On Tax Tuesday, 4 ways to help employees improve their financial habits

By Alyssa Place, This is my expertise
Published 1 Min Read

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Employees dread Tax Day, but a healthier mindset around money and their finances can help them feel empowered well beyond April 18. 

As April is also Financial Literacy Month, employers should spend some time reviewing their financial wellness benefits: Do you have a 401(k) that will auto-enroll employees into a plan, and boost their contributions year-to-year? Are your benefits addressing needs beyond long-term savings, like student loan repayments, caregiving and child care costs, and emergency funds? Are you actually listening when employees tell you they need help? 

According to ADP, 75% of employees want to work for a company that cares about their financial well-being. Employers are seeing the payoff of their efforts, with Bank of America’s 2022 Workplace Benefits Report finding that 84% of employers say offering financial wellness tools helps with employee retention. 

“Most financial wellness services have focused more on things related to health or retirement planning, but in a lot of cases, employees do not necessarily participate, especially if they are lower income and are struggling day-to-day,” says Assad Lazarus, chief client and development officer at Purchasing Power. To address those daily needs, tools and benefits like early wage access, emergency savings accounts, financial wellness advice offerings, paid leave and loan forgiveness can all bring immediate relief to employees.

Alyssa Place
Editor-in-chief

Alyssa Place is the editor-in-chief of Employee Benefit News and has been with the team since 2019. Her work covers mental health, DEI, women at work, financial wellness, retirement and workplace … Read full bio


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