Social Work Commons^™

Employee Financial Wellness Programs: A Review Of The Literature And Directions For Future Research, Geraldine Hannon, Meredith Covington, Mat Despard, Ellen Frank-Miller, Michal Grinstein-Weiss

Center for Social Development Research

This is a literature review of studies that have examined the implementation of financial wellness programs in the workplace. The review suggests that employee financial wellness programs (EFWPs) have drawn on both existing and new methods to improve the financial security of employees. Although a number of studies have been conducted on employer-based financial education and retirement planning, evidence concerning the efficacy of EFWPs is limited. Moreover, the methodological shortcomings of studies in the workplace financial wellness field have limited evidence concerning returns on investment and impeded efforts to make best-practice recommendations. Thus, researchers should consider strengthening the evidence base …