Younger employees now expect their employers to offer them money management resources — or face losing them

Core Insights - Traditional employee benefits often do not meet comprehensive financial needs, leading to underutilization and missed opportunities [1] - Financial wellness programs are increasingly recognized as essential for employee retention, particularly among younger workers [2][3] - Organizations are implementing financial wellness workshops to educate employees on maximizing benefits [4] Group 1: Financial Wellness Programs - Financial wellness programs enhance financial literacy and reduce employee stress, contributing to improved retention rates [3][5] - These programs include budgeting and debt management tools, retirement planning, emergency savings accounts, and student loan repayment assistance [6][9][10] - Personalized planning tools and one-on-one advisory sessions are becoming common in financial wellness offerings [8] Group 2: Employee Engagement and Adoption - Employee engagement is crucial for the effectiveness of financial wellness programs, with many reporting usage rates below 20% [11] - Employees have discretion in choosing which benefits to utilize, impacting their financial management strategies [12] - Companies can enhance program effectiveness by encouraging feedback and communication about available tools [14]