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Financial Well-Being is a Health Benefit: Archetype Advisors Thoughts

Updated: May 11, 2023

The following is an excerpt summary. Read the full article here.

Offering financial well-being resources to employees can impact their overall health and quality of life, says Shira Wilensky, National Practice Leader for Health and Wellbeing at OneDigital. Financial stress causes health problems, including mental health issues, and can also cause insomnia, overeating, and impaired problem solving, which impacts productivity.

A Gallup study shows that financial well-being is the last piece of the true well-being puzzle. Financial well-being encompasses concepts such as financial security, income, debt mitigation, and more. Employers are beginning to realize the importance of supporting their employees' financial well-being, and this is now considered an exciting time in the employee benefits space. Every employee is unique, and they will approach their well-being differently. Employers should look for solutions that are both educational and customizable in nature if they want to ensure high engagement rates. The bottom line is, if you want to provide a holistic benefit that really can make an impact on the physical and mental health of your employees, financial well-being resources should be at the top of your list.

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