Promoting financial wellness: A guide for employers

How to establish and implement a comprehensive program that helps employees take charge of their lives and pursue their financial goals — in the workplace and beyond.


As an employer, you have tremendous influence over your employees. For one thing, they depend on you to provide the benefits that support their overall well-being. For years employees have looked to employers for help with their physical wellness. Now, financial wellness has become a desirable and much-needed benefit as well.


We have a heritage of helping individuals live better financially. We can work with your company to support your employees by helping them take better advantage of all the benefits you offer and giving them the tools to help meet their personal financial needs.


Benefits of delivering the support your employees need

Employer-sponsored financial wellness programs can provide the education, tools and guidance that help employees become more financially confident and prepared. When employees take better control of their financial situation, they tend to feel less stressed and more satisfied, loyal and engaged — which can translate to a healthier and more productive workforce. By expanding your benefits offerings to include a comprehensive financial wellness program, you also put yourself in a key position to attract and retain the best talent, so you can accomplish more for your business.


In the next pages, we’ll explain how you can implement a tailored financial wellness program that supports your employees.


Guide to implementing or enhancing a financial wellness program

1. Assess

Consider what your employees are looking for in a financial wellness program. If you already have one, revisit what your objectives are and what employees need.

  • Understand your employees’ needs, taking into account demographics, current financial habits and priorities.
  • If applicable, identify what’s preventing employees from participating in your existing financial wellness or benefits program.
  • Uncover any gaps in information or education that could make your financial wellness program more valuable and robust. For example, what does your employees’ retirement plan participation reveal? What would drive better financial habits?

2. Create a plan

Offer a multichannel program that helps employees pursue their goals based on their specific needs, demographics and life stages.

  • Review how you currently communicate with employees about their benefits. (Make sure to convey that your financial wellness program is an integrated employee benefit, not just a series of seminars or events.)
  • Examine the need for education, on-site seminars and one-on-one consultations.
  • Survey what topics your employees want to cover based on where they are in life. Consider various goals and levels of financial knowledge across your employee base.
  • Build a multichannel program (online, email, in person) of materials and educational content that employees can access both in the workplace and from home on their own time, whenever they want, to fit their personal learning style.
  • Keep employees engaged by communicating regularly with them using content that is actionable and addresses their changing needs and priorities.


3. Educate

Integrate robust educational content and online tools.

  • Host an event to promote the value of the financial wellness program and introduce employees to the resources and tools available to them.
  • Provide a comprehensive online library that includes articles, webinars, videos and other resources that cover a range of relevant financial topics beyond retirement.
  • Send out newsletters and topical articles via email and host webcasts throughout the year to encourage employee participation and commitment to their financial wellness.
  • Ensure employees have access to interactive worksheets, online tools and mobile apps that help them map out, monitor and manage their financial lives.
  • Expand the financial wellness program’s reach by making its resources and tools available to the families of employees.

4. Guide

Organize and facilitate employee meetings with financial professionals.

  • Schedule one-on-one consultations where employees can meet with financial wellness professionals to review their personal goals and create an action plan.
  • Conduct ongoing seminars that cover a range of financial topics, from budgeting to retirement planning and saving for college.
  • Encourage seminar and consultation follow-up sessions so employees can measure progress toward their goals.

5. Monitor and refine

Track your employees’ interest and activity in the financial wellness program.

  • Remind employees to use the tools and solutions available to take better control of their financial future.
  • Be sure to gather employee feedback about the financial wellness program and use employees’ input to help improve your offering.



Benefits of delivering the support your employees need

  • Create a culture that supports employees’ well-being. Present your benefits offerings to employees as a full range of financial wellness resources and guidance, not a series ofone-off events.
  • Identify gaps in your financial education program to help improve your offering and employee participation. This can goa long way to helping them succeed in their jobs and their lives.
  • Address more than retirement. There’s an opportunityto engage your employees on financial topics relevant to all areas of their lives, even as their priorities change.
  • Accommodate different preferences and learning styles. This will help ensure employees get the information they need, where and when they want it.
  • Offer personalized consultations to help employees pursue their financial goals.
  • Share success stories and positive outcomes of your financial wellness program to inspire employees to take greater advantage of your offering

Take the lead in employee financial wellness

Providing comprehensive financial education and guidance can help employees get on a path toward financial wellness. Because no two employees have the same goals or take the same approach to pursuing financial wellness, offering a personalized program is essential.


Bank of America is committed to helping you create a holistic financial wellness offering — one that integrates with the workplace benefits you already have, helps meet the personal financial needs of each individual, and drives usage to help maximize all the benefits your program provides. Our representatives can help you examine the benefits offerings already available to your employees and can talk with you about strategies that may make them more effective.

Bank of America offers a robust financial wellness program that includes:1

  • A multichannel offering that engages with employees basedon their preference — online, in person and over the phone
  • Turnkey program marketing, content and communicationsthat help drive employee participation and can save you time,resources and costs
  • An online education center with extensive resources, toolsand educational material that addresses every life stage
  • Access to registered financial wellness specialists online,in-person or one-on-one to help employees manage theirfinancial lives
  • Yearly curriculum calendars with suggested quarterly topicsand webinars beyond retirement that promote ongoingemployee engagement

Connect with a team member today

Let us help you differentiate your business and empower your employees to take control of their full financial lives.

11 Available to companies that utilize products and services from Bank of America Retirement and Personal Wealth Solutions.