fiancial wellness detail

Financial Wellness Series Part Six – A Success Story

11/08/2021 Written by: Tuyen Pham

Over the course of this series, topics around financial wellness have ranged from the need for financial wellness programs and how to build a financial wellness employee program, to best practices from successful programs and how to educate employees. In the last installment of the Financial Wellness Series, the last topic will be a success story review of an implementation with the United States Army[1].

"Soldiers can't do their jobs if they're worried about money at home" - Gale Johnson, financial readiness program manager, U.S. Army's Installation Management Command Family Programs.

Over the last two years, the Army has been using online portals, mobile phone apps and in-person phone consultations to help educate soldiers and civilian employees on financial matters to increase financial wellness. A total of 460,000 soldiers (including retirees) and their loved ones completed the following financial training regimen: eight hours of mandatory financial education and ongoing education until retirement or separation from the military. The results showed an impact on this population for the better.

Results:

  • 10% reduction in debts tied to credit cards, auto loans and finance loans.
  • Monthly credit card payments fell by 17%.
  • Average monthly retirement plan contributions doubled.

Conclusion

You’ve invested significant time and resources into building thoughtful benefits for your employees. Financial wellness is the next evolution. Strengthening the policy decisions that shape employer-sponsored retirement plan benefits, combined with an effective employee financial wellness program can help employees:

  • Save more and reach financial independence faster.
  • Improve their physical and emotional health.
  • Become happier, healthier, more loyal, and ultimately more productive.
  • Know their employer cares.

Employee financial wellness, health, happiness, retention, and a competitive business are inseparable. Employee financial wellness is the key connection. Improving employee financial wellness takes time, but the benefits can be substantial for everyone. You are in the best position to help workers achieve financial success through employee benefits – and your employees are ready. They want and need both help and support in this area.

The resources listed in this blog series are great places to start when planning out a new or updated employee financial wellness program, but a Financial Wellness Coach can be your number one resource. Your AssuredPartners Employee Benefits Advisor can help you locate a Financial Wellness Coach, and get your organization started on a path to an employee financial wellness program. Reach out today to start the conversation and see how AssuredPartners can connect your organization with the right resources so employees can attain greater financial wellness.


[1] “Financial Literacy Begins Moving in the Workplace”, Carmen Chai, CreditCards.com and Financial wellness at work, Consumer Financial Protection Bureau, August 2014.

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