- 59% of the participants claimed that they were stressed about their financial conditions
- 49% of the participants stated that they had difficulties in meeting their monthly household expenses
- More than 80% of the workforce believed that they would have to work post-retirement to meet their financial needs
- 88% of the participants needed little or complete help in planning their finances
These numbers show the low level of financial wellness among the employees of today. Closer home, in a talk show called ‘New paradigms of financial wellness’ industry leaders agreed that employers should start building up a well-defined plan to create an effective financial wellness ecosystem so that their employees remain motivated.
Let’s learn about financial wellness programs in India!
- What are financial wellness programs
- Top financial wellness programs in India
- Companies offering financial wellness programs globally
- Cost of financial wellness programs
Financial wellness is a relatively new concept in modern-day India. However, given the financial stress faced by employees and its adverse effect on productivity, the term would soon become the new age mantra for corporate all over India. In fact, many companies, in recent times, have emphasized upon the concept of financial wellness for their employees and have introduced various programs for the same. What about you?
What are financial wellness programs?
A financial wellness program is basically a program where employees are taught financial literacy and financial management. This helps them take control of their finances and plan an effective financial portfolio which would give them financial independence. In simple terms, financial wellness programs intend to provide financial education ultimately leading to an increase in financial well-being. When introduced by the employer, financial wellness programs help destress employees from financial concerns. This makes employees motivated, productive and more loyal towards their work.
Get the complete guide to financial wellness for your employees
A good employee financial wellness program would include important information, training, and support related to the financial concerns of the employees. Some of the major aspects which are included in the corporate financial wellness programs can be listed as mentioned below.
- Household and personal budgeting
- Consumer debt reduction
- Student loan repayment management
- Emergency and short-term savings
- Setting up of financial goals
- Spending behavior
- Financial crisis management
Top financial wellness programs in India
According to a health and well-being study conducted by Willis Towers Watson, 63% of the employers have started developing a strategy towards the improvement of the financial well-being of an employee. If your company also wants to introduce employee financial wellness programs, here are some options to look at :
LearnLux includes a combination of digital lessons and interactive tools with on-demand financial advisers. This helps in providing the employees with ideas on independent financial wellness at the workplace. The major aim of this employee financial wellness program is to ensure that employees make their financial decisions due to education and not due to fear. The LearnLux financial wellness program helps in providing corporate employees with customized lessons related to financial wellness and advanced reporting.
This is one of the top financial wellness programs in India which can help out the employees in the improvement of both their short-term and long-term financial health. FinFit helps in improving the financial wellness of employees in an organization by providing a self-directed online experience. FinFit provides financial assessments, financial education resources and financial coaching to the employees which helps them in increasing their financial behaviour and also in managing their finances better.
Money Experience is an educational technology organization that helps in providing financial education to youngsters and adults. The financial education courses are available on Money Experience to help in providing a personalized approach towards financial education by giving importance to decision making and quality of life. The personal financial products which are available at Money Experience provide a unique approach towards financial education and are one of the best financial wellness programs in India.
Edukate is a platform that creates financial benefits that can help in the creation of a very confident and productive workforce. The employees can get proper guidance and knowledge on financial benefits and thus, be a well-engaged workforce. Edukate helps in engaging the employees in a way they choose to be engaged, provides them with solutions for the financial issues they are facing and thus connecting them with benefits offered by the employers.
Banzai deals with creating financial education solutions that would help employees with real financial advice when the need arises. Banzai creates a platform where employees can learn about financial discipline and principles that are related to fiscal responsibility. The major objective of Banzai is to provide corporate organizations with tools that help in creating a culture associated with financial education. This financial wellness service provider has its sole focus on financial literacy and keeps on continuously refreshing and updating new products associated with employee financial wellness programs.
Bravo is one of the top financial wellness programs which offer group challenge that help employees in addressing issues related to their financial wellness. This financial wellness program has an eight-week challenge which helps the employees in understanding their financial life. The major topics which are mostly addressed by this employee financial wellness program are how to spend within control, how to create an emergency fund, how to manage and pay debts, etc.
Companies offering financial wellness programs globally
Nowadays, most employers understand the importance of good financial wellness programs for employees of their organization. However, some employers struggle to develop integrated and effective employee financial wellness programs. So, before implementing financial wellness programs for employees here are some effective ideas that would help implement good corporate financial wellness programs.
Since financial wellness programs are slowly garnering traction from Indian corporate houses, many companies are offering tailor-made programs for corporate employees. Some of the best companies globally which offer the most comprehensive and customized financial wellness programs for employees are as follows –
GreenPath Financial Wellness
The employees of an organization might be facing any financial problems; the financial wellness programs at Green Path would be able to assist in resolving those problems. The Green Path Employee financial wellness programs will offer employees access to a variety of services. Employers can rest assured about the financial health of their employees as the Green Path team would provide the employees with financial counselling, one-to-one guidance while credit score management, development of the financial plan, budget management and debt elimination. The employee financial wellness programs at Green Path will help the employees in managing their debts by the use of various financial educational resources.
Employers can decide on the type of method which would be used to impart the education on financial wellness to their employees. This can be through the use of online education modules, webinar workshops, on-site events, etc. The on-site events offered by Green Path are quite helpful as the employees can get to know more about the measures involved in handling finances in an in-person environment along with the scope of query resolution and detailed information. It is also quite easy to start working with the Green Path team as they provide staff training along with a plan for the implementation of the financial wellness program smoothly.
Financial Finesse is one of the oldest companies providing the best financial wellness programs. The company has been able to impact the financial lives of employees from all phases of life. The company has proven that financial wellness programs when delivered properly in an effective manner can be helpful in the transformation of the financial future of the employers and the employees both.
Financial Finesse can understand the requirements and needs of the employees easily and would design financial wellness programs in such a way that the employees can obtain unbiased financial advising whenever the employees would need and in their style of learning. Moreover, the company has the best financial advisors who have specialized certification in the fields of financial management.
Enrich Financial Wellness
Enrich financial wellness help the employers by providing education to the employees on the strategies related to personal finances and retirement. The various tools and resources offered by the Enrich Financial wellness help the employees in taking necessary financial decisions whenever needed in life.
The various financial research documents published by the company help the corporate employees to understand the need and importance of financial education at the workplace. The company also has the provision by which it can provide a list of the best practices which can be a part of the client organization’s financial wellness platform. Moreover, webinars help in providing good knowledge of financial wellness to the employees. Furthermore, employees of the organization can take financial advice from certified financial counselors whenever needed.
This company has been founded by a group of highly experienced financial advisory professionals who are always available for advising the staff. The advisors can very easily design and deliver personalized financial wellness programs for the employees of the client organization.
The company has a large amount of online content available for educating users about financial wellness and other financial topics. Questis aims at targeting larger organizations to deliver scale and put forward the content related to employee financial wellness in front of a larger audience.
Integrity Data Financial Wellness
Employers can opt for Integrity Data Financial Wellness when they wish their employees to receive concrete financial help concerning all financial issues. Integrity Data can help in setting up financial wellness programs that help in reducing the stress of the employees, increases employee engagement, enhances employee retention, etc. Integrity Data is known for its holistic financial wellness programs and would help the employees in getting their money and flexibility. In addition to the educational resources, the Integrity Data financial wellness programs offer helpful partnerships that help the employees of the client organization to stand up on their own feet.
Integrity Data has established partnerships with Best Money Moves which is one of the best corporate financial wellness programs available. By this partnership, Integrity Data can offer a mobile service to the client organization’s employees who can measure their level of financial stress. Then Integrity Data also has personalized recommendations to reduce the financial stress of the employees. Moreover, it also has a partnership with Got Zoom and Hoopayz and these platforms help the employees with student loan repayment assistance and maintenance of the health and well-being of the employees.
Cost of financial wellness programs
There is nothing like a free meal and financial wellness programs also cost employers. There is however, no absolute value which can be assigned to a financial wellness program as each program is tailor-made for the corporate’s requirements.
The cost of a financial wellness program is determined by various factors as below:
Size of the organization
When an organization has a large number of employees, then the cost of an employee financial wellness program for each employee will lower down. The main reason behind this is the economies of scale which means that with the increase in scale there is a decrease in the cost per unit. The main reason behind this decrease is co-related to the administration of the financial wellness program.
There are many administrative elements in the employee financial wellness programs which do not take additional time or even cost more money even when the number of participants increases. So, since some costs remain fixed, when the number of employees increases, the cost of the employee financial wellness program goes down.
However, for large organizations which have multiple branches spread across India, the aggregate cost of the program would be high.
Some companies offer account management along with employee financial wellness programs. This account management can be done either with the help of computer software which would include data compilation and making suggestions for implementations. It can also be feasible with the help of a certified/trained professional or a group of professionals who would be working with the employees of the client organization.
These services can include tasks like training key stakeholders, maintenance of records, providing of various reports on the real-time deliverables, management of outgoing communications and promotions, helping or assisting employees with queries on the programs, etc. These services are personalized and would be more expensive.
The comprehensiveness of the plan
If an employer chooses a comprehensive financial wellness program which not only addresses the concerns of the employees but also offers them personal financial solutions, the costs would be higher. The cost of a financial wellness program depends on the areas covered by the plan and how inclusive the plan is. The more inclusive the plan, the higher would be the cost and vice-versa.
Usually, employers do not prefer customizing the employee financial wellness programs and most of the employers think that a retirement plan along with an education plan is sufficient for the employees. However, the fact remains that employees face a wide array of financial issues in everyday life and would need assistance in resolving those issues. Employee financial wellness programs would be beneficial only if they are customized and focus on both the short-term and long-term financial goals of the employees.
Moreover, if employers are opting for custom employee financial wellness programs then they would also want those financial wellness programs to be customized according to the needs of the organization with a variety of branding options. Custom employee financial wellness programs would yield better results and are expensive at the same time.
A company offering the program
Different companies which offer financial wellness programs have a different pricing policy. That is why the cost across the companies differs. You should compare the plans offered by different companies and their respective pricing to find the best deal on the financial wellness program.
Duration of the program
The last factor which affects the cost of financial wellness programs is the duration of the program. A long program is usually more comprehensive and costs more. Shorter programs, on the other hand, are less costly. So, understand the needs of your employees before choosing a program of a suitable duration and the cost would be calculated accordingly.
You might want to read: Why is financial wellness important for your organization?
The backbone of an organization is its workforce. The organization cannot function or be profitable if there are no employees. If the employees are financially unhealthy, it would lead to a lack of focus in the workplace, absenteeism and lower productivity. Thus, the organization benefits the well-being of the employees. If the employees are financially well, the organization would be financially well too. So, if you want your business to reach new heights, its time you helped your employees become financially independent. Financial wellness programs are here to stay and the sooner you opt for a program for your company the sooner would you be able to boost employee morale.