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Financial Well-Being Playbook Step 2: Implement a Plan

Create a financial well-being plan tailored to the specific challenges you find in your assessment.

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Employers

When deciding what to focus on, keep employees’ main financial challenges in mind. There are many resources out there, and things change often. Reach out to your dedicated Marsh McLennan Agency team for help.

The areas of well-being—financial, social, physical, and emotional—are interconnected. Include people from each of these areas in your implementation process when possible. Work together to set goals that will help you measure your progress. These could include higher plan participation, fewer sick days, or more employee engagement. Review your current recordkeepers, insurance providers, and other vendors to see what resources are free. Use your plan data to keep track of your progress.

Employees

Your employees can take charge of their financial journey with the help of these valuable tips and resources.

Employers

Build a financial well-being program in-house using your current providers, like your retirement plan recordkeeper, insurance company, and employee assistance program. Your Marsh McLennan Agency team can help you develop and implement your plan.

Additional resources you may find helpful:

Work with specialized vendors to handle some or all parts of your employee wellness program. Some organizations use a mix of services, like managed accounts, payroll advances, or student debt refinancing, while managing other parts themselves. Others look for full wellness support. These programs often include online education, financial assessments, cash flow tracking, and planning tools. Some also offer live financial coaching. Your Marsh McLennan Agency team can help you find vendors that fit your goals and budget.

Employees

Our consultants use the “next-best-dollar” approach to help you build a solid financial foundation.

Take full advantage of your employer’s matching contributions. It’s free money, and that’s hard to pass up.
Pay off high-interest debt, including personal loans and credit card balances. Unsecured debt can have interest rates over 20%, making it tough for investments to keep up.
Build an emergency fund. Aim to save enough to cover three to six months of essential expenses. Use a separate savings or money market account to help keep track of your progress.
If you’re eligible, fully fund your health savings account (HSA). These accounts offer tax benefits you won’t find elsewhere.
Decide on a retirement savings goal. A typical target is to save about 15% of your income. If you can, try to contribute up to the IRS limit. If you’re 50 or older, you can add catch-up contributions to save even more.

Check with your employer to see what resources are available through your benefits. Some options include:

Financial Well-Being Playbook Step 2: Implement a Plan

Employers

Employees

Employers

Employees

Financial Well-Being Playbook steps

Assess the current state.

Implement a plan.

Build awareness and engage employees.

Monitor, assess, and repeat.

Well-being Playbooks

Well-being Foundations Playbook

Mental Health Playbook

Social Well-being Playbook