Following an alliance with Ernst & Young LLP (EY), MetLife has created a new financial wellness solution targeted at behavioral change among employees.
Named PlanSmart Financial Wellness, the multi-channel platform is said to build financial literacy and wellbeing by offering tailored financial wellness plans, phone support with EY financial planners, workplace seminars and one-on-one consultations with MassMutual advisers.
“Employees are struggling when it comes to their finances—MetLife’s 16 Annual U.S. Employee Benefit Trends Study (EBTS), released last month, found about half of employees, 46%, feel overwhelmed by financial decisions,” says Meredith Ryan-Reid, senior vice president, Group Benefits, MetLife. “These concerns can impact other areas of employees’ lives, including their productivity at work. By investing in financial wellness, employers can help their workforce become more engaged and productive.”
According to the survey, 84% of workers display interest in financial wellness program that offer planning, tools, etc., but only 18% of employers offer these features.
Employees utilizing the solution can save their activity and continue at another time and opt for checkup and reminder features during benefits enrollment, among other offerings.
More information on the program can be found here.