Most of us could improve our financial lives.
We believe it’s possible to find balance.
We have come to understand what financial wellness means to the American worker because we asked. We heard that many are financially out of balance. While it is important to save for retirement, we know that folks need to meet their immediate financial needs first — and many said they are falling short. The implications for both employee and employer are numerous and reveal why financial wellness is becoming an essential benefit.
What is financial wellness?
Financial wellness is about the healthy balance between living for today while preparing financially for tomorrow. It's not necessarily about being wealthy; it’s about achieving a state of mental well-being where one feels they have control over their current finances, is prepared for the unexpected and has confidence in their financial decisions and their future.
Why wellness in the workplace matters
The impact of financial stress can lead to impaired focus, health, performance and unintended consequences in the workplace. These factors reveal the need for organizations to help improve employees' financial wellness and overall state of well-being.
47% of American workers report they are stressed about their finances1. Employees who say they are stressed about their finances also indicate that it has implications for their health, workplace and retirement savings:
34% indicate their health has been impacted as a direct result.
43% report finances have been a distraction at work, and 15% note that this has caused them to miss work occasionally.
52% have less than $50,000 saved for retirement.
54% with financial stress plan to postpone retirement and extend their working years.
Employees are looking for their employer to help them reach a better balance when it comes to their finances.
Only 49% of employees believe their employer cares about their financial well-being.
62% of employees report that they are more likely to be attracted to another company that cared more about their financial well-being.
1PWC Employee Financial Wellness Survey, 2018.
Pillars of financial wellness
Voya is broadening our commitment to workplace wellness, and we have created a fully integrated approach to money matters using a fun, interactive and easy-to-use platform to guide individuals along their personal financial path so they can make informed choices and modify their behaviors.
Our financial wellness offering is built within six financial pillars; areas we believe are foundational to money health, as the core architecture of this platform. The six financial pillars are designed to help guide individuals in every aspect of their monetary lives.
Welcome to the financial wellness experienceVoya’s Financial Wellness Experience is an interactive assessment that offers your plan participants a comprehensive understanding of where they are financially and what they can do about it. What makes this different? We take a unique approach to money matters. The design, inspired by consumer research, includes an assessment through six financial pillars we believe are foundational to wellness. It provides a personalized summary of areas for improvement, with best next steps to take meaningful action for a stronger sense of control and well-being. This helps individuals live for today, while preparing financially for tomorrow.
Watch our video to see how our experience can help individuals understand that tomorrow starts today.
The experience starts with a brief series of questions to evaluate an individuals current financial health. After completing the assessment, each person receives a summary that is downloadable and printable, displaying the areas for improvement within each of the six pillars.
Personalized DashboardAn individual's dashboard will be personalized with guidance and educational content to help them focus on the areas where they need to improve. myOrangeMoney®, an interactive, educational experience, sits within the dashboard to help individuals think about their progress within the parameters of their potential income in retirement.
Individuals also have the ability to engage with a wide variety of topics, articles, lifestage guidance and tools across the six financial wellness pillars through the resource center. Participants may also be able to take advantage of employer-specific benefits.
Future reporting capability for insight across several factors
Consider measurements that help inform benefits, productivity, and retention, such as:
• Benefit utilization
• Employer satisfaction
Relationship of pillar scores to retirement preparedness for participants:
• Savings rates
• Loan utilization
• Hardship withdrawals
• Response to communication programs
• Engagement vs. completion of assessment
• Interaction for content
• Return user rates
• Pillar scores