There are several types of Employee Financial Wellness Programs (EFWPs), such as workplace financial counseling, workplace credit building, and employer-sponsored small dollar loans. Each program benefits the company and its employees in different ways.
The Social Policy Institute at Washington University in St. Louis, with generous support from the W. K. Kellogg Foundation, studied the implementation of EFWPs at several diverse organizations, including a nonprofit in the Midwest and several supply chain locations of a national retailer, to understand the impact. As a result, we’ve identified four ways in which organizations can maximize the benefits of EFWPs and avoid pitfalls along the way.
Wolter, S., Hampton, J., Fox-Dichter, S., & Frank-Miller, E. (2020). Employee financial wellness programs: Tips for employers. (SPI Practice Brief No. 20-01). Social Policy Institute at Washington University in St. Louis.