BY

2019 STATE OF FINANCIAL WELLNESS BENEFITS

OF COMPANIES SAID FINANCIAL WELLNESS BENEFITS ARE IMPORTANT TO THEIR BUSINESS.Financial wellness benefits, just like Parental Benefits, are mostly important as a weapon for recruiting and retaining top talent.84%

FINANCIAL WELLNESS BENEFITS ARE:

WHILE 84% OF COMPANIES AGREED THAT FINANCIAL WELLNESS IS IMPORTANT TO THEIR BUSINESS, 4 OUT OF 5 COMPANIES

DON'T FOLLOW THE BEST PRACTICES.

Important to recruiting/retaining top talent 59%

Important to our brand 35%

Important for the bottom line of our business 31%

Will be important in 2019 28%

Not important yet 16%

THE BIGGEST BARRIERS TO FINANCIAL WELLNESS40% of respondents identified the cost of medical care as one of the biggest barriers for employees to

become financially well.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

65%

Cost of living

41%

Student loan debt

40%

The cost of medical care

33%

Knowing what to do

(education)

33%

Lack of planning/discipline

22%

The economy

21%

Stagnant or low wages

1%

Other

WHAT FINANCIAL WELLBEING BENEFITS DO YOU OFFER?While over 40% of respondents say that student loan debt is their employees' biggest barrier to

financial wellness, only 6% of the respondents offer any college debt benefits.

401(K)

95%

Flexible Spending Account (FSA)

84%

Health Saving Account (HSA)

61%

Discount Program

43%

Financial Planning &Education

42%

Banking Benefits(ie: loan discounts, mortgage discounts, etc)

17%

Health Reimbursement Account (HRA)

13%

Payday Loans/Advances

7%

College Debt Benefits

6%

Other

10%

#1: Establish your Financial Wellness goals

#2: Document your Financial Wellness strategy

#3: Add formal Financial Wellness measurements

No

Yes

22%

78%

No

Yes

9 %

91%

No

Yes

19%

81%

THE MOST POPULAR FINANCIAL WELLNESS BENEFITS

THE NEW IRS RULING OPENS THE DOOR FOR EMPLOYERS TO USE 401(K) PLANS TO ASSIST EMPLOYEES WHO ARE REPAYING

STUDENT LOANS.[1]

Are you familiar with the IRS ruling that opens the door for employers to use 401(k) plans to assist employees who are repaying student loans?

49% of respondents are aware of

the new IRS ruling but only 1% are adding this feature to their financial wellness plans.

Would you consider adding this feature?

61% 29% 1%9%

We will consider it at a later date

We are thinking about it

We will not add it We are adding it

Retirement planning: 64%

YES

36%

NO

Do you match your employees contributions?

54%

YES

46%

NO

Do you have automatic 401(k) enrollment?

37%

YES

63%

NO

Is there auto escalation as well?

5 keys to a Successful Financial Wellness Program: bit.ly/financial-wellness-program

Survey consisted of 86 responses from companies with 15 to 3,000 Benefits Eligible

Employees across different industries and geographical locations within the US.

[1] bit.ly/IRS-student-loans

[2] bit.ly/HSA-Playbook-2019

w w w. l u m i t y. c o m

The biggest barrier to a higher HSA adoption remains employee understanding and education (45% of respondents). Last year this was also identified as the biggest barrier, so we released an HSA playbook for employers:

Planning for medical expenses: FSAs and HSAs

How to Drive HSA Adoption

HEALTH SAVINGS ACCOUNT PLAYBOOK

Learn the 4-steps to drive HSA adoption[2]

401(k)

NO

51.2%

YES

48.8%

*Note that there was no correlation between company size and following best practices.

Get $50 to connect with a benchmarking expert:bit.ly/benefits-benchmarks

TRYING TO ATTRACT AND RETAIN TOP TALENT?

SEE HOW YOUR BENEFITS STACK UP.