Financial wellbeing is the #1 employee challenge, yet employers say they are least effective in this area
Mental health remains a concern and more support is needed, but many employers haven’t delivered on financial wellbeing
- 66% of employees want more help with financial wellbeing
Employer priorities are misaligned with employee needs
Organizations will prioritize the following aspects over the next three tears, but employees want more help with financial wellbeing.
|
Gap |
| Financial wellbeing |
| 66% Employee |
–43% |
| 23% Employer |
| Social wellbeing |
| 16% Employee |
–10% |
| 6% Employer |
| Employee experience |
| 47% Employee |
+3% |
| 50% Employer |
| Physical wellbeing |
| 35% Employee |
+15% |
| 50% Employer |
| Emotional wellbeing |
| 37% Employee |
+36% |
| 73% Employer |
19% of employers are effective in supporting the financial wellbeing of their employees
Organizations are taking action to improve employee financial wellbeing
- 95% – Retirement programs
- 90% – Retirement plan contribution or withdrawal flexibility
- 84% – Life and disability insurance
- 73% – Financial education
- 61% – Personalized decision support
- 54% – Voluntary benefits
- 54% – Employee resilience
Many employees report moderate or major wellbeing issues
Employees have faced significant challenges in the past year
Major or moderate
- 50% – Financial wellbeing
- 45% – Emotional wellbeing
- 39% – Physical wellbeing
- 28% – Social wellbeing
48% of employees have moderate or major issues in at least two areas of wellbeing
As employees grapple with financial concerns, companies are strategically enhancing their wellbeing programs broadly
Competition for talent and diversity, equity and inclusion (DEI) are key drivers of the wellbeing strategy
Key business issues influencing wellbeing strategy
- 78% – Growing mental health crisis
- 64% – Competition for talent
- 53% – Emphasis on DEI
- 43% – Worsening physical health issues
Actions to take now
Discover innovative and essential strategies to enhance your employees’ financial health.
- Implement comprehensive retirement and savings plans, available as either employer-funded or elective options
- Provide enhanced life and disability insurance that surpasses basic legal requirements
- Give employees options to access funds in emergencies
- Supply tools and guidance to help employees fully leverage existing financial programs
- Introduce financial coaching to foster skills in financial resilience
- Educate your team about potential financial challenges through targeted learning opportunities
- Assess the affordability of benefits in alignment with a broader DEI strategy tailored to meet the needs of your workforce
- Provide tailored support for personal financial decisions to empower your employees in managing their economic wellbeing
For help in developing a wellbeing strategy or refreshing your current approach, contact WTW.
About the surveys: 10,000 U.S. employees participated in the 2024 Global Benefits Attitude Survey. 535 U.S. employers participated in the 2024 Global Wellbeing Diagnostic Survey (respondents employ 8 million workers worldwide).
