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Analyze Employee Demographics to Understand Financial Needs

Key Takeaways

Everyone has a personal journey they must take to achieve financial wellness.
Data analytics can help employers identify key characteristics and needs of their workforce.
With these insights, employers can prioritize financial wellness programs best suited for their workforce.

Millions of American workers are carrying their personal financial stress into the workplace, leading to increased anxiety, reduced health well-being, and reduced cognitive function, potentially impacting job productivity.¹ Now, employers are using analytics to identify employees’ needs, and armed with that data, they’re introducing programs to help employees improve their financial wellness.

Every individual has a personal hierarchy of needs they must meet to achieve financial wellness. In today’s diverse workplace, understanding an employers’ unique mix of employees can inform their most critical needs for financial wellness. For instance, by asking employees to complete a self-assessment questionnaire, employers can determine whether employees carry student loan debt, serve as a caregiver to aging parents, or are burdened by financial stress.

Using a data-driven approach, employers can customize a hierarchy of needs for their specific workforce, prioritize the aspects of financial wellness programs best suited for their employees, and address the most needed areas.

To learn more, read Analyze Employee Demographics to Understand Financial Needs PDF opens in a new window.

Read the overview piece, 5 Keys to Implementing a Financial Wellness Program Opens in a new window.

Read about each individual key:

Key 1: Wellness Programs Earn Their Place in Human Capital Strategy Opens in a new window

Key 2: Analyze Employee Demographics to Understand Financial Needs Opens in a new window

Key 3: Design Programs to Optimize Financial Wellness Outcomes Opens in a new window

Key 4: Create Personalized Financial Wellness Experiences Opens in a new window

Key 5: Align Financial Wellness Metrics with Business Outcomes – Coming soon!

You may also be interested in other Financial Wellness opens in a new window topics.

¹Sources: Prudential research. Carrie Leana, “The Cost of Financial Precarity” (2019). PWC, “Special Report: Financial Stress and the Bottom Line: Why Employee Financial Wellness Matters to Your Organization” (2017).

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Prudential’s research study offers employers actionable steps for improving RTW outcomes. The paper focuses on thought processes that play a role in employees’ return to work and productivity. What’s more, it provides employers with best practices to help employees overcome psychological hurdles and successfully return from disability.

The State of Financial Wellness in America

Mar 28, 2020

Prudential’s research sheds light on employees’ self-assessment of their financial wellness. Among the findings: an alarming 57% of employees are very or somewhat stressed about their financial situation. Fortunately, employers can help employees achieve financial security and wellness.

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Assurance IQ, LLC a wholly-owned subsidiary of Prudential Financial, Inc. matches buyers with products such as life and health insurance and auto insurance, enabling them to make purchases online or through an agent. Neither Prudential Financial, Inc. nor Assurance IQ offers, underwrites, or administers health plans or health insurance policies.

LINK by Prudential is an umbrella marketing name for Prudential Customer Solutions LLC (“PCS”), Prudential Annuities Distributors, Inc. and various subsidiaries of The Prudential Insurance Company of America. Investment advisory products and services of LINK by Prudential are made available through PCS, an SEC registered investment adviser. PCS is not a licensed insurance agency or broker. Prudential LINK and LINK by Prudential occasionally may be referred to as LINK. Where LINK by Prudential is made available in connection with certain Financial Wellness products, access is made available through Prudential Workplace Solutions Group Services (“PWSGS”). PWSGS provides access to a number of Financial Wellness products, services, seminars and tools offered by PWSGS, its affiliates or third parties. PWSGS is a subsidiary of Prudential Financial, Inc. PWSGS is not a licensed insurance company, does not provide insurance products or services and does not provide financial, investment or other advice. Individuals should consult appropriate professionals when making financial, investment and tax decisions.

Where LINK by Prudential is made available in connection with certain Financial Wellness products, access is made available through Prudential Workplace Solutions Group Services (“PWSGS”). PWSGS provides access to a number of Financial Wellness products, services, seminars and tools offered by PWSGS, its affiliates or third parties. PWSGS is a subsidiary of Prudential Financial, Inc. PWSGS is not a licensed insurance company, does not provide insurance products or services and does not provide financial, investment or other advice. Individuals should consult appropriate professionals when making financial, investment and tax decisions.

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