{"id":379936,"date":"2020-11-12T10:15:00","date_gmt":"2020-11-12T15:15:00","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=379936"},"modified":"2020-11-12T10:15:00","modified_gmt":"2020-11-12T15:15:00","slug":"new-financial-health-network-report-finds-many-employers-taking-action-to-improve-employee-financial-health-benefits-following-the-covid-19-pandemic","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/new-financial-health-network-report-finds-many-employers-taking-action-to-improve-employee-financial-health-benefits-following-the-covid-19-pandemic\/","title":{"rendered":"New Financial Health Network Report Finds Many Employers Taking Action to Improve Employee Financial Health Benefits Following the COVID-19 Pandemic"},"content":{"rendered":"

\nEmployers who have seen evidence of employee hardship as a result of COVID-19 most likely to say they will spend more on financial health benefits
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Chicago, IL, Nov. 12, 2020 (GLOBE NEWSWIRE) — The Financial Health Network<\/a>, the nation\u2019s authority on financial health, today released the \u201cKnow Better, Do Better: Building an Effective Financial Health Benefits Strategy<\/a>\u201d report in partnership with Morgan Stanley at Work<\/a>, showing that close to 90% (86%) say they are aware of their employees’ financial health challenges, with 85% of companies planning to maintain or increase their investment in financial health benefits as a result of COVID-19.\u00a0<\/p>\n

The findings also revealed an increase in demand for 401(k) loans or hardship withdrawals, and\/or a rise in demand for pay advances. Forty percent of employers who have seen such evidence of employee hardship due to COVID-19 say they will spend more on financial health benefits in the next two years compared to only 16% who have not seen an uptick in demand.<\/p>\n

“Employers’ interest in financial wellness has been growing for several years, and COVID-19 became a watershed moment,” said Matt Bahl, VP and head of workplace at Financial Health Network. \u201cThe pandemic highlighted employee day-to-day challenges like keeping up with bills and paying off debt, and this visibility is translating into a greater commitment to support the short-term and long-term needs of employees by designing benefits that support their financial health.”<\/p>\n

In the midst of the pandemic, employers are taking action to address the financial health challenges of their workforce with most (82%) saying that they have incorporated financial health into their human resource department\u2019s strategic plans, signaling C-level attention.\u00a0<\/p>\n

The report also highlights the gap between employee needs and the existing benefits solutions in part due to limited metrics being used by employers today. Employers, though motivated by employee engagement and demand, rely on a limited set of metrics to understand the needs of their employees. Other report findings include:<\/p>\n