TPSU - The Plan Sponsor University’s Post

It's a Financial Wellness addition of 401k Friday. Does anyone really know what financial wellness means? A recent study finds that most people don't know what it means. After an internet search, I'm not sure what the formal definition is either 😐 ... This may explain why only 20% of plan participants utilize Financial Wellness features offered by their retirement plan. (But what do the tools do if we don't know what financial wellness is???) Perhaps the conversation needs to pivot. Instead try asking people what makes them feel less intimated by money and finance, then offer tools and advice. For the average person, money and finance can be very overwhelming, but most of the time the resources are there and waiting to be used 😁 https://lnkd.in/gBPkxwG9

Financial wellness is not solely dependent on receiving a consistent paycheck. In today's work environment, it also encompasses an individual's capability to save for retirement, handle debts, and sustain financial security with assurance. 💰💳🏦 Are you aware of your employee's financial health? 🤔 How can you show your dedication to their financial prosperity? 💪💸 #financialwellness #employeebenefits #financialhealth #retirementplanning #personalfinance

What exactly do we mean when we use the term "financial wellness?" And what does our definition imply for how we can best deliver wellness-related ideas, resources, and benefits? A few thoughts from us on this happening subject...

Financial Wellness. It's a thing these days. As well it should be. For those of us who work with retirement plan sponsors and participants, hardly a day goes by when we don't see the topic discussed in industry media, marketing, and think-piecing. But when we use the term, what exactly do we mean? Here's a new post from The Float where I try to bring some clarity, rigor, and actionable meaning to "financial wellness." Special bonus legacy of my days in academia: A two-by-two table! https://lnkd.in/gRSYRy7f

Turns out that the accounting department are the only ones signing up for financial wellness programs, and they still don't need them. According to a new study, most financial wellness tools and services see usage rates of less than 20%. In addition, financial education is often “mistakenly conflated” with financial wellness. The result? The right products and solutions don't reach the right audience. So should you scrap your financial wellness program if few people are using it? Not necessarily - the most effective financial wellness programs include some form of guidance, financial planning, or financial coaching, so adding these types of services to the mix could increase usage. #financialwellness #financialeducation https://lnkd.in/eSGeh5EX

One of the most talked about employee benefits is financial wellness. Part of the reason is that improving financial wellness has an impact on all areas of life. It can improve mental health, relationships, confidence, and employee satisfaction. You can do this for your team by providing educational resources, offering financial planning services, implementing retirement savings plans, and creating a supportive environment for discussing financial topics. #financialwellness #financialplanning #employeebenefits

Just as we prioritize mental and physical health, we can't overlook the significance of financial wellness. It helps sustain our overall balance and empowers us to live our best lives. Check out our article for tips to help you achieve financial wellness: http://ms.spr.ly/6041iaKR5 #TotalWealth #retirementplanning

Just as we prioritize mental and physical health, we can't overlook the significance of financial wellness. It helps sustain our overall balance and empowers us to live our best lives. Check out our article for tips to help you achieve financial wellness: http://ms.spr.ly/6041iaKR5 #TotalWealth #retirementplanning

Just as we prioritize mental and physical health, we can't overlook the significance of financial wellness. It helps sustain our overall balance and empowers us to live our best lives. Check out our article for tips to help you achieve financial wellness: http://ms.spr.ly/6041iaKR5 #TotalWealth #retirementplanning

Just as we prioritize mental and physical health, we can't overlook the significance of financial wellness. It helps sustain our overall balance and empowers us to live our best lives. Check out our article for tips to help you achieve financial wellness: http://ms.spr.ly/6041iaKR5 #TotalWealth #retirementplanning