When employees have to budget for living costs, HSA accounts, student loans, credit card payments, etc., it can cause them to opt out of benefits such as 401K or additional health insurance coverage such as dental and vision. Does investing in financial literacy programs or assistance and financial counseling services have value for employees? For employers? What is the value? What are the potential negative consequences? What best practices should employers follow when finding, evaluating and providing this type of counseling?
Financial Counseling for Employees