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How Banks Are Supporting Workplace Financial Wellness Programs
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Harnessing the Branch Advantage
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New survey finds average American worker spends at least three hours per week worrying about finances at work, but employers can...
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Sharing Successes
Service members and veterans face a number of financial challenges when they return stateside, including buying a home and opening a bank account. To help veterans get all of the advantages of joining the banking system, the foundation of the American Bankers Association (ABA) proudly supports the Veterans Benefits Banking Program (VBBP). “The program seeks to simplify banking choices for veterans by providing them with a list of participating financial institutions that understand the unique financial needs of veterans and meet requirements for account offerings and customer service,” according to ABA.
With a focus on banking services available to veterans to access their benefits, the VBBP wants to help veterans achieve greater “financial independence, resiliency and literacy.” Importantly, VBBP banks and credit unions “commit to no-minimum-balance, low-to-no-cost checking accounts for veterans with a qualifying direct deposit and help veterans become banked.”
Read more about how the VBBP and participating financial institutions help veterans make their most of their money.
Data You Can Use
Of workers in the U.S. worry about their personal finances at work
The Story:
New data from PNC’s 2024 Financial Wellness in the Workplace Report finds that American workers spend up to three hours a week at work worried about their finances. That fact has not gone unnoticed by their employers, 78% of whom report that their employees are financially stressed. According to an HR professional quoted in the report, “If someone is not happy or not content, or if someone is stressed over money, we can’t expect that person to perform 100%, give 100% to the company and be efficient.” While financial worries can reduce productivity and workplace morale, there are financial solutions that can help.
The Takeaway:
The survey found that 4 out of 10 employees say financial education is a benefit they don’t have but want the most. And employers are answering the call. In the last year, access to financial planning benefits doubled for American workers, going from 14% to 28% of employees reporting that they have access to experts as they plan for their financial futures. “Companies want their employees engaged, not stressed over their finances,” says Sumeet Grover, chief digital and marketing officer at Alliant Credit Union. The range of tools for employers is expanding, especially those backed by financial institutions.
Source: PNC Bank, “2024 Financial Wellness in the Workplace Report,” August, 2024, and U.S. News, “Do Employer Financial Wellness Programs Really Work?” August, 2024
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