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Survey Finds Healthy Uptick in Financial Wellness

A new survey finds that a growing number of employers have expanded their wellness programs to include employee financial security.

According to the 8th annual survey on corporate Health and Well-being from Fidelity Investments and the National Business Group on Health, 84% of large-and mid-sized company respondents now have financial security programs, such as access to debt management tools or student loan counseling, in their well-being strategies, up from 76% a year ago.  Those financial security programs are the third most-popular offering, following physical well-being programs (95%) and emotional health programs (87%).

The most popular financial security programs are seminars and “lunch-and-learn” programs, with 82% of employers expected to offer these in 2017.

Nearly three-fourths (74%) will offer access to tools to support key financial decisions including mortgages, wills and income protection, and nearly as many (71%) expect to offer tools and resources to support emergency savings, debt management and budgeting.

A quarter of employers plan to offer student loan counseling or repayment assistance.

Incentives 'Ayed'

Three-quarters of employers (74%) include employee incentives, with the average employee incentive amount increasing to $742, compared with $651 in 2016 and $521 in 2013. Employers are also increasing incentives for spouses and domestic partners, with the average annual spouse/domestic partner incentive at $694, a hefty 47% increase over the 2016 average of $471.

The most popular physical well-being programs continue to be smoking cessation (91%), physical activities/challenges (86%) and weight management (79%).

The report also found a growing trend towards physical well-being programs that can have a healthy impact on employees at work. Currently, more than half (55%) of companies offer a “sit-to-stand” ergonomic desk or treadmill workstation, an increase from 43% a year ago.  Additionally, nearly a third (30%) will offer subsidies or discounts on fitness wearables this year.

The 8th annual survey on corporate Health & Well-being includes responses from 141 large and mid-sized organizations. The online survey was fielded during November and December 2016 among National Business Group on Health members and clients of Fidelity Investments.

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