There’s rarely been a better time for financial advisors to work with employers to provide support to the millions of workers who need help with their money management.
A new report from Morgan Stanley at Work shows the extent of demand for financial wellness programs at work and how HR managers are seeing increasing signs that America’s workforce is struggling with the cost of living and longer term financial challenges.
New data from the firm’s fourth annual State of the Workplace Financial Benefits Study reveals that 91% of HR leaders suspect that employees are having financial issues, while 46% of employees said they have experienced finance related issues or crises in the last 12 months with 81% saying they want their employers to more involved in supporting them through financial challenges.
The business case for firms meeting this demand is clear with most HR leaders citing comprehensive financial benefits as a key retention and recruitment tool and 71% of employees agreeing that they would be likely to be interested in a job with a firm that offered this.
However, even when employers do offer employee benefits, the survey found that awareness is low with most employees wanting them to be better explained and one third saying they have never considered asking their employer for help.
“Since we first fielded this study in 2021, each year has seen employees and employers face dramatic shifts in economic climate. Yet a clear constant throughout our research has been the theme that financial benefits are a strategic priority,” said Scott Whatley, Head of Morgan Stanley at Work. “To better support employees, employers need comprehensive solutions that are both scalable and can also cater to the high touch, complex needs of executives—and HR leaders agree more can be done, including exploring emerging technologies. With so much in motion, the choices companies make in terms of the quality and scope of their offering will continue to have an outsize business impact.”
The study also found that the majority of employees and HR leaders believe that AI will transform the workplace benefits experience.
A separate study released this week by Bank of America shows that the share of employees who feel financially well has increased by five percentage points to 47%, while the cohort who are concerned about the current economic conditions impacting their long-term retirement savings has fallen 10 points to 53%.
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