14 Ways Companies Can Promote Financial Wellness Among Employees

In recent years, companies have stepped outside the boundaries of traditional benefits to offer new perks such as flexible schedules, covered tech expenses and even paid gym memberships. Helping your team members maintain good physical health can be beneficial for both them and the company; but what about their financial health? 

Although it may seem like your company already promotes financial wellness by supplying a paycheck, there are additional ways leaders can help their employees feel more confident and secure in their financial situations. After all, when a company’s employees aren’t worried about their finances, they can bring more attention and engagement to their work. Below, 14 members of Forbes Finance Council share effective ways business leaders can help their team members achieve financial health and security.

1. Provide Access To Educational Resources

Company leaders can express care and concern for their employees by giving them access to education. Provide tangible training and resources, including access to advisors in the financial management field, to assist employees in their investment decisions and savings strategies. It’s a genuine win-win for an organization. – Leslie Heimer, American Liberty Mortgage | Stockworth

2. Get Them Engaged Early On

Financial wellness starts with financial education. Each of our new employees goes through company onboarding that includes education on general stock market fundamentals as well as the fundamentals of the wine-investing market. Upon their completion of the operating program, they receive $1,000 in their company portfolio. – Anthony Zhang, Vinovest


Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?


3. Offer Merit-Based Rewards

There are several ways to promote financial wellness among employees. Some of my favorites include financial literacy training, merit-based rewards and tax-advantaged benefits that fit your company and team. You should also encourage employees to save; it might not be popular, but having an emergency fund will never go out of style. – Patrick Rood, Rood Financial Services

4. Call On Your Own Expert Team

Business owners should leverage their own retirement plan advisors or banking partners. In most cases, these partners are incentivized to provide additional resources for their business clients’ employees. I have seen banks that offer a free option to provide different financial wellness programs geared toward helping employees be more financially educated. – John King, Dakota Wealth Management

5. Help Them Meet Their Major Expenses

Besides the obvious strategy of paying everyone higher wages, employers can help alleviate some of their employees’ major expenses. Child care is an expense that can prohibit financial wellness. Allow work-from-home or incremental paid time off in times of need. Obtain group pricing for many expenses, partner with free/reduced resources and offer employee education. Reducing worry and increasing security is key. – Karin Oceguera, Family Education & Support Services

6. Work To Ensure A Less Stressful Workplace

Employers need to be proactive. This will not only help them retain key employees but also help them recruit A players. Offering various financial well-being services, tracking engagement and maintaining metrics and realistic goals for employees will lead to a less stressful environment, resulting in more productive employees. It’s a win-win scenario. – Morris Kupfer, HighRadius Corp.

7. Provide One-On-One Assistance

Business leaders can provide ongoing education about all phases of life and lifestyle changes. Insurance, investments and risk management are critical success factors. The environment that the education is delivered in is important as well. Finances can be complicated for employees, so there must be open communication with a combination of one-on-one assistance on company time. – Mike McGlothlin, Ash Brokerage

8. Practice Open-Book Management

We practice open-book management, showing employees all of the numbers and explaining how each employee can impact the financials. It opens many meetings and conversations around budgeting, income and expenses that employees can then apply to their personal financial planning. Many of our youngest employees ask the best questions and are eager to learn financial planning strategies. – Robin Campana, Acumera, Inc.

9. Make It Easier For Them To Access Funds

Research has shown that helping employees with financial wellness can improve retention and quality of work and create happier workplaces. Businesses can promote financial wellness by offering such benefits as bank accounts that are directly embedded into their payroll system and access to low-fee options to cover unexpected expenses between paydays. – Jeanette Quick, Gusto

10. Organize Lunch-And-Learns

Our firm provides lunch-and-learn sessions on various financial topics. We come in, provide a meal and discuss common financial planning concepts. It’s a win-win for the employer, and it provides us with a captive audience and the potential to meet new people who could use our services. – Matthew Cuplin, Midwest Financial Group

11. Ensure They’re Fully Aware Of The Available Benefits

One way a business can promote financial wellness among employees is through retirement education. Employers can hold in-depth training sessions on their company’s retirement offerings—such as a 401(k) plan with matching employer contributions—encouraging employees to start saving now. – Jim Poolman, Indexed Annuity Leadership Council

12. Ask Them What Assistance They Need

Businesses can promote financial wellness by listening to employees’ needs and addressing them. This can take many forms, from flexible schedules and providing dependent care benefits to providing educational opportunities and events that help build a team culture. As employees continue to grow, have fun and achieve a positive work-life balance, the company also grows and has less turnover. – Monica Jalife, Pinnacle Associates

13. Contribute To Their HSAs

Help your employees save money on healthcare expenses and work toward better financial wellness by contributing to employee health savings accounts. Even small contributions can make a big impact. Often, employer contributions provide the extra push for employees to choose HDHP/HSA coverage, which unlocks premium savings, multiple tax advantages and an additional long-term investment vehicle. – Tom Torre, Bend Financial

14. Incentivize Participation In Retirement Savings Programs

To promote financial wellness for employees and alleviate their related stress, businesses should provide an option for retirement savings that incentivizes participation. The most common examples are a 401(k) account with an employer match or annual profit-sharing contributions. Offering this alongside solid investment choices can alleviate common worries people have about their financial future. – David Haass, Elite Insurance Partners, LLC

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