A Guide to Employee Financial Wellness Benefits in 2024:

In today's fast-paced and ever-changing world, employee financial wellness has become a top priority for organizations looking to attract and retain top talent.

The year brings with it a shift in the way organizations approach financial wellness benefits for their employees. With the ongoing economic uncertainties and changing workforce dynamics, employers are recognizing the need to provide holistic financial wellness programs that go beyond traditional benefits offerings.

Key Trends in Employee Financial Wellness Benefits

1. Secure 2.0

Because of the introduction of Secure 2.0 as well as NYS’s requirements for small groups to offer a retirement plan, we have seen a steady adoption of employee financial wellness benefits.  Secure 2.0 focuses on enhancing retirement security for employees by expanding access to workplace retirement plans, improving plan design features, and promoting financial literacy and education. Employers are increasingly embracing Secure 2.0 strategies to help employees achieve long-term financial stability and retirement readiness.

Some of these strategies include:

• Automatic enrollment of employees in the company retirement plan.

• Ensuring payroll deductions are set up and taken properly.

• Allowing employees to carry their retirement plans from one job to another.

Event Alert: Join us on June 20th as we talk through the NYS provisions of Secure 2.0 AND have a Bourbon tasting. Details to follow.

2. Personalized Financial Planning

In 2024, personalized financial planning services are set to take center stage. Employees are looking for tailored financial guidance that addresses their unique needs and goals. Employers are increasingly partnering with financial advisors to offer one-on-one consultations, personalized financial plans, and investment advice to help employees navigate their financial journey.

These one-to-one meetings are not just the run of the mill meeting with the company advisor regarding the current retirement plan. Employees expect advisors to offer assistance, ideas and give recommendations on other financial concerns and opportunities in their lives.

3. Student Loan Assistance

As student loan debt continues to be a significant financial burden for many employees, organizations are expanding their benefits packages to include student loan assistance programs. In 2024, we anticipate a rise in employers offering student loan repayment contributions, refinancing options, and educational resources to support employees in managing their student debt.

Our agency has seen a dramatic increase in employers seeking advice on structuring these programs and how they can bring additional value and savings to their teams. 

4. Mental Health and Financial Wellness Integration

Recognizing the strong link between financial stress and mental health, employers are integrating mental health support into their financial wellness programs. In 2024, expect to see a focus on holistic wellness initiatives that address both the financial and emotional well-being of employees.

Helping an employee understand what impacts their credit score, how to make a budget, how to balance a checkbook and other important financial topics are great lunch and learn ideas.

5. Retirement Readiness Programs

With retirement planning being a top concern for employees of all ages, organizations are enhancing their retirement readiness programs. In the coming year, we predict an increase in retirement planning workshops, investment education sessions, and tools to help employees prepare for a secure financial future.

Envision Benefits Group: Your Partner in Employee Financial Wellness

At Envision Benefits Group, we understand the critical role that mental and financial wellness benefits play in supporting the overall well-being of employees.

Our team of experienced professionals is here to provide tailored solutions that align with your organization's goals and objectives. From personalized financial planning services to student loan assistance programs, retirement readiness initiatives, and the adoption of Secure 2.0 strategies, we are dedicated to empowering your employees to achieve financial security and peace of mind.

Contact Envision Benefits Group today to learn more about how we can partner with you to enhance your employee financial wellness benefits in 2024.