuition reimbursemen 0% t, and employee discount programs, among others. travel, entertainment) subsidized or repayment) Third Party center) Figure 8 Programs 77% Programs workers are well. Tuition Payroll Advance discounted caChild/ re, Elder Short-Term Loans College Savings Student Loan Debt None of These Source: 2024 EBRI Small Employer Financial Wellbeing Employer Survey (FWES). 19% Half of the firms surveyed reported currently offering financial wellness initiatives, with another 28 percent actively company child care Retirement Plan Provider Costs and Budge Rts eim ................................ T buo rsem pe nt Iss Lo u ane s T s hr ot ug o h th Ad e................................ Cd areg riv e ing s Bs ene W fits itT h hr ou F ghi P n ................................ ayr aoll ncialA cc W oue ntsllnes................................ s Ass I isn tanice tiatives ............... 15 Q32: What are the top three challenges your company faces or anticipates facing in offering financial wellness benefits in the workplace? Please select your top three. (Small Employer Sample n=405) 4 center) 25% Q42: How has employee engagement with the following benefits changed in the past 12 months? (Small Employer Sample n=405) Spiegel, Jake, Craig Copeland, and Bridget Bearden, “2024 EBRI Financial Wellbeing Employer Survey: Employers See Employer (e.g., referral Deduction, Through Figure 7 62% implementing them (Figure 1). These proportions are sF ligihtly gurlower e 2 than those observed among larger companies: 59 Figure 11 services, backup a Third Party 73% Figure 14 Both large and H ad smal help frl em om an ou ploye tside sour rs ce ha to ve aimed to address day-to-day financial issues — Previous editions of Engag Financial W ement Source ell : 2 nes 0W 24 Eith Bs Benef RI SFi manancia ll Emplits as oyer Fil n Wellbein an a T cial Weoo llbeinl to g Emg Be p Improve Wo loyer Snef urvey (its FWE S................................ ). rker Satisfaction and P ................................ roductivity,” EBRI Issu ................................ e Brief, no. 623 (Employ ...... ee 17 Q91: DoeE s y m ouo r t cion ompa anl W y offe er llb or e pling an to offer any of the“ foY llowino g fiu nancr ial wC ellbeio ng om r debt p assia stann ce by ene fitsH to ea mpls oyee sa ? (Sm R all Eme plos yer p Samo ple n n=40s 5) ibility care, subsidized or 12% Primary Approach to Offering Financial Wellness Initiatives percent of Sou f rcei:r 2ms 024 E e BRI mployin Small Employer g 500 or mor Financial Wellbeing Employe e wor r Survey V (Fkers W o ESl)u . respo n 1–9t9a Er m nd y plo e ye B d ese that n 50e 0 the +f Eim tps y loye wer O esfe fe curr reent d ly offering financial wellness design and develop their financial Other Third-Party Provider 72% Data Tracked to Evaluate Effectiveness of Offerings discounted care, 9% the FWES, focusing on large employers, found that empl Fioy gu ers re w 1 er 8e primarily focused on addressing retirement Benefit Research Institute, October 31, 2024 to M ). ake Sure Employees Are…” wellness strategy company child care Challenges and Hurdles ........................................................................................................................................ 18 initiatives, with another 29 percent working on actively implementing them. An additional 21 percent of small employers Strategie Source: 20s a 24 EBRnd Imp I Small Employer Finalementatio ncial Wellbeing Employer Survey n (FW ES). 29% FF ig ig uu rr ee 1 2 91 B Health Care Costs Anticipation of ceO nter r)P ge arn ce iz nta atgie o n A’ gs re F einancial Wellness Holistic Program Periodic Campaigns/Ad Hoc One-Time Initiative Pilot Program 32% preparedness with their financial wellbeing initiatives until relatively recently. After a period of above-trend inflation, 13% 5 40% 69% 1–99 Employees 500+ Employees Spiegel, Jake E , m and P plo aul Fro yeenstin. “W Engag ha e t Empl men oyers S t W Nonipt ray oh fit o Abo B r Go e ve ut th n rne mefe Futu ni t t As gen cy P In re o ac rtnr f Emplo ee r aseyer d -iS n ponso Pas red Health In t 12 Mon sura thnce,” s reported not currently o Bottom ffering S ix fin aCh ncial a wellness llenges initiativ in Off es bu ering t havin Fina g an nc int ia erest l We in llne offeri ss ng them Bene , fit nearly s 10 Social Wellbeing Budget in Next On 50e 0+ Et mo ploye Tew s o Years 1–99 Employees Conclusion ................................................................................................ 28%.......................................................... 19 3% To maximize the impact of the benefits they offer, many firms develop strategies for designing and implementing their large employe 35% rs appear to hav Hi e ghbroa Costs de of Lne ivind g oth r Da eil y L foc 1ivi –9 nus of 9 g E E m xp pF e lo n ye their fina i se g essure 51 00ncial 3 + Emp loy wel eeslness initiatives to include helping workers 71% Paid Time Off (PTO/FTO, paid sick and/or paid 63% Among those offering each benefit (increased significan 31% tly or increased somewhat) 33% 35% Commonwealth Fund (JanuA arm y 2 o023 ng )t.h ose who currently offer financial wellness initiatives percentage Q p 43: o Whints ich of youmo r financre ial welt lbhan eing offe the rings is yo share ur company’s ho ighf est lparger riority? (Sma e ll Emmp ployer loye Sample nrs =40 5) that reported the same (12 percent). 81% 45% vacation) Note: <500 samples for College savings accoP untse = 6r as nd o Studn ent a loanl d eF bt ai ssn istana ce n = 15c ; breiaa kdol w We ns not showlnlbeing Benefits Offered fin ancial wellbeing offerings. Indeed, 69 percent of small firms and 64 percent of large firms indicated that they had deal with th30% e high cost of living, financial-related stres 1–99 Emsp, loand yees day 500-+to Em -da ployy li ee 23% sving expenses. This survey’s focus on small Endnotes ............................................................................................................................................................ 19 Financial-Related Stress 1–99 Employees 500+ Employees 29% 29% 29% 53% 30% 29% Paid Maternity/Paternity Leave or Planned to Be Offered by Employer Size 6 67% 40% 89% See PwC, “2023 PwC Employee Financial Wel 26% 26% lness S 26% urvey,” Ma 26% y 9, 2023, and Metlife, “The Advantages of Employee Care: developed Qor 105 . were Who helped i den sig the n and de p velopr oces your o 26% rgans iza of tion’s finde anciavel l wellnopin ess strategg y? a Pl 1 e– stra as9 e9 s eE lec m t te a p lll o thgy ye at ae pps lfor y. (Hav the e or 5 a0 re0 ir d+ ev Em elf oin pinp gloy ancial wel a ste rae tes gy, Small Empllnes oyer Sams ple of n=40feri 5) ngs (Figure 4). Another 26 employers reveals that they, too, have been concentrating on address 25% ing day-to-day financial issues with their financial 25% 25% 100% 29% Smaller employers were also more likely to report that their primary a 24% pproach 38% 24% in 24% offering financial wellness initiatives Mentally He1 a– lth 99 y and Emotionally Well Retirement Preparedness 25% Source: 2024 EBRI Small Employer Financial Wellbeing Employer Survey (FWES). Life Insurance 29% 80% Q124. How would you rate your company’s efforts to help improve yo44% ur employees’ wellbeing inO thf ef e for llowing P a la ren as t ?o (Sm Ofa fle l r Emp 16% loyer Sample n=405) 19% 20% 22% 63% Creating human-centric employee experiences and work en 74% vironments,” 2023. See also Copeland, Craig, “Perceived 74% pe rcent of 35% small eE m mpl plooy yeeers s surveyed were in the process of developing a strategy 21% , identical to t 21% he share of large 92% wellbeing benefi 90% ts. 21% 71% 71% 20% 70% took the form Source: 20 24of EBRa o I Smane ll Em- pltime oyer Finanini cial Wtiative ellb69% eing Em (19 ployer S percent urvey (FWES). ) or a pilot p 69% rogram (20 percent) tha 69% n larger employers (Figure 2). 34% 19% 20% 19% 68% 26% 67% 19% 33% 20% 70% 66% 18% Mental Health Benefit oB r Co udg ve etin rag g a e nd Money Management 18% Budget Will Incre 18% ase Significantly Helpfulness of Finan 80% cial Well-being Programs: Results from the 2017 and 2018 Retirement Co 55%nfidence Survey,” EBRI Issue 29% 17% employers. No small employers responded that they did not have a 62% strategy and did not plan to im 17%plement one, while 2 30% Source: 2024 EBRI Small Employer Financial Wellbeing Employer Survey (FWES). 18% 16% Larger employers, meanwhile, were much more likely to report that their financial wellness initiatives were offered in 14% 14% 60% 70% 28% 15% 34% Employee Assistance Programs (EAPs) 23% 37% Costs Brief, no. of 457 fina (ncial Employ wel 30% ee Ben lness efiinit t Researc iatives h I may be a ba nstitute, Augus rrt 2 ier0, 20 fo36% r w 18). ider adoption of financial wellbeing Work-Related Stress pe Figure rcent of s l arge employers did not plan to develop a strategy. 49% Firm Size 23% 39% 25% 38% 37% 36% 38% the form of a holistic program. The Bud h gei t gher Will Incr p earo se S pe om nsity ewhat for smaller employers to offer financial wellness be 91% nefits as a 60% 35% A 5 p0 p % roved Family Caregiving Le38% ave (outside of parental 36% Benefit Offerings 27% 53% 36% 10% initiatives — Nearly thr Healthee y a in nd Ph 1 ysically W 0 small ell employers cited costs to the employer as a challenge in offering financial 25% 7 40% leave) Unexpected Expenses 50% 19% Fi S gpiegel, ure 1, J Cak urr e,ent “Sa 19%A tisfactio pproacn Af h in Of ter S fering ervice: Fi Financial ndingsW from a F ellness In ocus on V itiatives etera ................................ ns in the 2024 Workplace Welln ................................ ess Survey,” ......... EBRI 6 20% 53% 53% 21% one-time initiative or a pilot program may reflect smaller employers lacking the financial resources of larger employers. 40% 50% 50% 92% Paid Family Caregiving Leave (outside of parental 17% 32% 20% Among firms 5% that res 16% ponded that they ha 16% d or were developing a formal strategy, sma 16% ll employers differed from large wellness initiatives, and nearly one-quarter cited costs to the employ 16% ee as a challenge. Additionally, small employers 40% Employee populations are diverse, and Buth dgee t re i Will Not s n Ch oa on ngee-15% size-fits-all approach to financial wellbeing benefits. Employers 44% 44% 44% 20% 38% 43% Issue Brief, no. 627 (Employee Benefit Resea leaverch In ) stitute, January 9, 2025). 14% 28% 14% 41% Co Small Concern sts and employ for e Budg rs may know Work ets e r t W hey need ellbeing to offer fina ncial wellness Deb 40% t initiatives to attract and retain a high-quality work 15%30% 39% 39% Figure 2, Primary Approach to Offering Financial Wellness Initiatives ................................ 19% ......................................... 6 30% employers in the sources they turned to for developing and designing their company’s financial wellness strategy. Like 18% were more 0% likely than large employers to report that their financial wellbeing initiatives were fully paid by workers, must also make difficult decisions about how to allocate scarce resources. As a result, small employers and large Long-Term Care Insurance Tracking Surveying Measuring Measuring Conducting Conducting Tracking Tracking Tracking Tracking 34% Implementing Tracking Creating Tracking Tracking Tracking Use Tracking 20% 6% force, 8 but they also face financial constraints that nudge them to of 12% fer financial wellness initiatives in more limited 10% 20% 500+ Employee Employees Eng Car agem eg enivi t n Eg m f plo B oy ru e Ch e dge ild F t ir n W e an n il c/B l Decr ialalane F cing o acse us Wor Som M k a e ewh din ca d a l P t a Rre e tin retin meg nt Work Force Employee or Creating a Absences Employee Retirement Emergency of HSA Employee Benefit Research Institute/Greenwald Research, “2024 EBRI/Greenwald Workplace Wellness Survey Summary Survey Like their s h cou ave nterparts suggeste d at la tharge employ t costs anders fees pl , benef ay a its d rol ec e iisn ion worke makrs ers ’ de at c small e ision to m forgo ploy ers partici express patined g i n concern financia ov l wel er tlb heir eing larger employers, small employers frequently respon 60%ded that the design an 19% d develo 21% pment of a fina 8% ncial well 11% ness which may have an adverse effect on enrollment. 3% 20% 90% Figure 3, Num Satisfabe ctionr of Financi With al PW roduell ctivitybe Wieng B llness enefits Groups C Cu laims anrre d n Ptly Off lan Reteere ntion d Str ................................ ess Levels Financial and Resource................................ Plan Loans Savings Emergency Partic........... ipation 7 employers systemat Emically ployees differ in the lineup of benefits they offer to their workers. Supplemental Life Insurance 10% 10% Financial Needs Costs Participation 32% Wellbeing Tardiness Groups for and Account Savings and forms, like pilot progrFams inancia o lly r one Secure- atime nd Well initiatives. 8 Report,” 5%March 13, 2025. 17% Wellness Assessments and Score or Continuous Distributions Participation 3% Contribution s be employees trat neeg fits y w . Ho as ’ fin wever, pe ancial wel rform em edpl i lb n oy e -in house ers g. f In ace f (Fi act, financi gu rvirt e 5al uall ). cons Th y i Not ey w de Straints aving ntere ical s En l o u — ess ghares h partic like ly tha of ularly ben n efi sthe mall ts ir de lar emp cis ge ion loye r counterp mak rs — ers an at sm arts d may to all turn not be a em to bene ployers ble to and fits pay 0% 2% 0% 13% 16% 94% Offerings Contribution Metric Feedback Rates and Rates Budget Will Decrease Significantly 0% Critical Illness Insurance Figure 4, Financial Wellbeing Strategies .................................................................................................................. 8 Rates 31% Contribution 0% 500+ 1–99 500+ 1–99 500+ 1–99 500+ 1–99 500+ 1–99 500+ 1–99 Smaller employers tended to lag behind large employers in their propensity to offer core, voluntary, and Medi the large full cos cal emp 0% bene loye t of firs ts fina reporte were ncial the well d ha 50 m 0+ be os ving in t comm g ben a high lev efi only ts 5 on beh 00 offer el + of conc eda be lf of ern nef t he work ift for both or their 500+ er. w l ork arg ee rsan ’ financial d 500s +mall em wellbein ployers g 5, 0 al 0d +efin ike R. aed teP s revious as a n res ine 500 o +earch r 10 consultants Q, f 126.i W nancial hat1 a– re99 the top welln three issues fe aces d s by b your ene e1 m– p99 loyefits ve es that your fnd inanciors al welln, or r ess in1 iti– at99 iveetir s are dement esigned to addrepl ss?an Pleas1 p e – s99 er leov ct youid r topers three . re aIn sons.de (Smae ll 1 ed, m –p99 loyonly er sample 62 size n=4pe 05) rcent of 1–99 smaller employees employees employees employees employees employees employees employees employees22% employees employees employees Each firm has its own definition of what constitutes a financial wellbeing benefit. One firm may consider their retirement Integ em ra pl ting oyee Sta s nde alo mp ne loyees employees employees Leem gal an ployee d/or s Reg em ulator ploye yes La em ck pl of oyee Abil s itye /D ma pta loye toes empl Boyee uy-ins by U em pp pe loye r es employee None o s f T em he pse loyees FA ina ccide ncia nlt W Inell sune rass nce 1% 27% Fi financial gure 5, H wel elped Des lbeing ign bene Financial fits —W Smal ellnes l esmployers Strategy were ................................ less likely than lar ................................ ge employers to offer h ................................ ealth insurance; a 8 Personalized Financial Financial Planning Not Pe rS so un re alized Credit or Financial Basic Money Impact of Inflation on EBRI has on a employers 10-poi cond ha nt Bd esucted ncale h efits elp from Int( oFi fou angu And ll-re a n t6 hat outs ).S Small eb rviide so ene ces Of e fits d femp rur ed ce, compar blecision oy y ers w mak erHur e, ho ed er d les with s at wever, sli lar 96 p ge Querce a emp ngh tify tl nt of Vloyers y more lik alue-A l darg d of of th er ten eely t e vi mployers ew health han Managlar em, whi ge ent e insu m ch may r prance as loyers to re eflec “ta tpor ble cos t t 1% Source: 2024 EB SR hIo Srm t-a T lle Erm m p L loye oa r F nis nancial Wellb F eiin ng a E nm cia plo l ye Prlan Surn ve ing y (FWES). Student Loan Debt College Savings Accounts Personalized Financial Emergency Savings Fund plan to be part of their financial wellbeing program — helping workers retire comfortably and on time can be seen as Q123. To what extenC t d o ou yn ou se ag lire ne g ,o r C do isa agc re h ei n wg ith , tE hed fu olca lowt in io g n s, ta S tem em entis n ?a (Sm rs, ao ll rEmplD oye er bSa t M mp a le n a n= g 4e 05 m ) ent Investment/Investing Management Tools, Retirement Planning Encompassing Financial Vendor(s) Don’t Meet Our Initiatives Q103. How do you or might you offer your financial wellness initiatives? Please select your primary approach. (Small Employer Sample n=405) Q34: Do you track any of the following to evaluate the effectiveness of your financial wellness offerings? Please select all that apply. (Small Employer Sample n=405) To examine whether workers are asked to shoulder higher costs when working 5 for small employers, benefits decision Through Payroll Education, Seminars, or Assistance Counseling, Coaching, or defined contribution retir or Pem lannient ng plan; de Webnt inaal rs or vis Couion nsel be ing, Cnef oachits ing,;E dor uca ts ioupp n, Sem lemental inars, or Su bene ch as Budfits such geting Educaas tion ac , Sem cide inars,nt or insurance, s having takes” a — lo be w l nevel efits th of conc ey nee ern d for to o the ffer in or ir workers der to ’ fi attract nancial well quality bei w ngork . Ben ersefi . ts Small decis emplo ion mak yers ers may see at some medical small empl bene oy fits ers in constraints, a lack Wellness P ofr oorgan gram izational ca Needspacity, or both. Figure 6, Com Q85. Whpan ich of they’s follow Lev ing benefel its doo es f youConc r company ern offer? PleA asebo selecut Employe t all that apply. (Small Emes’ ployer Sa Fi mpnanc le n=405) ial Wellbeing ............................................................. 9 Deduction, Through a Webinars Planning constituting part of a broader strategy to ensure finoa r nci Planal ningwellnessW — ebi nwhi ars le an To ot olsher or Camigh lculatorst viewW ret ebinirement ars benefits Source: 2024 EBRI Small Employer Financial Wellbeing Employer Survey (FWES). mak ers were asked about the cost-sharing structure of their financial wellness initiatives. Similar shares of large and critical illness insurance, Third Partyand supplemental life insurance. Source: 2024 EBRI Small Employer Financial Wellbeing Employer Survey (FWES). may a similar not hav way, Q38e . O vs ewith eig rauff ll, howici do yent ou aht in nticir paeso te you1 r urces o0 rgancom ization’ s for bp udanies s ge f t foi r nan financial cial welln wurvey ellness initiaed tives of wiess ll chf aneri g benef e in ng the ne t xt ohem nits e to, and two y( eaF rs?ig (C , uu a rrere ns tly a of1 fer 0 res fin) an. c Over iult, al welln the ess inih tiats alf ivee s, Sm topics o alf l Em s pmall loyer may Sam em ple n= 4not be top 0pl 5) oyers offer ofed mind Source: 2024 EBRI Small Employer Financial Wellbeing Employer Survey (FWES). Source: 2024 EBRI Small Employer Financial Wellbeing Employer Survey (FWES). Q95: Which of the following does your company offer to help employees with personal financial wellness? (Small Employer Sample n=405) simply as “table stakes” they need to offer in order to attract workers and not explicitly as part of a broader effort to Figure 7, “Your Company Has a Responsibility to Make Sure Employees Are…” .......................................................... 9 s mall employe Q32Q : W 42hrs : a H t o aw respon re h ta hs e e to m pp tlo hy re ee e cehde na glla eg ne gd m es e t n yto hat the u wr ith c otm he p a fo nly lo w fain ce gir s bo er nafin en fittis c ip can a hta e nsg e fcial welln a dc iin ng t h in e o pfa fe sri t n 1g 2 fm ino an ntess c his a? l w (Sm ell initiativ na els l s Em be pn lo ey fie ts r Sa in tm hes p el e w o nrk =4were p0 la 5c) e? Plea f se ul selely em ct your top thpl ree. oy (Smae ll Em r ppai loyer Sa d ( mple F n=ig 405) ure 17). However, there de for them. ntal bene fits, vision benefits, and defined contribution (e.g., 401(k)) retirement plans. Short-term and long-term 2 Source: 2024 EBRI Small Employer Financial Wellbeing Employer Survey (FWES). improve financial wellbeing. As such, in an attempt to develop a better understanding of how many financial wellbeing Source: 2024 EBRI Small Employer Financial Wellbeing Employer Survey (FWES). was a smaller share of small employers reporting that costs were shared between employee and employer. This Figure 8, Top Issues to Address With Financial Wellness Initiatives ......................................................................... 10 S So ou ur rce ce:: 2 20 02 24 4 E EB BR RII S Sm ma allll E Em mp pllo oye yer r F Fiin na an nci cia all W We ellllb be eiin ng g E Em mp pllo oye yer r S Su ur rve vey y ( (F FW WE ES S) ).. benefits firms offer, EBRI asked benefits decision makers about benefits commonly thought of as pertaining to financial ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Is Iss s s s s s s s s s s s s s s s s sue B ue B ue B ue B ue B ue B ue B ue B ue B ue B ue B ue B ue B ue B ue B ue B ue B ue Bri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri ri riA ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef ef resea • • • • • • • • • • • • • • • • • • May May May May May May May May May May May May May May May May May May rch repo 15, 202 15, 202 15, 202 15, 202 15, 202 15, 202 15, 202 15, 202 15, 202 15, 202 15, 202 15, 202 15, 202 15, 202 15, 202 15, 202 15, 202 15, 202rt 5 • 5 • 5 • 5 • 5 • 5 • 5 • 5 • 5 • 5 • 5 • 5 • 5 • 5 • 5 • 5 • 5 • 5 • from the E No. 635 No. 635 No. 635 No. 635 No. 635 No. 635 No. 635 No. 635 No. 635 No. 635 No. 635 No. 635 No. 635 No. 635 No. 635 No. 635 No. 635 No. 635 BRI Education and Re search Fund © 2025 Employee Benefit Research Institute 13 18 14 10 16 15 17 19 12 11 7 4 6 8 9 5 3 2