At a Glance | December 8, 2022 The Current State of Financial Wellbeing Programs The 2022 EBRI Financial Wellbeing Employer Survey reveals that employers continue to expand their financial wellness programs. Rankings of current goals, success measures, and challenges are reviewed. FOCUS AREAS What are the top issues faced by your employees that your financial wellness initiatives are designed to address? Financial wellness programs are expanding their focus Highest Ranked Lowest Ranked beyond retirement preparedness to include a more complete Retirement Preparedness Low Wages 35% 6% picture across all aspects of an individual’s finances. Racial Health and Economic Health Care Costs 31% 5% Disparities in Your Work Force Unexpected Reduction in Wages Financial-Related Stress 30% 5% (e.g. due to illness or disability) High Costs of Living Caregiving (other than for children) 29% 5% MEASURING SUCCESS What are the top factors that are or will be important in the measurement of your financial wellness initiatives? With the hope of reducing employees’ financial stress Highest Ranked Lowest Ranked and increasing productivity, Improved Overall Worker Use of Available Financial companies are looking for 36% 16% Satisfaction Wellness Initiatives better ways to evaluate the impact of their financial Worker Satisfaction With 30% Reduced Health Care Claims 14% Financial Wellness Initiatives wellbeing programs, whether on a retention/recruitment or Differentiator From Our 28% Improved Employee Retention 12% productivity basis. Competitors Increased Employee 28% Productivity CHALLENGES What are the top challenges your company faces or anticipates facing in offering financial wellness benefits in the workplace? Top challenges to offering these programs were costs to Highest Ranked Lowest Ranked both the employer and the employee. Data and privacy Cost to Employer Buy-in by Upper Management 35% 14% concerns and complexity surrounding the programs Cost to Employee Legal and/or Regulatory Hurdles 29% 14% rounded out the top four. Lack of Ability/Data to Quantify Data and Privacy Concerns 26% 13% Value-Add of the Initiatives Complexity in Choosing 25% Programs SOURCE: Copeland, Craig, “2022 EBRI Financial Wellbeing Employer Survey: Employee Satisfaction and Retention a Primary Focus,” EBRI Issue Brief, no. 573 (October 27, 2022). © 2022 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.