Financial wellness programs in the workplace: Evidence from employers in the caregiving industry

Ellen G. Frank-Miller; Sophia R. Fox-Dichter; Sloane Wolter; Jenna Hampton; Kourtney Gilbert; Michal Grinstein-Weiss

doi:10.1080/15555240.2020.1806719

Financial wellness programs in the workplace: Evidence from employers in the caregiving industry

Ellen G. Frank-Miller
, Sophia R. Fox-Dichter
, Sloane Wolter
, Jenna Hampton
, Kourtney Gilbert
, Michal Grinstein-Weiss

Research output: Contribution to journal › Article › peer-review

2 Scopus citations

Abstract

Employee financial wellness programs (EFWPs), a new type of employee benefit, claim to address workers’ financial challenges and improve business results. However, evidence of such advantages remains thin, and little is known about program take-up. This study examines organizational factors accounting for successful EFWP implementation and take-up at three caregiving sector employers. We investigate two EFWPs, financial and credit-building counseling, through in-depth interviews with managers and directed content analysis. Results suggest that in-person EFWP promotion and active support from upper management are key factors in program success. Additionally, EFWP congruence with employers’ business practices and values factors into program utilization.

Original language	English
Pages (from-to)	137-157
Number of pages	21
Journal	Journal of Workplace Behavioral Health
Volume	35
Issue number	3
DOIs	https://doi.org/10.1080/15555240.2020.1806719
State	Published - 2 Jul 2020
Externally published	Yes

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 10 Reduced Inequalities

Keywords

Financial stability
financial wellness programs
low-to moderate-income workers

ASJC Scopus subject areas

Applied Psychology
Public Health, Environmental and Occupational Health

Access to Document

10.1080/15555240.2020.1806719

Cite this

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title = "Financial wellness programs in the workplace: Evidence from employers in the caregiving industry",

abstract = "Employee financial wellness programs (EFWPs), a new type of employee benefit, claim to address workers{\textquoteright} financial challenges and improve business results. However, evidence of such advantages remains thin, and little is known about program take-up. This study examines organizational factors accounting for successful EFWP implementation and take-up at three caregiving sector employers. We investigate two EFWPs, financial and credit-building counseling, through in-depth interviews with managers and directed content analysis. Results suggest that in-person EFWP promotion and active support from upper management are key factors in program success. Additionally, EFWP congruence with employers{\textquoteright} business practices and values factors into program utilization.",

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doi = "10.1080/15555240.2020.1806719",

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AU - Frank-Miller, Ellen G.

AU - Fox-Dichter, Sophia R.

AU - Wolter, Sloane

AU - Hampton, Jenna

AU - Gilbert, Kourtney

AU - Grinstein-Weiss, Michal

PY - 2020/7/2

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ER -

Financial wellness programs in the workplace: Evidence from employers in the caregiving industry

Abstract

UN SDGs

Keywords

ASJC Scopus subject areas

Access to Document

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