Millennial Employees and Financial Wellness
Dangle the carrot of financial wellness to drive engagement
Millennials are facing greater financial wellness challenges compared to other generations. Millennials financial challenges are not only from higher student loan debt, but also from carrying credit card balances and having enough money to pay their monthly expenses. They are looking to their employers for solutions. This presents companies with an opportunity to improve the financial wellness of younger employees as well as increase loyalty and employee engagement.
Companies that offer financial wellness programs are especially attractive to Millennials. Eighty-one percent of Millennials are more likely to be attracted to another company that cares more about their financial well-being. Additionally, 46 percent of Millennials say their loyalty to their company is influenced by how much the company cares about their financial well-being, according to a 2019 financial wellness survey by PwC.
Nearly half of Millennials indicate that they are most worried about not having enough cash for unexpected expenses, with 62 percent citing it as their top concern. The second highest concern is not being able to meet monthly expenses, 42 percent. Financial wellness programs that are most likely to appeal to younger workers are those that help them budget their money, save for emergencies and teach them how to eliminate debt.
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