Over the last several years, financial health initiatives have become more common in the workplace. But how do employers know if the solutions they offer are addressing workers’ needs? In this report, we share insights gathered through a recent survey of HR decision-makers on their awareness of and investments in employee financial health.
The Financial Health Network surveyed 770 HR executives from mid-size and large companies, revealing that:
A majority of employers consider themselves aware of the financial health challenges of their employees and are taking action to address these challenges.
Employers are maintaining or increasing their investment in financial health benefits as a result of COVID-19.
Employer awareness of employee financial health challenges is largely based on limited metrics, contributing to a gap between employee needs and solutions.
In the survey, the Financial Health Network found that companies that have observed evidence of employee hardship since the beginning of COVID-19 are much more likely to say that they will spend more on financial health benefits in the next two years than those who have not.
Data and insights in this report were developed with strategic contributions and financial support from Morgan Stanley. The opinions expressed in this report are those of the Financial Health Network and do not necessarily represent those of our sponsor.