The Future of Financial Wellness
We are in the midst of quickly changing financial times,
where employees face a multitude of competing financial
demands that many are not sure how to prioritize or what
steps to take to improve their situation. In order to address
these matters and decrease the impact of employee financial
distress in the workplace, Fidelity encourages all employers
to consider the benefits of deeply understanding the financial state of your employees and supply the solutions they
need to build financial confidence. As the needs of employees evolve, so must the benefits offered by employers to
drive attraction, retention, engagement and productivity. l
Tyler Martin is director and communications consultant for
workplace investing and marketing at Fidelity Investments. Contact
Fidelity customer service representatives at (888) 682-2352, Monday
through Friday, from 8 a.m. until midnight ET to learn more about the
financial wellness program.
1 8th annual survey on corporate Health & Well-being from Fidelity
Investments and the National Business Group on Health, 2017.
2 Data is based on 296,773 visitors to Fidelity’s Money Checkup
Financial Wellness assessment from June through December 2016.
3 Sturgeon, J. A., Arewasikporn, A., Okun, M. A., Davis, M. C., Ong, A.
D., & Zautra, A. J. (2016). The psychosocial context of financial stress:
Implications for inflammation and psychological health.
Psychosomatic Medicine, 78(2), 134–143.
4 Kim, J., & Garman, E. T. (2003). Financial stress and absenteeism: An
empirically derived model. Journal of Financial Counseling and
Planning, 14(1), 31.
5 Mani, A., Mullainathan, S., Shafir, E., & Zhao, J. (2013). Poverty
impedes cognitive function. Science, 341(6149), 976–980.
7 Fidelity Participant Marketing Analytics, Financial Wellness C&E
Campaign, June 2016. Based on 410,000 financial wellness visits and
250,000 completed financial assessments from 6/16/16 to 8/31/16.
Fifty-one percent of visitors reported that
they don’t have money left over after paying their monthly bills, so they aren’t able
to save. One way to interpret this statistic
is that these are the employees who might
jump to a new job for a little bit more
money, or may not be financially well.2
Half of those who are able to save state
that vacation is their #1 savings goal
beyond retirement. That’s fantastic and
well deserved, and helps employees
refresh to be productive at work. But it
also places them on a financial treadmill.
They save money, spend it each year, then
start again, never getting too far ahead
Fidelity also asked how they feel—
confident or stressed. Overall, only about 10%
of respondents felt confident about their
financial situation. Two of the biggest
drivers separating the confident from the
stressed were credit card debt and student
loans. The stressed group was two-to-three
times more likely to have credit card debt
and student loans, which consume a person’s paycheck before they start spending.2
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say saving for vacation is their
number one non-retirement goal
have little or no money left after
paying monthly expenses
separate the stressed from