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Securian Financial

Financial Wellness 360®

A comprehensive program to meet the needs of diverse workforces

Families across the country are stressed out — when it comes to their personal finances

By offering robust financial wellness programs, companies can help relieve this stress. In this guide, you will find everything you need to know about Financial Wellness 360®.

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Average American households carry an estimated $6,028 in credit card debt1

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Employees who are worried about personal finances lose about a month of productivity every year2

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The nationwide average student loan debt is $28,6503

Stressed employees are less productive

Financial stress is the number one source of stress in America, for people at all income levels.4 Its impact can be seen in increased absenteeism, health problems and unproductive workers.

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Many American adults are not prepared for financial disruption

39%

couldn't cover a $400 emergency expense without using a credit card or borrowing money from friends or family5

24%

of adults went without some form of medical care due to an inability to pay5

27%

of all employees have withdrawn money from retirement plans to pay for expenses other than retirement5

Employers recognize financial wellness is a critical benefit

The need for financial wellness is clear, as demonstrated by the life insurance gap, the retirement savings gap, the student loan debt crisis, and high levels of financial stress.

Helping employees and driving results

Supporting financial well-being not only helps employees pay off debt, save for an emergency and get on track for retirement, but also achieve business results:

  • Reduce health care costs
  • Engage employees
  • Cut down on absenteeism
  • Maintain or improve morale
  • Aid in recruiting efforts
  • Improve productivity
  • Increase retention
  • Increase plan participation

The case for comprehensive financial wellness benefits

The link between financial wellness and productivity

View position paper

Learn more about other programs

1. “A Look at U.S. Consumer Credit Card Debt,” Matt Tatham, experian.com, November 28, 2018.

2. “Financial Wellness Perks Expand to Address Employee Needs,” Stephen Miller, Society for Human Resource Management, shrm.org, June 11, 2018.

3. “5 Things to Know About Financial Wellness Programs,” John Wasik, Consumer Reports, consumerreports.org, December 12, 2018.

4. “PwC’s 8th annual Employee Financial Wellness Survey: 2019 results,” PwC US, PricewaterhouseCoopers, pwc.com, 2019.

5. “Report on the Economic Well-Being of U.S. Households in 2018,” Federal Reserve Board Division of Consumer and Community Affairs (DCCA), federalreserve.gov, May 6, 2019.

 

SmartDollar, CommonBond and Lifestyle Benefits are provided by third-party service providers. All such services and products are the sole responsibility of the service provider. The services are not affiliated with Securian or its group contracts and may be discontinued at any time. Certain terms, conditions and restrictions may apply when utilizing the services.

Lifestyle Benefit Services provided by Morneau Shepell, RedpointWTP, LLC and PricewaterhouseCoopers LLP are their sole responsibility. The services are not affiliated with Securian Financial or its group contracts and may be discontinued at any time. Certain terms, conditions and restrictions may apply when utilizing the services. To learn more, visit the appropriate website.

Financial advisors/professionals do not provide specific tax/legal advice and this information should not be considered as such. You should always consult your tax/legal advisor regarding your own specific tax/legal situation.

DOFU 9-2020
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