For years there's been lots of talk about the benefits of financial wellness programs – employees learn how to address financial issues including retirement and debt burdens, and employers, as a result, have more productive and happy employees. But to date the financial wellness market hasn't really taken off.
Only 24% of U.S. employers have financial wellness programs, according to the Bank of America Merrill Lynch 2015 Workplace Benefits report, and even that number may be an exaggeration.
"The reality is there are relatively few true financial wellness programs in place today but many financial education or financial literacy programs," Kent E. Allison, a partner at PwC and a national leader in its Employee Financial Wellness Practice, said. "But there is a lot of talk and interest in financial wellness programs."
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Bernice Napach
Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.
