Inclusion of Financial Planning in Workplace Wellness Programs Increasing but Employees Not Willing to Share Costs

As financial wellness becomes more of a common component to workplace wellness programs, many smaller employers are considering the cost sharing aspect of bringing financial guidance to their employees.With tight budgets, some CEOs view the ability to meet with a financial planner during working hours as a perk that employees should be happy to pay for. But are they willing? According to a Kiplinger’s article, persuading many middle-income consumers that advice is worth paying for can be a challenge.

When the HR manager surveyed his employees to see if they would be willing to pay all or a portion of a $350 fee for worksite financial planning, only 4 percent of the workforce was willing to pay the entire cost and 43 percent said they would not be willing to pay any of the cost.

However, 96 percent of this same group of employees felt that it was important to receive financial education from their employer. Obviously, they just don’t want to have to pay for it themselves.

For many employees who are living paycheck to paycheck or are overwhelmed with debt, speaking to a financial counselor about their finances could provide the coaching they need to acquire basic money management skills. So the employees who might benefit the most from a financial consultation are usually the ones in the least likely position to pay for the guidance.