Top 5 Questions for Your Company’s Financial Wellness Survey

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Top 5 Questions for Your Company’s Financial Wellness SurveyTo attract and retain quality employees, employers can no longer limit benefits programs to paid time off and health insurance. More organizations are building comprehensive benefit programs that include financial tools for employees.

A financial wellness program rounds out your benefits package so you can cover all aspects of employee health—physical, mental, social and financial. Performing a financial wellness survey will get to the heart of the financial challenges facing your employees so you understand how to help them. A well-crafted survey will also highlight employee demographics and the wide-ranging differences in concerns across your company. This article will help you discover the top 5 questions to include in your company’s financial wellness survey.

Why Perform a Financial Wellness Survey?

As you develop a comprehensive employee benefits package, you’ll need to know the biggest concerns facing your employees whether they are emotional, physical, social or financial. However, you’ll also need to gain an understanding of how well these tools and programs will be received. Will employees participate in them? Can they make a short-term and long-term positive impact in their lives? Will these programs improve employee retention? Will they improve productivity?

A detailed financial wellness survey will give you the very answers you need when determining which types of programs to add to your employee benefits package. You may discover a variety of personal challenges and interests ranging from identify theft and protection, legal guidance, rising costs of healthcare to managing cash and debt. The information you gather from performing a financial wellness survey can then be used to choose the types of benefit programs you might offer. It simply doesn’t make sense to waste time or money on programs that don’t interest your employees. By offering benefit programs that address their biggest concerns, you will gain so much more in return.

  • Employees that are less distracted by personal life challenges are much happier in their work.
  • Employees will be more productive and attentive on the job.
  • Improved retention rates ensue as employees are less likely to leave for another job with a slightly higher paycheck or benefits.

Get to Know Your Employees with These 5 Questions

A comprehensive financial wellness survey should be detailed enough to get the information you need, yet not so detailed as to lose the attention of your employees as they complete the survey. Based on our experience with helping businesses like yours develop comprehensive employee benefit programs, we recommend including these five questions as part of your survey:

1. What are your top financial concerns?

Sample answers:

  • Not having enough emergency savings
  • Not being able to retire when I want to
  • Not being able to meet monthly expenses
  • Being laid off from work
  • Losing my home
  • Not being able to pay for college/student loans
  • Other

2. What employee benefits/tools would help you reduce stress?

Sample answers:

  • Unbiased financial counselors
  • Student loan assistance
  • Identify theft protection
  • Legal guidance
  • Help managing cash and debt issues
  • Understanding medical bills/managing rising costs of healthcare
  • Investment/Retirement planning
  • Other

3. Which of the following cause you the most stress?

Sample answers:

  • My Finances
  • My Health
  • My Job
  • My Relationships
  • Planning for Retirement
  • Paying for School
  • Other

4. Do you feel you will have an adequate amount saved for retirement?

  • Yes
  • No

5. Do you feel that financial stress is affecting your job, health or relationships?

  • Yes
  • No

Ask the Right Questions to Deliver the Right Benefit Programs

You can’t solve a problem unless you know what it is. That’s why a financial wellness survey is important to uncover the real concerns and life challenges keeping employees up at night (and ultimately coming to work with them). By providing employees with the support they need to address these concerns, you will gain happier, more productive and loyal employees. Contact Integrity Data for guidance with your financial wellness program.

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