U.S. workers more likely to stay with employer offering financial wellness benefits: survey – Benefits Canada

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U.S. workers more likely to stay with employer offering financial wellness benefits: survey
More than two-thirds (68 per cent) of U.S. employees say they’re more likely to stay longer at their current job if their employer offers financial wellness benefits, according to a new survey by software platform TalentLMS.
The survey, which polled 1,000 employees, found 73 per cent said their employer offers financial wellness benefits. The top three financial wellness benefits among respondents are retirement planning (53 per cent), investment programs (42 per cent) and emergency savings (38 per cent).
Read: Majority of North American employees seeking financial wellness benefits, flexible work: survey
More than half (53 per cent) of respondents said employers should provide guidance on monthly spending and saving, while 48 per cent said they’re looking for advice on financial topics related to blockchain technology, such as cryptocurrencies and non-fungible tokens.
Fewer than half (48 per cent) said they’re on track to meet their financial goals and retire by their desired age. The survey also noted male employees (57 per cent) are more likely than female employees (41 per cent) to retire by their desired age.
And nearly half of respondents said financial stress has impacted their physical (48 per cent) and mental (45 per cent) health. Millennials (66 per cent) were most likely to report mental-health challenges due to financial issues, followed by generation Z (59 per cent), generation X (47 per cent) and baby boomers (24 per cent).

Read: Financial wellness programs should have measurable, tangible impact: study
“Financial training and support is a low-investment, high-output benefit and, combined with financial wellness products, will help create much needed stability and peace of mind,” said Christina Gialleli, director of people operations at Epignosis, in a press release.

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