Financial Finesse, the innovator of workplace financial wellness programs, today released their 2019 Financial Wellness Year in Review (YIR) study highlighting the current state of financial wellness in America. At the time of this study, America is battling the COVID-19 pandemic. Consequently, in addition to the annual analysis the report historically provides, Financial Finesse used this opportunity to share best practices for employers looking to effectively deploy financial wellness resources and help their employees navigate the financial implications of COVID-19.
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For the 2019 YIR study, Financial Finesse evaluated how engagement type—online, group, and individual—influences change in financial wellness. The study revealed employees that followed the best practice model and engaged in all three channels of learning:
- Improved their financial wellness score on average 1.44 points, outperforming group learners by 31% and online-only learners by 83%.
- Had a 43% higher retirement plan deferral rate and an 81% higher annual contribution to a health savings or flexible spending account than employees that engaged exclusively online.
- Recorded a 29-point drop in the percentage that have high or overwhelming levels of financial stress, from 70% to 41%.
“These results are astounding,” said Financial Finesse Founder and CEO, Liz Davidson. “What is even more remarkable is the speed of improvement. Employees with poor financial health exhibited significant improvement within three years of engagement.” Davidson adds, “The good news for employers is, while we’re seeing signs of increased financial stress in the wake of COVID-19, the best practice model yields the greatest improvement for the most financially stressed employees in the least amount of time. These results could not have come at a more critical moment in history.”
