Improving Productivity and Reducing Employee Stress with Financial Wellness Programs

Confero Spring 2017

Michelle Capezza, a Member of the Firm in the Employee Benefits and Health Care and Life Sciences practices, in the firm’s New York office, authored an article in Confero, titled “Improving Productivity and Reducing Employee Stress with Financial Wellness Programs.”

Following is an excerpt (see below to download the full article in PDF format):

It is undeniable that a large segment of the U.S. workforce is under financial stress. From managing rising health care premiums and retirement savings (or lack thereof), to tackling increasing student loan debt, and providing for basic living expenses while trying to raise families and save for a home purchase and/or college costs, most workers are overwhelmed by their financial situation and do not know where to begin to get it under control. There is also a lack of financial literacy among many segments of the population which make it even more difficult for individuals to navigate financial issues or take advantage of their existing employee benefits. As a result of these types of factors, employer-sponsored financial wellness programs are gaining traction. Employers recognize that while employees need competitive compensation and benefits, it is becoming apparent that they also need the tools to understand how to manage their money and save for retirement, health care, and overall financial needs.