How will financial well-being be improved?
Potential tactics to improve financial well-being
- Choose to develop a multi-tier approach that addresses holistic financial well-being, or alternatively, focus on a single issue like budgeting, debt reduction, emergency savings, student loan repayment, or minimizing loans taken from the 401(k) plan.
- Provide group or individual financial education on financial well-being topics as well as retirement savings.
- Provide access to Certified Financial Planners and financial coaches for individual support.
- Combine separate resources to create your own unique program or outsource the program to a third-party service provider(s).
- Engage with providers that have services that cover all areas of financial well-being, including retirement, or providers that focus on one single area like student loans.
- Review and evaluate employee wages and benefit costs at least every other year, and annually if possible.
- What is the program budget? Are you willing to allocate budget dollars to provide this benefit?
- Will the program be 100% company sponsored, a split with the employee, or will it provide access, but the employee pays for services?
- Who will manage the program within your company to ensure its success?
If you’re still stuck, reach out to your MMA service team for help creating a plan based on your situation, goals and budget.