This easy-to-use, comprehensive assessment tool helps diagnose and improve worker financial health programs
CHICAGO, Dec. 10, 2024 (GLOBE NEWSWIRE) — The Financial Health Network, the leading voice on financial health, today unveiled FinHealth Works, a new tool designed to help employers take a holistic and data-driven approach to evaluating, developing, and improving their employee financial health programs to drive better outcomes for workers and businesses. This free, easy-to-use assessment helps measure the effectiveness of an employer’s financial health program and provides recommendations for advancing employee financial well-being.
Though worker financial health is key to overall well-being, research shows that 70% of Americans aren’t financially healthy, which can result in poorer job performance and lower productivity. Only 28% of employers offer financial wellness programs, though 74% of workers say it’s important for an employer to do so, and of those who have access 42% of employees say they do not feel adequately informed about the benefits and programs their employer offers.
Employers are uniquely positioned to make a difference using analytically driven strategies and solutions that help improve workforce financial health. What’s more, workers in low-wage jobs who say that their employers help them improve their financial health are over 2x more likely to recommend the company to friends or family, a common measure of employee satisfaction. FinHealth Works is designed to help employers understand the strengths and opportunities of their employee financial wellness programs so they can help reduce employees’ financial worries and better support their financial needs.
“Your business can only thrive if your employees are thriving,” said Jennifer Tescher, president and CEO of the Financial Health Network. “FinHealth Works empowers HR leaders to understand where their employee financial health programs stand and what steps they can take to maximize impact. It’s about turning insights into action to create a workplace where employees – and businesses – can flourish.”
FinHealth Works evaluates financial health programs across four critical pillars – strategy and vision, infrastructure, culture and employee engagement, and solutions – that form the foundation of an effective employee financial health strategy. The resulting assessment provides a snapshot of progress and offers employers actionable next steps for how to refine their approach, whether they’re creating an employee financial health strategy for the first time or aiming to elevate an established program across their organization.
“FinHealth Works is more than just an assessment – it’s a comprehensive guide to building and sustaining impactful financial health programs,” said Matt Bahl, vice president, workplace market lead at the Financial Health Network. “We’ve created this tool to help employers not only measure their progress but also navigate actionable next steps that drive real change for their employees and their organization.”
FinHealth Works also connects employers with best-in-class financial health insights, tools, and resources. After taking the assessment, HR leaders are encouraged to schedule a consultation with the Financial Health Network’s Workplace Team to explore assessment results further and develop tailored strategies for refining benefits offerings, measuring financial health, and driving program success.
Take the Assessment Today: https://finhealthnetwork.org/tools/finhealth-works/
About the Financial Health Network
The Financial Health Network is the leading authority on financial health. We are a trusted resource for business leaders, policymakers, and innovators united in a mission to improve the financial health of their customers, employees, and communities. Through research, advisory services, measurement tools, and opportunities for cross-sector collaboration, we advance awareness, understanding, and proven best practices in support of improved financial health for all. For more on the Financial Health Network, go to www.finhealthnetwork.org and follow us on Twitter at @FinHealthNet.
Contact:
Michael Salmassian
Financial Health Network
[email protected]
