Employers boost financial wellness efforts as worker stress rises

• Key Insight: Learn how employers are shifting from retirement-only to holistic financial-wellness strategies.
• Supporting Data: Two-thirds of employers reported turnover rates of 10%+ in 2024.
• Forward Look: Expect broader financial-advice benefits and targeted Gen Z support to expand.
• Source: Bullets generated by AI with editorial review

A growing number of companies are emphasizing the importance of financial well-being, seeing it as not just a benefit but also a core driver of performance and retention. 
According to a new Gallagher report on retirement benefits and financial coverages, nearly half of U.S. employers report that financial well-being has increased in importance in 2025. Eighty-eight percent of workers recognize a direct connection between financial stress and mental health. 

In response to this trend, companies are expanding beyond traditional retirement plans to offer more comprehensive financial support. Examples include one-on-one financial coaching sessions, estate planning, debt counseling and refinancing tools and education. 

Frank Giampietro, chief well-being officer for EY Americas, says basic financial planning is the most important benefit because it provides employees with a strong foundation. He points out that one of the leading causes of burnout in the workplace is the perceived lack of financial control. 

"Many folks across all generations today feel out of control of their financial life," Giampietro says. "Helping them to assert control in that area has a huge impact on reducing burnout and helping people thrive."

Mitigating turnover risk

Financial stability can play a crucial role in reducing turnover. According to the Gallagher report, nearly two-thirds of employers faced turnover rates of 10% or higher in 2024, with nearly half seeing rates of 15% or more. 

Employees who are under financial stress are more likely to leave for a competitor, even if they are only offering a modest pay increase. On the other hand, companies that help workers achieve financial stability cultivate a sense of security and appreciation, according to the report. 

Read more: The missing link in financial wellness: Estate planning as a stress-relief tool

The turnover is highest among Gen Z workers, who are more worried than any other generation about their financial well-being, Giampietro says. 

"Over half of folks entering the workforce from Gen Z are worried about their day-to-day well-being and what the future is going to mean from a financial perspective," Giampietro says. "We know that stress and strain has a real financial impact on individual organizations and collectively on us as an economy. It causes lost work. It causes lost productivity."

Giampietro says EY has a diverse, multigenerational workforce. Each generation has their own unique needs, so there isn't a one-size-fits-all solution to helping them improve their financial well-being. 

"Everybody is starting in a different place, and everybody has got a different end goal," Giampietro says. "You're going to have to find the right set of [programs] that are going to reach them wherever they're at."

An untapped resource

One of the most under-utilized benefits in promoting financial wellness is employee-sponsored financial advice programs. A Gallup poll from last May found that most U.S. adults (43%) turn to friends or family for financial advice instead of an employee-sponsored program (14%).

"There is still some hesitancy of, 'Do I really want my financial planning to come from the place where I work?'" Giampietro says. "Do I trust that the employer has got my ultimate best interest [in mind]? Is it a safe space to be able to share all the confidential things that are going on in my life?"

Read more: Financial wellness benefits that help — and hurt — employees

Giampietro encourages benefit leaders to talk with their employees about some of the perks of using a financial adviser.

"Some of that is still just education," Giampietro says. "Some of it is making the time. Folks are busy. This is one of those things that they tend to know is important but still don't prioritize."