VIRGINIA BEACH, Va., Sept. 16, 2014 /PRNewswire/ -- A new survey assessing financial wellness programs in the workplace reveals that the combination of financial education with employee lending solutions significantly increases employees' ability to save money and reduces instances of borrowing from 401(k) retirement accounts when faced with financial emergencies. The survey also shows that employees taking advantage of these programs are more focused and productive on the job.
Commissioned by FinFit LLC, a financial wellness and benefits company, the survey asked employers and employees for feedback on their experience using the programs. Nearly 1,000 individuals participated, with companies ranging in size, from approximately 150 to 2,000 employees, and operating across a broad spectrum of industries, including healthcare, manufacturing, education, and automotive.
According to the findings, with the help of a financial wellness program, 66 percent of employees said they have been able to increase their monthly savings. 31 percent increased savings by $1-$50, 25 percent by $51-$200, 7 percent by $200-$400, and 3 percent by more than $400.
In addition, the survey revealed that nearly half of the employers polled indicated a significant reduction in employee requests for 401(k) loans since implementing the program.
Additional highlights include:
- 85 percent of employers reported employees became more productive at work after using a financial wellness program to resolve a personal challenge.
- 91 percent of employees indicated that the program allowed them to solve a financial dilemma and subsequently refocus attention on work.
- 71 percent of employees reported an increase in financial knowledge and wellbeing as a direct result of participation in a financial wellness program.
"It's incredibly validating to learn that financial wellness programs are delivering such positive results for employers and employees alike," said David Kilby, president of FinFit. "It's our mission to advocate for greater financial literacy among working Americans, and to help organizations assist their employees in reducing costly debt through financial education and lending solutions."
About FinFit LLC
FinFit (www.FinFit.com) works closely with business owners, executives, human resource departments, benefits administrators, and other third-party servicers to bring a sense of stability into the workplace through a combination of financial assistance and educational support.
SOURCE FinFit LLC