Unforeseen events, such as the COVID-19 pandemic, can have an impact on an individual’s financial health. For instance, 58% of all Americans are now living paycheck to paycheck. Additionally, 57% of Americans can’t cover a $1,000 emergency with savings, leaving them dangerously close to a financial disaster.
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Financial wellness can be defined as “the dynamic relationship of one’s financial and economic resources as they are applied to or impact the state of physical, mental, and social well-being.”1
As workplaces evolve to meet the needs and demands of the economy, more employers are recognizing the value of a holistic approach to employee wellness. While initiatives focused on physical health have become more prevalent in benefits programs, there is increased recognition of the importance of implementing strategies to support employees’ overall health.
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