With rising interest rates, relentless inflation and home prices at a record high, it's no secret that we live in challenging economic times.
And while benefits like a financial wellness program used to be a pie-in-the-sky perk, employees are now coming to know – and expect – this type of education offering from their employers.
According to PLANSPONSOR, 77% of plan sponsors now offer some sort of financial wellness program in 2023, and of program participants, 43.5% said financial literacy and wellness programs were extremely helpful in improving their economic status and reducing financial stress.
OneDigital Carolina's VP of Business Development, Nate Pratt, was recently featured in PLANADVISER discussing the increasing demand for financial wellness programs, and how employers can design a custom plan to meet the needs of their people.
Five years ago, financial wellness was the sprinkles on top of the cake, or a nice to have. Now, it’s the cake itself. It’s not just a nice to have anymore.
— Nate Pratt, Vice President, Business Development, OneDigital Carolina's
Nate goes on to emphasize that a financial wellness plan is not a one-size-fits-all solution, and employers must survey their people to find out what type of education is needed the most.
"The best way to win this business is to ask important questions early on about the employee base and the cultural climate," said Pratt. "So we’ll ask an employer, ‘What matters most to your team?’ From the answer to that question, it’s rare that we don’t have a blueprint for how to meet — and exceed — expectations."
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Want to read more on trending benefit options? Check out 5 Excellent Benefits to Offer Employees in 2023.
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