5 key strategies for implementing a successful financial wellness program
LAS VEGAS — Implementing a successful financial wellness program is not always easy. Employees are increasingly searching for offerings to help them pay down debt, manage their money and plan for retirement.
The need for benefits, which help employees manage their finances, originated from the financial crisis in 2008, said Rebecca Liebman, the CEO of LearnLux. Issues like a shift from pension plans to 401(k)s and the rising student loan debt crisis have all played a role in workers’ need for improved financial wellness.
“It’s important to think holistically about someone’s financial plan,” Liebman said at the Benefits Forum and Expo last week.
One challenge is that employees often aren’t open about the financial challenges they are experiencing, said Karlos Guerra, benefits consultant at Lockton. Employees are often reticent to share their personal problems, which can make implementing the benefits a challenge.
“[Employees are] not going to come out and say they have thousands of dollars in credit card debt,” he said.
Regardless, there are some key steps brokers and employers can take to ensure the successful implementation of these benefits, Liebman and Guerra said.