The Defined Contribution Institutional Investment Association (DCIIA) has published “A Financial Wellness Primer.”
DCIIA says it defines financial wellness from an employee’s perspective as: The ability to meet ongoing financial responsibilities while following a plan to create a secure financial future.
The guide discusses why employers are well-suited to play a role in promoting financial literacy and wellness; the cost of a workforce that is not financially healthy; productivity gains and return on investment; and the value of retirement readiness. It also includes a section specifically about women and financial wellness.“Ultimately, adopting a robust financial wellness program has the potential to help millions of DC [defined contribution] plan participants improve their financial security in retirement, a goal that is well worth the time and effort,” the guide concludes. DCIIA says it is considering further work on this subject focused on the more detailed challenges of implementation, communications and program success measurement.