Boost financial wellness benefits: 6 steps to get started | Segal Benz

To help employers and their people make positive changes around financial wellness, I’m happy to announce “6 steps to bring financial wellness to the workplace,” a framework for financial wellness programs that we created in partnership with State Street Global Advisors.

The “6 steps” framework includes some of the best, most innovative thinking in finance and employee benefits. It features contributions from not only our team, but also financial experts at SSGA and benefits professionals from leading public, private and nonprofit companies.

It’s an easy-to-navigate report that gives you actionable tips to start getting financial wellness results, including how to:

• Understand the five employee segments that characterize key phases of financial wellness.
• Overcome four common obstacles in implementing a financial wellness program.
• Consider the six must-ask questions before building a business strategy and vision around financial wellness.

Although retirement plan participation continues to rise, U.S. workers are in dire financial straits: 61% have $0 saved in an emergency fund, and even among workers who are actively saving for retirement, close to half (47%) live paycheck to paycheck.

It’s figures like these that lead us to believe that in many ways, financial wellness is beginning to eclipse physical wellness as the main employee need from workplace programs—plus, TIAA-CREF finds that 81% of workers trust financial information from their employer. We’re also encouraged to know financial wellness is an issue that employers care about: 70% of employers feel a sense of responsibility for helping employees gain financial security, according to Merrill Lynch.

Promote employee wellbeing—this month and all year long—by becoming part of a new national conversation about financial wellness: Download the “6 steps” framework and an infographic on U.S. financial wellness. Then, join our webinar on June 23 to learn more about how to improve financial wellness at your organization.