How Leading Companies Build Effective Financial Wellness Programs

Introduction

Financial benefits have been part of corporate benefits packages for decades—but going the classicist route of offering a simple 401(k) and HSA isn’t enough to truly support employees’ holistic financial wellness. Rising costs of living, student debt, and economic uncertainty have made it clear that employees need more than just retirement savings plans. They need real-time guidance, education, and tools to navigate financial challenges at every stage of life.

Leading companies are rethinking financial wellness, moving beyond one-size-fits-all benefits, and instead implementing holistic programs that drive engagement, reduce stress, and improve retention. This guide explores how HR teams are structuring financial wellness initiatives to maximize impact—and what key elements set the best programs apart.

Step 1: Define Clear Objectives for Your Financial Wellness Program

A successful program starts with a clear purpose—HR teams need to outline and define the why behind their financial wellness program implementation; a crucial aspect for securing leadership support and getting key decision-makers on board. 

This plan should define specific goals for your employees and company, such as:

• Increasing 401(k) participation to help employees build long-term wealth.

• Boosting HSA/FSA utilization to maximize tax-advantaged savings.

• Reducing financial stress to improve employee engagement and retention.

• Providing holistic financial education covering everything from budgeting to tax planning.

• Improving overall retention and reducing employee absenteeism.

• Increasing overall productivity through stress reduction via financial planning support

Pro Tip: Companies that define measurable success metrics see 20% higher engagement in their financial wellness programs.

Step 2: Offer Personalized Financial Planning

One-size-fits-all programs don’t work. Leading companies provide

• 1:1 financial planning with a Certified Financial Planner® tailored to employee needs and personal situations

• AI-driven financial planning tools for budgeting, investing, and retirement planning

• Workshops & webinars that focus on real-life financial challenges like managing student loans, preparing for homeownership, or navigating the choices around company equity compensation.

Step 3: Integrate Financial Wellness with Employee Benefits

Many employees don’t fully utilize their financial benefits simply because they don’t understand them. Successful companies:

• Embed financial wellness education into benefits onboarding to ensure employees maximize HSAs, FSAs, and employer-matched retirement plans.

• Send personalized nudges to employees based on life events (e.g., reminders about dependent care FSAs for new parents)

• Create a centralized benefits hub where employees can easily access financial wellness resources year-round.

Pro Tip: Companies integrating financial wellness with total rewards platforms see higher engagement and retention rates.

Step 4: Use Incentives to Drive Participation

Financial wellness programs only work if employees actually engage with them. Top companies use incentives like:

• Wellness dollars to fund financial coaching or savings contributions.

• Gamification & rewards (e.g., employees who attend a budgeting workshop get entered into a prize draw).

• Company-wide challenges like a 30-day savings challenge to encourage participation.

Step 5: Communicate Financial Wellness Year-Round

The biggest mistake HR teams make? Only promoting financial wellness during open enrollment. Leading organizations:

• Host quarterly financial wellness events to keep employees engaged.

• Send monthly financial tips via Slack, email, or HR portals.

• Encourage managers to discuss financial wellness as part of broader employee well-being conversations

Pro Tip: Companies that communicate financial wellness consistently see 2x higher participation rates in their programs.

Key Takeaways & Next Steps

Want to build a high-impact financial wellness program? Here’s what works:

• Personalized CFP®-Led & Fiduciary Financial Planning drives engagement

• AI + Human Hybrid for Personalized Guidance

• Integrated benefits education ensures employees maximize resources.

• Incentives & gamification encourage participation.

• Consistent communication keeps financial wellness top of mind

Looking for a structured plan? Download our Financial Wellness Program Implementation Guide to get step-by-step instructions on launching a successful financial wellness initiative at your company.

Download Now(opens in new window)

Need help? Contact us to explore customized financial wellness solutions for your workforce!