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RAPPORT

Inside employees' minds 2

Financial wellness

Mercer’s Inside Employees’ MindsTM financial wellness survey gathered insights from more than 3,000 workers and provided an opportunity to better understand the motivation behind employee decision-making and personal financial wellness.

This second volume of research findings highlights the following key conclusions: 

  • Employees who are offered a financial wellness program through their employer are twice as likely to report being very satisfied with their job and their employer, and are more than twice as likely to trust their employer to do what’s right;

  • Approximately 5% of total payroll is at risk of being spent on employees unproductively worrying about their finances during work hours. On an estimated total US wage bill of $5 trillion, this could be costing employers up to $250 Billion in lost wages each year. We can estimate a level of payroll risk within an employee group, highlighting the population where there is most likely to be a return on investment (ROI) from a financial wellness program;

  • Level of financial courage is strongly correlated with employee engagement and success of financial wellness programs; and

  • Employees don’t want their employer directly involved with their personal finances, but value financial advice provided through an employer-sponsored source.

    As introduced in Volume 1 of this report, we developed the Mercer Financial Wellness Index (MFWI) and the Mercer Financial Courage Index (MFCI) based on the Inside Employees Minds data as a means for employers to measure the financial wellness of their workforce over time. We will continue to reference these indices throughout this volume of research. An in depth explanation of these tools and their methodology is included as Appendix A of this report.

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