Financial wellness and education “is all the more important in this moment,” says Edward Gottfried, group product manager for Betterment, a retirement provider that works with 500 employer clients.
Programs that encourage and help employees budget, save and create an emergency fund should “absolutely” be promoted in these times as employees deal with financial challenges that may arise due to the pandemic: loss of a job in the family, higher medical bills, money lost in the volatile stock market and so on. Providing resources may help encourage smart behaviors and ease’ financial stress.
“Financial preparedness isn’t just about retirement; it’s also about your ability to face down unexpected challenges or unexpected expenses in a shorter time horizon,” Gottfried says. “Employers need to think about this.”