This Research Minute is the fourth in a series related to financial wellness.

Background:

Earlier this year, the RRC fielded an in-depth employee survey with 2,500 respondents, which assessed financial wellness and related topics. An additional brief employer survey was deployed in mid-2023 to understand financial program offerings and employer perspectives related to employee support. This week, we are examining availability, awareness, and utilization of workplace financial wellness programs.

Findings:

When workers were asked about their awareness of employer-sponsored financial wellness programs, Gen Z (44%) and Millennials (42%) were more likely to report that they were aware that they have access to a financial wellness program, while Gen Xers (31%) and Baby Boomers (25%) were less likely to be aware of these programs. About 18% of the total workforce is unaware if their workplace offers a financial wellness program, and more women than men (22% vs. 13%) report that they are unaware.

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Many surveyed workers (63%) report that they have utilized their workplace’s financial wellness program, if they have access to one. Again, Gen Z and Millennials reported almost identical utilization rates as compared to Gen Xers and Baby Boomers, who also reported almost identical levels albeit at least 10 percentage points lower than the younger cohorts. Men reported a slightly higher utilization rate than women (66% v. 58%).

Bottom Line:

Younger generations, Gen Z and Millennials, both reported similar rates of availability, access and utilization of employer-sponsored financial wellness programs. While Gen Xers and Baby Boomers had lower rates in all three areas, these rates were not very low. These findings suggest that more targeted outreach, especially to older generations and women, could have the potential to boost program engagement.