Imagine waking up each morning with a nagging thought about money — whether it’s a looming credit card bill, the dream of buying a home or the distant goal of retirement. Coupled with the fact that many full-time workers are struggling to make ends meet, these are more than just inconveniences.1 Financial stress is real, and it’s something that can erode productivity, engagement and even job satisfaction2. As an employer, you’re in a unique position to help improve employees’ financial wellness, but it’s not without hurdles.

Employees are asking for help loud and clear

Employees aren’t shy about wanting help with their finances. In fact, 74% of employees are looking for guidance when making financial decisions.3 Financial wellness is one of the top benefits employees are seeking today, especially among younger generations like Millennials and Gen Z. They’ve grown up watching life expectancy outpacing their parents' retirement savings.4

Bridging the generational gap

Here’s where it gets tricky: no one has the same priorities. There are Baby Boomers, Gen X, Millennials and Gen Z all under one roof, with unique financial concerns. Working Boomers eye retirement and prefer one-on-one financial coaching to navigate the next chapter. Meanwhile, the younger crowd is likely more focused on paying down student debt, and access to digital tools may help support those goals.

Breaking down the barriers

But even with the best tools at their disposal, why are so many employees hesitant to dive into financial planning? Because talking about money is uncomfortable: It’s personal, it’s emotional and no one wants to admit they might be struggling.5

So, as an employer, how do you get past that reluctance? It starts with changing the conversation. Remember how mental health went from taboo to something we openly discuss? Organizations need to do the same for financial health. Make it clear that everyone — whether they’re fresh out of college or 20 years into their career — has something to learn when it comes to money.

Why it matters

Helping employees manage their finances isn’t just good for them, it’s good for your business.6 Financially stressed employees are less productive, more likely to fall ill and more prone to job-hopping for even a small pay bump. In contrast, employees who feel supported are more engaged, more loyal and more likely to stick around.

Think about it: The cost and disruption of turnover can be enormous, but what if a well-structured financial wellness program could help prevent that? What if supporting your team in getting their finances in order could actually save you money in the long run? It’s not just a feel-good initiative; it’s a smart business move.

The HUB EDGE

Financial wellness and retirement planning is more than just a box for you to check. A financial wellness program is the chance to say: We care about your future — both inside and outside the office. And that message resonates in today’s competitive job market.

Here are things to consider:

  • Understand your employee population and identify where people are in their financial wellness journey; one-size-fits-all programs are no longer good enough to attract and retain the best employees. Consider conducting a Persona Analysis to really understand how to deliver the best Quality Employee Experience for your workforce.
  • Pinpoint the sweet spot of technology and the human touch for each segment of your employee population to tailor solutions for each. For example, offering an online portal where employees can do their own research and after 3 times of logging in, an advisor reaches out to see if scheduling a meeting might make sense.
  • Start the conversations where each group is comfortable. Not everyone is ready to sit down face-to-face with a financial coach right off the bat. While some employees may want a direct discussion, others may benefit from access to asking questions online where there is less pressure or perceived judgement. Beginning the financial wellness journey with an assessment is a great way to meet employees where they are today.

Financial wellness isn’t a passing fad — there’s a clear need, and employees are eager for help. Employers have the power to make a real difference. There are challenges, like catering to a multi-generational workforce and getting people to engage, but the rewards are substantial.

Working with an advisor who can help tailor a program that blends technology with human guidance, you have the opportunity to create a culture where your employees can thrive personally and professionally.

1 Just Capital, “More Than 36% of Russell 1000 Workers Don’t Make a Family-Sustaining Living Wage,” March 12, 2024
2 CNBC, “The top stress for workers is finances, and it’s spreading to $100,000 jobs,” June 4, 2023
3 PwC, “PwC's 2023 Employee Financial Wellness Survey,” accessed September 12, 2024.
4 Northwestern Mutual, “Northwestern Mutual, Planning and Progress Study,” accessed September 12, 2024
5 Forbes, “Why Do, Why Don’t, And Why Should People Hire A Financial Advisor?,” June 23, 2024
6 Harvard Business Review, “It’s Time to Prioritize Employees’ Financial Health,” January 2, 2024