Who Wants Financial Wellness?

 You might have missed it (I nearly did), but January has been declared “National Financial Wellness Month.”

The designation (apparently, it’s been so designated since 2011 or thereabouts) is meant to create a time where we’re all encouraged to pay closer attention to our financial well-being. Which, considering that we’ve just emerged from a season of what for many is one of “overspending,” January seems either a good time — or perhaps two months too late.

Seriously, while the numbers are modest, surveys (conducted primarily by those promoting or supported by promoters of those services) routinely show that some workers want[i] —  and even expect —  financial wellness type support from their employers. Not surprisingly, there are employers willing to accommodate this assumption, though —  depending on employer size, location, and source —  fewer than half do, with larger employers notably more likely to do so. And that’s with a truly fluid definition of what those services actually entail.

But do these programs actually work? The data —  and measurement —  is murky, to say the least.

The challenge starts with the fluid definition of what constitutes a financial wellness “program,” is further muddied by varying degrees of employer support, and ultimately compounded by (widely) varying means of measuring “success.” 

A recent survey by the Employee Benefit Research Institute (EBRI) found that the top factor in measuring the success of financial wellness initiatives was improved overall worker satisfaction, followed by increased employee productivity —  areas that might well benefit from financial wellness initiatives but are arguably influenced by a wider range of factors. 

Meanwhile, bottom-line measures such as reducing health care claims and costs were NOT commonly cited as top factors in measuring the success of financial wellness initiatives.

Little wonder that any kind of quantifiable ROI remains…elusive[ii].

But another —  and perhaps larger —  challenge remains: utilization. Transamerica recently reported that a consortium of industry experts[iii] only expects utilization by a third of individuals with access to those programs – despite their decades-long existence.  And that’s a future projection, supported by AI chatbots and the like in addition to human support.

ad space

Indeed, despite the headlines proclaiming interest — it doesn’t take much effort to see that the surveys are finding an INCREASE in (modest) interest, rather than a commanding demand.

More’s the pity since there’s any number of signs that suggest American workers really need (if not want) the kind of financial guidance and help that these programs ostensibly could provide —  and not much sign that they’re inclined to seek it outside of the workplace[iv].

So, who wants financial wellness —  well, it’s hard to imagine someone who doesn’t, though they might not recognize it by that label or appreciate what it means.

Here’s hoping that THIS financial wellness month we’re able to help more folks both know about, and take advantage of, the available programs —  that we do a better job of defining what those programs are and can mean — and that the combination leads to more and better financial security for working Americans.

-          Nevin E. Adams, JD

 

[i] According to Bank of America’s 2025 Workplace Benefits Report (PDF), conducted in partnership with Bank of America Institute, 26% of the workforce is seeking help in areas such as emergency savings, paying down debt, and overall financial wellness, compared to 13% in 2023.  

[ii] But for what I still maintain is an interesting exercise, check out Building a Bottom Line on Financial Wellness.

[iii] Full disclosure – I’m among this group.

[iv] Setting aside the obvious concerns of the kind of help they might stumble into on their own.Who Wh