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Impacts of COVID-19 on Financial Wellbeing Programs

The Employee Benefit Research Institute (EBRI) conducted their annual Financial Wellness Survey. In light of the current environment, there was a special focus on the impact of COVID-19. The highlights are shared below and throughout the shared presentation (available here).

  • The pandemic has brought to light a need for benefits that can adapt to the changing times and help employees better manage work and life.
  • In total, 60% of employers have furloughed or laid off employees since February.
  • For employees that were furloughed or laid off, most employers offered resources to these employees, including help with understanding the CARES Act.
  • A majority of employers have responded by taking actions to understand their employees’ financial wellness needs and address their employees’ financial wellbeing.
  • Promotion of existing resources is the most common step taken, but it is also true that most employers do not plan on pausing or discontinuing any financial wellness benefit.

Source: Employee Benefit Research Institute, “2020 Financial Wellness Survey: Employer Perspectives with Special Focus on the Impact of COVID-19,” PowerPoint Presentation, EBRI 2020 Financial Wellbeing Symposium, September 22, 2020.