Presented by:

Promoting Financial Wellness in the Workplace A benefits plan that combines financial education and voluntary benefits is the best approach to reducing employees’ financial stress

sPonsored by:

RESEARCH

RESEARCH

RESEARCH

RESEARCH

RESEARCH

RESEARCH

OVERVIEW

Despite improvements in the economy, employees’ financial stress remains at worrisome levels. What’s more, given the slow pace of the recovery, this is unlikely to change anytime soon.

To help employees eliminate financial stress, gain a greater sense of control and become financially healthy, employers need to go beyond benefits that ensure future income, such as retirement, disability and supplemental medical plans. They need to give employees the tools to achieve financial wellness today, such as a financial education, discount programs and an employee purchasing program.

This white paper presents new research that reveals:

•Similaritiesanddifferencesinhowemployersandemployeesviewfinancialwellness •Whatconcernsemployeesabouttheirfinances •Whoismostatriskforfinancialstress •Mythsandrealitiesabouthowemployeesaredealingwithfinancialissues •Howemployerscantailorbenefitplanstohelpworkersachievefinancialwellness

2 Introduction/Research Findings 8 Summary8 About Paycheck Direct/About SourceMedia

cOntEnts

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PRoMotIng FInAncIAl WellneSS In the WoRkPlAce

ABOUt tHE REsEARcH We at PayCheck Direct wanted to learn more about the extent and causes of employee financial stress and other issues that are barriers to individual financial wellness. As a leading provider of employee purchasing programs, we know that this voluntary benefit can play an important role in reducing stress, gaining control and increasing financial wellness.

PayCheckDirectcommissionedtheResearchunitofSourceMedia,publisherofEmployee Benefit News,tosurveyHR/benefitsprofessionalsontheirfinancialwellnessactivitiesandattitudes.Separateresearchalsowasconductedtogetemployees’viewsonfinancial wellness and to find out how their responses compared to employers.

The results were encouraging, illuminating and, in some cases, surprising. We’re presenting them in this white paper, along with analyses of the findings and suggested actions employers can take to improve both their financial wellness programs and their entire benefits package. Also included is outside research from a numerous sources that supports the research findings.

MEtHODOLOGY

AnonlinequantitativesurveywasfieldedinMay2013toEmployee Benefit News subscribers and employees. The total sample was 382employersand602employees.

Employer respondents are employee benefits and human resources professionals at medium-sized to large organizations that sponsor benefit plans. Employee respondents are employed at medium-sized and large organizations, are evenly split between salariedandhourlypay,andhavehouseholdincomesoflessthan$100,000peryear.1

1Surveyrespondentscomefromarangeofindustries,includingmanufacturing,healthcare,financialservices,retail/wholesale,educationandgovernment.Employeesareevenlydividedintermsofgender(53%female,47%male),maritalstatus(54%marriedorunmarriedcouple)andpaystructure(52%hourly). Forty-sixpercentofemployeesare55orolder,33%are35to54yearsoldand20%are18to34yearsold.Bothsurveyswerearandomsampling.Thetotalemployersurveysamplingerroris+/-5%,andtheemployeesurveyis=/-4%the95%confidencelevel.