How often do you think about your finances throughout the day? If you’re lucky, these thoughts aren’t too overwhelming. Unfortunately, this isn’t the case for most people: according to MetLife’s 16th Annual U.S. Employee Benefit Trends Study, released in April 2018, 29 percent of employees feel overwhelmed by financial decisions, and over a third (38 percent) say they live paycheck to paycheck. The stress from this can impact everything from physical health to the ability to focus.

Employers are in an excellent position to help their employees by being advocates for financial wellness.  Financial wellness programs can help reduce stress by giving employees the tools they need to manage their day-to-day cash flow, protect themselves against financial emergencies and plan for their future. Not only can financial wellness lead to healthier employees, it also can have important business implications — by leading to a more productive, engaged and loyal workforce.

Here are some tips for employers looking to implement a financial wellness program:

1. Educate

A good financial wellness program can help employees develop financial acumen based on where they are in life. Employers should also take the time to educate their employees about the benefits available to them. These benefits offer valuable protection that can be the foundation for their financial safety net.

2. Evaluate

Help employees assess their financial aptitude. When employees have an accurate picture of their personal financial health they are better equipped to take meaningful action.  

3. Empower

Once employers have helped employees to become financially aware, employers need to empower them to take ownership of their financial health. Multichannel programs that engage employees on their terms — whether online, over the phone or in person — give employees the tools and opportunity to easily take action.

Employee benefits that view the employee as a total human being — one who needs to be cared for physically, mentally and financially — can deliver a more engaged and loyal workforce. It’s also a win for the employee. There are no losers when considering a financial wellness program.