Employers are showing a keen interest in financial wellness programs, with good reason. Workers worried about their financial affairs are more likely to say they are distracted and less productive at work than workers unburdened by such concerns.1
Intermediaries (benefit brokers and retirement plan advisors) view financial wellness programs as an opportunity to deliver a wide range of benefits to employees. And 84% expect sales of these programs to increase in the next three to five years.2 While employees, employers, and intermediaries all can benefit from financial wellness programs, top challenges to selling them include cost, limited employer buy-in, concerns about return on investment, and measuring impact. Intermediaries fully expect to expand their breadth of financial wellness offerings as this continues to be a key focus among financial institutions.
As a long-standing provider of employee benefits, Prudential sponsored a survey to gain perspective on how intermediaries view the role that financial wellness programs play for employers, and for their own practices. The results are compiled in this executive summary, which will help readers understand key findings.