Helping HR Professionals Maximize Financial Support with an EAP

Why Financial Wellness Programs Actually Matter

Nobody wants to admit they’re stressing over money at work, but a lot of people are. And not in a small way. A March 2024 Bankrate survey showed a pretty big chunk of adults say money problems are affecting their mental health. It’s more than just frustrating. It’s distracting, draining, and affects how people show up every day.

Financial wellness programs are popping up more often now because they actually help. They give people access to tools that can make money feel less overwhelming, including budgeting help, planning for emergencies, or resources about where to start with saving. Often, these programs are offered as part of a broader Employee Assistance Program (EAP), which also provides support for mental health, stress management, and other personal challenges. For employers, less stressed employees usually means fewer mistakes, less burnout, and better focus. Everyone wins.

What Financial Wellness Programs Actually Do for Companies

Financial wellness programs aren’t just a nice extra. Some companies are finding out they’re a cheat code for keeping people around. A 2023 report from PwC found that employees who aren’t stressed about money are more likely to say good things about the place they work. People who feel okay financially usually aren’t secretly scrolling job listings at lunch.

A separate 2021 survey by SHRM backed that up. Companies with financial programs in place had better luck with keeping employees from jumping ship. Less stress at work often leads to fewer health issues, too. That part’s less obvious, but it adds up over time, visible through fewer sick days, less burnout, and lower health costs. It’s not magic. It’s just common sense.

Key Considerations for Program Success

To ensure the efficacy of a financial wellness program, the following considerations are recommended:

• Start with asking, not guessing. Use quick surveys or focus groups to find out what’s stressing people out. Don’t assume it’s the same across the board; some people are buried in debt, others just want to stop living paycheck to paycheck.
• Set goals that aren’t vague. “Help employees feel better about money” won’t cut it. Pick goals you can actually measure, like increasing participation in retirement plans or cutting down on loan-related calls to HR.
• Bring in actual experts. This includes financial advisors, credit counselors, or even someone who knows taxes inside out. Make sure they speak human and not spreadsheet.
• Keep the education short and clear. Ditch the lectures. Use quick videos, interactive tools, or short guides. People learn better when they’re not bored out of their minds.
• Offer real tools people will actually use. Offer tools like budgeting apps, Employee Assistance Programs, paycheck calculators, and automatic savings options—anything that takes less than five clicks and feels like it helps immediately.
• Don’t skip retirement. Show people how to start saving even with small amounts. Help explain company matching if it exists. Break it down in a way that doesn’t feel like math class.
• Tackle debt head-on. Give access to credit counseling, debt consolidation info, or help reading a credit report. Most folks don’t know where to start, so just starting is a win.
• Keep talking about the program. Drop reminders regularly. Use emails, Slack, bulletin boards—whatever people actually look at. A one-time memo isn’t enough. Promote the EAP and its financial wellness components consistently through various communication channels.
• Watch what works. Adjust as needed. Check how many people are using the tools. Are they finishing the workshops? Are your stress numbers going down? Don’t overthink the data, but don’t ignore it either.
• Let people talk about money without shame. Normalize the conversation. Most people have had troubles with finances at some point. A workplace that lets people talk about it without side-eyes goes a long way.

The Strategic Value of Financial Wellness in Employee Benefits

The integration of financial wellness into employee benefits packages, often facilitated through an Employee Assistance Program (EAP), signifies an organization’s commitment to its employees’ overall well-being. This can enhance employee trust and contribute to improved recruitment and workplace reputation. Organizations that invest in financial wellness can expect to observe enhanced productivity and job satisfaction.

By offering an EAP that includes financial wellness, companies demonstrate a holistic approach to employee support. When companies provide these kinds of programs, the overall workforce functions in a more productive and healthy manner.