Integrating Financial Wellness into Employee Well-Being Programs

Ferne Emery, Vice President Health & Benefits Compliance Officer, Pinnacle Financial Partners

Ferne Emery is Pinnacle’s health & benefits compliance officer. In that role, she is responsible for advising clients on compliance requirements for account-based plans and other employersponsored benefit plans.

The Case for Financial Wellness in Wellness Programs

This year, Pinnacle Financial Partners introduced a financial wellness program and consumer mastermind programs for our associates and our communities. By offering financial education topics like budgeting, protecting your data and home buying hacks, we have been able to help thousands of people develop a healthier relationship with their finances and achieve financial goals.

Some of our Health & Benefits employer and HR partners heard about it, by either participating themselves or by word of mouth, asking if they could offer it as a complement to their existing health and wellness plans. The answer was absolutely yes! In my experience, a thoughtfully designed wellness plan empowers employees to take control of their health, often leading to more positive health outcomes.

Modern wellness program designs generally focus on physical health – checkups, exercise, smoking cessation – and overlook financial stress as a contributing factor. In fact, physical health and financial health are intrinsically tied. U.S. Census data shows that geographic areas with greater access to fresh food and healthcare providers, as well as more disposable income, generally live longer and healthier lives. This is why financial wellness should be a part of any wellness program you offer employees.

“Financial wellness should be a fundamental part of any wellness program, as financial health and physical health are deeply interconnected”

If that information alone doesn’t convince you to add financial education to your wellness plan, perhaps this will: According to a 2023 Forbes article, financial wellness is the number one requested employee benefit, ahead of mental health benefits and flexible time off.

Reimagining HR: Financial Education for Employees.

Adding financial education topics to your current wellness plan doesn’t have to be difficult. Many current wellness plans are designed to reward points when employees engage in certain activities. Why not reward points for attending a financial wellness webinar or similar offering?

If you do not currently offer a wellness program, or you if you have outsourced your wellness program to a third-party who controls the plan design, you can still offer a standalone financial wellness program.

Some practical considerations:

Ask for employee input to drive engagement. Find out what topics are important to them and how they like to learn. If they enjoy webinar-type lunch and learns or enjoy book-clubs and small settings, both may be available depending on your education partner.

Choose a partner that aligns with your culture and values. There are many financial institutions and financial “gurus” offering financial education programs. Interview them like you would any other benefit partner.

Determine the cost. Some partners offer education for free, while others may charge employers a fee based on number of employees, number of topics, etc. Others may require employees to purchase their budgeting tools or may try to sell employees standalone solutions. Ask for this information before partnering.

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