Workplace-based Employee Financial Wellness Programs (EFWPs) aim to strengthen employees’ financial well-being through services such as financial coaching, payroll advances and short term installment loans, credit counseling, debt management, and online financial management tools. Although EFWPs are a fast-growing part of employee benefit packages, offerings vary widely in service type and delivery method across employers, and little research has assessed their efficacy and reach. Our prior research indicates significant differences among employees, including by race/ethnicity , regarding their awareness, utilization, and self-reported benefits from EFWP services. This brief adds to this research by examining these differences in EFWP reach by employees’ financial circumstances.
Project: Workforce Financial Stability Initiative
Citation
Fox-Dichter, S., Zeng, Y., Despard, M., Frank-Miller, E., & Germain, G. (2018). Employee financial wellness programs: Differences in reach by financial circumstances (SPI Research Brief No. 18-02). St. Louis, MO: Washington University, Social Policy Institute.