Signs of financial stress among US workers are all around us:
- Nearly half of employees lack emergency savings, and find it difficult to cover their expenses and pay their bills.
- More than 50% of employees say they are somewhat or very stressed about their finances.
- One third of employees say they are less productive at work because of their financial stress.
This report, When A Job Is Not Enough: Employee Financial Wellness and the Role of Philanthropy, sheds light on the role employers and philanthropy can play in best promoting financial well-being for workers through the offering of Employee Financial Wellness Programs (EFWPs). Data suggests that EFWPs improve employees financial stability and help create a more productive work enviroment.
There is real opportunity for Philanthropy to partner with employers and offer financial coaching and small-dollar credit products to help address the challenges that cause financial stress amongst employees. EFWPs open the door for philanthropy to impact financial security in a potentially scalable way, especially among economically vulnerable workers and their families.
- The most promising features and challenges of Employee Financial Wellness Programs (EFWPs);
- What we need to know about the opportunity of EFWPs to address financial security for employees;
- The role of philanthropy in promoting EFWPs.
Now available: webinar recording from September 26, 2019 AFN’s presentation of When A Job Is Not Enough: Employee Financial Wellness and the Role of Philanthropy, with report author Mathieu Despard, MSW, Ph.D, Faculty Director, Social Policy Institute at Washington University in St. Louis, Marissa Guananja, Program Officer for Family Economic Security at the W.K. Kellogg Foundation, Kim Ostrowski, Vice President, Corporate Giving, Prudential, and moderator Jeanique Riche-Druses, Vice President, Relationship Manager Global Philanthropy, JPMorgan Chase & Co.