In today’s fast-paced, high-cost world, employees are feeling more financial pressure than ever before.
According to a 2023 Bankrate survey, nearly 50% of U.S. adults say they have less or no savings compared to a year ago. Another 68% worry they wouldn’t be able to cover even a month of expenses if they lost their primary income source. That stress doesn’t stay at home—it follows people to work, impacting their health, focus, and even their decision to stay with their employer.
That’s where financial wellness programs come in. Employers are starting to recognize that supporting an employee’s financial life is just as important as offering healthcare or paid time off.
Why Employee Financial Wellness (Especially Retirement Support) Matters
Employee Retention in a Competitive Market
In a tight job market, people aren’t just looking for salaries—they’re looking for support and a workplace that aligns with their values. A Bank of America report found that 84% of employers believe financial wellness tools reduce turnover. Employees want to know their employer genuinely has their long-term best interest in mind.
Increased Productivity and Focus
Employees struggling financially are more likely to be distracted and stressed at work. Providing them with access to retirement plans and financial advice can ease this burden, allowing them to focus on their work and perform at a higher level.
Healthier Employees, Lower Costs
Financial stress is linked to insomnia, mood swings, digestive issues, and more serious mental health concerns. Supporting employees with long-term financial planning—like saving for retirement—can have lasting benefits on overall well-being.
Boosted Engagement and Loyalty
When employers provide meaningful benefits like retirement planning, it sends a clear message: “We’re in this with you for the long haul.” According to Bank of America, 80% of employers say financial wellness programs improve satisfaction, loyalty, and engagement.
What Does Financial Wellness Look Like?
While financial wellness can mean many things, from budgeting tools to debt management support, the heart of it often lies in retirement readiness.
This is where companies like Kinetic Wealth come in. We work with business owners to design employee retirement plan solutions that not only make financial sense but also demonstrate a true investment in the future of your team.
A few key elements of a retirement-focused employee financial wellness program include:
- Access to 401(k) or other retirement plans
- Ongoing education and one-on-one guidance from a fiduciary advisor
- Simple, transparent communication about options
- Personalized strategies for different life stages and income levels
At the end of the day, businesses rely on people and people need support. Financial wellness isn’t just about numbers. It’s about confidence, clarity, and giving employees the tools they need to move forward with purpose.
At Kinetic Wealth, we help businesses create retirement solutions that empower employees and strengthen workplace culture. Want to learn more about how we partner with employers? We’re here to help.