Financial Well-being Playbook Step 4: Monitor, Assess, and Repeat

How to monitor and assess

Determine which data points matter most to your goals and decide how to collect and review them. Checking key metrics at least once a year can show what’s working and what might need changing. 

These articles share tips on measuring your program’s success and determining the return on investment for financial well-being programs.

• Enrich Financial Wellness: Calculating the ROI for Employee Financial Wellness

• MMA: How can MMA Prosper Wise Improve Financial Well-Being

• Morgan Stanley at Work: Assessing the Impact of Your Financial Wellness Program

• Best Money Moves: Money Matters: The Unique ROI of Employee Financial Wellness

Financial well-being survey or assessment

• Use the same tools as before to identify what worked well and where there’s room for improvement.

Report data

• Present your findings to the right people to show the benefits of your investment.

• Share relevant program data with employees. When combined, the data shows the program’s impact. For example, “50 employees paid down $500k in student loan debt.” Sharing this information can help promote the program and encourage more employees to get involved.

Pivot as needed

• Try a different approach if parts of the program aren’t working.

• Update your communication plan. Consider new ways to reach employees and adjust your message’s focus and tone to better meet their needs.

• Set up incentives when appropriate to encourage participation.

Organizations that are making progress in financial well-being:

• America Saves
• Aspen Institute Financial Security Program
• Blackrock’s Emergency Savings Initiative
• Commonwealth
• Consumer Financial Protection Bureau
• Employee Benefit News (EBN)
• Employee Benefits Research Institute (EBRI) Financial Wellbeing Research Center (membership fee required)
• Economic Policy Institute Family Budget Map
• Financial Health Network
• Marsh McLennan Agency
• Plan Sponsor Council of America (PSCA)  (membership required)
• PlanSponsor Magazine
• SaverLife
• Society for Human Resource Management (SHRM)  (membership required)

Your service team at Marsh McLennan Agency is here to support you on your financial well-being journey. We can help create a clear plan for your programs and assist with putting them into action. These services can encourage better employee habits and may also benefit your organization’s bottom line.