Employee Financial Wellbeing
What is Employee Financial Wellbeing?
Employee financial wellbeing is the study of an employee’s financial health and ability to confidently manage financial life today while preparing for the future and anything unexpected.
Organizations can influence employee financial wellbeing and improve overall workforce resilience by offering retirement and health benefits, support in obtaining retirement income, tailored financial education and planning and guidance on achieving non-retirement savings goals.
Why is Employee Financial Wellbeing Important?
Financial wellbeing is a key component of an employee’s overall wellbeing. And organizations are only as strong as their workforce. It’s a common misconception among employers that if an individual is in employment, they will be relatively financially healthy — but stressors ranging from student loan debt to inadequate retirement savings can lead to higher rates of employee absenteeism, presenteeism, and a lack of motivation, productivity, and engagement.
Implementing a tailored and effective employee financial wellbeing program can help employers to empower their employees and bolster workforce resilience.
What are the Benefits of Prioritizing Employee Financial Wellbeing?
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Employee Empowerment
Empowers employees to take control of their own personal and family financial situations
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Mental Health
Reduces finance-related mental health problems
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Ability to Retire
Helps to increase employees’ ability to retire
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Reduce Absenteeism
Helps to reduce absenteeism and presenteeism
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Enagement and Motivation
Increases engagement, motivation, and productivity
How Can Aon Help with Employee Financial Wellbeing?
Aon helps organizations approach employee financial wellbeing by understanding their workforce's financial behaviors, situations, opinions, and goals, as well as their worries. We then use our 4P’s Framework to work with clients to develop and execute targeted and engaging financial wellbeing and savings programs that establish healthy financial habits, deliver sustainable behavioral change, and measure the related improvement.
Aon’s Employee Financial Wellbeing Framework
Organizations are positioned to support their workforce in all areas of financial wellbeing:
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Prepare
Build financial knowledge and skills across the workforce.
Areas to address:
- Emergency funds
- Budgeting
- Credit and debt management
- Student loans
- Financial education
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Plan
Build short-, medium- and long-term financial goals and challenges.
Areas to address:- Retirement
- Home
- College
- Stick
- Health savings
- Financial guidance, advice, coaching and planning
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Protect
Build financial resilience for the unexpected.
Protection from:
- Loss of income
- Critical illness
- Death
- Disability
- Legal
- Other risks
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Preserve
Build financial security and protect wealth against adverse events.
Areas to Address:- Lifetime income/investments
- Social security
- Estate planning
4P
We use our 4Ps Framework to work with clients to develop and execute targeted and engaging financial wellbeing and savings programs.
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