In today's challenging economy, the same old employee benefits just don't cut it anymore. Faced with high inflation and an uneven stock market, workers are demanding a variety of new financial wellness perks that go beyond the 401(k). But in many cases, they may need financial advisers' help to make use of them.
That's the upshot of a new study by Arizent, Employee Benefit News' parent company, which surveyed 200 executives and H.R. professionals at corporations across the country. The study is titled "Finding the Right Tools to Support Financial Wellness," and
From those employers' answers, it's clear that workers want more help with their finances. Two-thirds (66%) said their employees were financially stressed. Seventy-six percent said they were facing demands for higher salaries, and 50% said workers were asking for better benefits to cover rising out-of-pocket costs.
In response, many employers have begun offering additional benefits, including financial literacy training, supplemental health insurance and access to financial advisers. The problem is employees don't always take advantage of them, in many cases because they don't know how.
"It's difficult to ask for a specific benefit if employees aren't aware it exists — or if they don't understand how the benefit works," the study said. "Until these benefits become more widely available, this chicken-and-egg conundrum … may be likely to continue."
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That's where financial advisers can come in. Wealth managers can help educate clients about what their benefits are, how to use them and what financial problems they can help solve.
Here's a look at some of the new benefits that employers are increasingly offering, and that clients may increasingly ask about: