Building an effective employee financial wellness program [5 Key Insights]

Anyone who does a “happy dance” on payday knows how much employers affect our financial lives. Most of us depend on employment to make ends meet and pursue our long-term goals. That’s why through the Workforce Financial Stability Initiative, we’ve been studying employee financial wellness programs (EFWPs) since 2017. Our motivation was simple: with growing […]

Employer-Sponsored Financial Planning: A Study of the Brightside Platform

In this report we explore employee usage trends of Brightside, an employee financial health platform that is designed to improve the financial health of working families. Using this platform, employees can open “cases” to address a financial need or goal they have. Brightside connects these employees with financial assistants who, in turn, connect the employees […]

SPI researchers win top awards for papers at ACCI Conference

Yingying Zeng, Mathieu Despard, and Sophia Fox-Dichter received the National Endowment for Financial Education (NEFE) Paper Award for their paper “Workplace Financial Counseling: Credit Outcomes Among Lower-Paid, Entry-Level Workers”.

Stephen P. Roll, Blair D. Russell, Dana C. Perantie, and Michal Grinstein-Weiss received the JCA Best Article of the Year for their paper “Encouraging Tax‐Time Savings with a Low‐Touch, Large‐Scale Intervention: Evidence from the Refund to Savings Experiment”.

Employees are stressed about money. Financial wellness benefits can help. (Links to an external site)

The National Fund for Workforce Solutions and the Social Policy Institute at Washington University in St. Louis have collaborated on a new Guide to Employee Financial Wellness to help employers identify the best program for their team. The guide combines four years of research and best practices collected from a wide range of employers using employee financial wellness programs.

Five things to know about Financial Wellness Programs (Links to an external site)

According to a 2017 survey by benefits consultants Alight Solutions, almost 25 percent of employers have a financial wellness program in place, and almost half are in the process of creating one. Some three out of four firms with more than 10,000 employees now offer a financial wellness program, according to a recent study by the Employee Benefits Research Institute. Wasik, J.