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Implement a plan

Create a financial well-being plan customized to the unique challenges discovered in the assessment.

Employers

After developing awareness of the employees’ top financial challenges, review them in the framework of your financial well-being philosophy to determine areas of focus for your organization. There are many resources available in this space and the landscape changes often; consult your dedicated MMA team for assistance.


If your organization works with a third-party provider, such as the ones listed below, it is important to involve the recordkeeper as you develop and implement your plan. They may have an existing relationship with a vendor and/or be able to integrate services to boost the employee experience and provide the organization with better data.

Adopt a “do it ourselves” approach

You can create a financial well-being program in-house by leveraging resources from existing providers like your recordkeeper, insurance carrier, and employee assistance program provider. Your MMA service team can help you create a plan to put together these resources. 

  • Medical carriers may offer varying levels of financial well-being education
  • Some Employee Assistance Programs offer financial education and assistance
  • Partner with a local financial planner to provide group education to employees
  • Utilize MMA Retirement Service’s financial well-being webinar series
  • Promote MMA’s financial well-being video channel
  • Partner with your local bank or financial institution
  • Establish messaging to let employees know you care about their financial well-being; leverage MMA’s “We Care” Communication Toolkit resources for financial well-being
  • CFPB Consumer Education
  • Provide unbanked employees with a pay card that offers a savings feature to promote savings 

Adopt a “do it for me” approach

Hire a third-party service provider to provide solutions focused on the problems you have identified—or provide a holistic platform to cover all areas of financial well-being.

Holistic financial wellness technology

These programs offer web- and app-based education, financial assessments, goal setting and monitoring. Some vendors also offer financial coaching.

Student loan debt education and resource providers

These programs offer online education and assistance with student loan debt repayment.

Managed accounts—Investment advice

Retirement program participants often need assistance with savings and investments. A managed account solution provides investment expertise and assistance with retirement plan accounts.

Employees

General financial well-being tips for employees that need help 

  • Create a budget and track your income and expenses
  • Spend less money than you make each month
  • Build an emergency fund
  • Pay down any non-mortgage debt
  • Manage expenses if you are trying to get out of debt and/or save more
  • Contribute at least enough to get your company’s 401(k) match, if one is offered in your retirement plan
  • Increase your contribution rate every year to the retirement plan – experts recommend saving between 10 - 15% of pay 
  • Explore assistance programs such as 211.org and findhelp.org to connect to support 

Online resources

Fee-for-service

Financial well-being playbook steps

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Assess the current state
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Implement a plan
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Build awareness and engage employees
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Monitor, assess, and repeat

Well-being playbooks

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Well-being foundations playbook
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Mental well-being playbook
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Social well-being playbook
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Financial well-being playbook
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Physical well-being playbook
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Social determinants of health

Social determinants of health