At a Glance | April 25, 2019 Student Loan Debt Assistance Not Only Helps Workers, It Can Support Employer Goals FOCUS ON STUDENT LOAN DEBT We Compare All 2018 Financial Wellbeing Survey Respondents and 1 a Subset of “Student Loan Debt Focused Employers” A third of employers in EBRI’s 2018 Financial Wellbeing Survey offer, or plan to offer, a student All Survey Respondents Subset of Student Loan Debt Focused Employers Focused on financial wellness Currently offer, or plan to offer, a student loan debt program, a subset initiatives in general loan debt program identified as “Student Loan 1 Debt Focused Employers.” RETAIN TALENT What Are Your Top Reasons for Offering Financial Wellness Initiatives to Employees? Student Loan Debt Focused Employers cited improved Improved Overall Worker 41% 54% employee retention as the most Satisfaction common top reason for offering financial wellness Reduced Employee Financial 48% 49% initiatives. Stress Improved Employee Retention 47% 56% 20% 60% INCREASE PRODUCTIVITY What Factors Are Most Important in the Measurement of Your Financial Wellness Initiatives? Student Loan Debt Focused Employers were more Improved Overall Worker 36% 39% likely than overall employer Satisfaction respondents to measure success in terms of increased Improved Employee Retention 29% 33% employee productivity. Increased Employee Productivity 24% 30% 20% 60% CHALLENGES AHEAD What Challenges Does Your Company Face in Offering Financial Wellness Benefits in the Workplace? Some employers express hesitation about offering Complexity of the Programs 44% 49% financial wellness programs. Student Loan Debt Focused Employers cited complexity of Lack of Staff Resources to 36% 43% the programs as their number Coordinate or Market Benefits one challenge. Challenges in Making Business 42% 45% Case to Management 20% 60% SOURCE: Lori Lucas. “How Employers Are Tackling Student Loan Debt: Evidence From the EBRI Employer Financial Wellbeing Survey,” EBRI Issue Brief, no. 479 (Employee Benefit Research Institute, April 18, 2019). 1. These are employers with at least 500 employees that have adopted or are interested in adopting financial wellness initiatives. 1. X X . 2. XX © 2019 EBRI This report is copyrighted by the Employee Benefit Research Institute (EBRI). You may copy or print 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.