What is a financial wellness program?

The modern workplace is adapting to evolving employees' needs. Employee benefit programs no longer need to just include sick days and personal time off or health benefits. Rather, many employers are approaching employee benefits with a holistic approach that encompasses a variety of needs.

A primary concern among employees is financial wellness. Beyond providing retirement opportunities, which isn’t guaranteed the same way it had been in the past, financial wellness is evolving, too, particularly because of a generationally diverse workforce. For example, 76% of Gen Z employees, according to a PNC Bank survey, are concerned about personal finances. A key way to mediate that is through financial wellness and planning benefits. According to the same study, in 2024, 28% of workers had access to financial wellness benefits. By 2026, 47% of employers will offer financial wellness benefits to their employees.

Workers are concerned about student debt, mortgages and rising costs of necessities. Those worries don’t leave employees the minute they start work. Something workplaces of all kinds can benefit from is a diverse set of wellness benefits and include a financial wellness program that can help them plan, save and pay for their day-to-day expenses. 

Ahead, we’ll discover what financial wellness programs can incorporate today and what ZayZoon’s financial wellness programs can do for your business. 

What is financial wellness? 

Financial wellness can be vague in its true meaning because how and at what point one feels financially secure can differ from person-to-person. But the essence is that financial wellness is the measurement of financial security a person has and how well they are taking care of their financial life. A successful financial life may include a number of different investment options and a solid retirement plan. For others it may mean having enough money every month to cover expenses without stress. 

Financial wellness, like overall employee wellness, is a personal issue that impacts the workplace. Because of this reality, many employers and human resources professionals invest in financial wellness tools and programs for their employees. According to a Gartner survey, it’s a key area for many employers to build upon. 

What is a financial wellness program?  

A financial wellness program is something offered to employees as a benefit and, hopefully, an investment. Like many other benefit programs—from health to mental to time-off—a financial wellness program offers employees a chance to get more from their job. Support goes beyond a paycheck. 

Financial wellness programs insist on a company-wide effort to reduce employee financial stress. In ZayZoon’s state of employee financial wellness report, we see how much financial issues impact employees at work. Of the 5000 respondents to the report, 35% said they feel daily stress about financial issues. HR professionals in the report said most of that stress is because employees are living paycheck-to-paycheck. 

If health and wellness benefits like access to psychologists or parental leave top-offs or dental healthcare can positively impact employees, then a financial wellness program folded into an existing wellness infrastructure can do the exact same.  

How can employers offer financial wellness programs to employees? 

Financial wellness programs, like health and benefit programs, come in all shapes and sizes. There are a number of ways to include financial wellness benefits and tools into a business’s overall benefit offering. Even a small effort of financial wellness tools and resources like a blog or setting up contact with a financial services professional can have a positive impact on your employees.  

Below are a few ideas of what to include in a financial wellness program: 

• Financial education: Knowledge can fundamentally change a person’s life. If an employee is struggling with financial support, the easiest and best way to begin to help is by providing access to information. This may include financial courses, vetted advice from professionals or insights on important financial topics for every stage of life. While money stays relatively the same over time, how to save for it and use it for one’s livelihood doesn’t. Keep up with financial trends to provide up-to-date financial literacy.
• Employee Assistance Programs (EAP): Employees deserve to ask for and find support with dignity and privacy. An EAP program can help employees with both work and personal struggles in order to bolster their productivity and lessen their stress. If you can’t offer a specific financial wellness program or tool, consider offering it as a contact or connection through an EAP. This may include information about financial counseling services or professionals or resources, such as ZayZoon’s financial wellness program offerings. 
• Financial wellness tools: There’s something about a new app or a new gamified tool that can help with education and planning. Financial wellness tools can go beyond a resource hub featuring writing on important financial topics. These tools could be a budget calculator, tax calculator, debt trackers and dashboards with insights on retirement, investments, stock and more.
• Student loan assistance: A massive reason millennial and Gen Z workers struggle with their finances is because of their student loan debt. Many don’t even make much of a dent on their interest, let alone their principal debt. Student loan assistance opportunities such as contributing toward repayment can be a tax-free opportunity for businesses.
• Earned wage access (EWA): For folks who do live paycheck-to-paycheck, that two week or four week period in-between pay days can feel brutal. Earned wage access (EWA), or pay on-demand, can help alleviate some of that tension. EWA allows employees to receive a portion of their already earned pay before pay day. That money will be deducted from their paycheck but, for some people, access to a couple of hundred dollars for an emergency or surprise bill can save so much stress.
  
  

What financial wellness programs does ZayZoon offer?

ZayZoon doesn’t just offer EWA. ZayZoon ensures employees can manage their finances with some of the most useful tools, discounts and insights. EWA is one step toward empowering employees’ financial security. 

Learn about ZayZoon’s financial wellness programs below. 

• Instant gift cards: Some people need money for a specific thing. ZayZoon offers instant gift cards as perks for employees, including a bonus amount to the card of up to 25%. With hundreds of brands to choose from, such as Amazon and Walmart, employees who use this financial wellness benefit can make their money go further at the places they’re already buying from and what they need directly.
• Gas card: Another personalized offering from ZayZoon is the gas card. With an extra 5% added to the card, users can benefit from taking their earned pay and putting it toward what they really need at that time. For example, if a person wants to take out some of their wages to use on a $50 gas card, they’ll always have a bonus $2.50 added to the card, totaling $52.50 to use on gas for their vehicle. It’s a perk that makes sense for anyone in any financial situation.
• Clever RX: Healthcare can be expensive, and the prescriptions a person needs to literally survive and thrive in their surroundings are an expense that sometimes can’t be planned for. With Clever RX, employees can get up to 80% of prescriptions and OTC medications, with no expiration date.
• Savvy: Owning a vehicle costs money beyond repairs and the gas needed to make it run. Car insurance can run some folks up a hefty tab. Savvy helps find the best deals on car insurance that can save people up to $700 a year.
• Financial education: There’s a lot of shame around money, and especially money problems. Financial literacy and education are crucial for any person at any phase of their adult life. They don’t need to be made to feel as though they don’t know how to use money or save for their future. ZayZoon offers easy, simple and judgment-free financial wellness tools that can help with the following: 
  • Alerts:  Don’t miss another payment with ZayZoon’s alerts. Get low balance alerts to help avoid overdraft fees.
  • Financial literacy resources: With ZayZoon, learn everything from budgeting to building credit to savings. Try some financial course work, like how to invest, and use budget building tools to know exactly where money goes each month. Knowledge can actively decrease stress. Once you know how something works, or the solution to a problem, then you can put it in motion. Learn how to build a financially empowered future with ZayZoon’s educational resources.
  • Smart insights: Link your bank account to your ZayZoon account to get smarter insights on your own financial wellness. With ZayZoon’s predictive technology, users can have savings set aside for upcoming bills while understanding their spending habits and overall financial behaviors. 
    
    

Getting started with ZayZoon

ZayZoon offers employees financial flexibility and freedom. Not only does it help employees feel better about their personal situations, but access to financial resources can ensure people can achieve their money goals. Offering the benefits of ZayZoon, embedded right through your payroll provider—or not and managed on your own terms—can set small businesses apart.  

ZayZoon gets your employees money relief in one click. ZayZoon’s perks and financial education and resources help your employees make the most of their money to live the life they want. Be the business your employee wants to be at. 

Ask for a free ZayZoon demo to see for yourself.