We know all too well the role diet and exercise play in health and wellness, but let’s not forget that money matters too. Because there’s no greater stress or drain on quality of life than struggling to manage bills and expenses, pay debts, handle financial emergencies, and plan for future endeavors like college and retirement.

Here in the U.S., a staggering 92% of employees at organizations with a minimum of 1,000 people on the payroll say they’re stressed about finances. Of that population:

• 18% possess only basic financial literacy;
• 85% have debt; and
• 35% have no emergency savings or just enough savings to last two months.

So how do we address these deficiencies? Fortunately, many employers see it as their duty to intervene. In fact, 67 percent of them plan to prioritize the financial wellbeing of employees for the next three years.

Why? Because financial strain is bad not only for health but also for workplace performance.

A recent study found that employees worldwide lose, on average, six hours of productivity monthly worrying about their finances. In terms of dollars, that amounts to $200 billion in losses annually for U.S. employers, according to industry player BrightPlan. But give your workers the skills, tools and mechanisms needed to get them in a better place financially, and you’ve got a healthier, less distracted and more productive business environment.

Additionally, by including financial programs and benefits among your corporate wellness offerings, you better position yourself to attract new – and retain existing – talent.

Ready to Make Change(s)?

To ease the financial worries of their workers, employers have to think beyond paychecks and 401(k) plans. And the solution isn’t as simple as raises or bonuses either. Because in the absence of knowing how to budget, save, invest and grow dollars and unless one understands how interest rates, taxes and credit scores work, no influx of cash is going to get at the heart of an individual’s money woes. Instead, real help from employers comes in the form of educational opportunities and practical tools that teach, promote and support financial literacy, planning and security.

Of course, each workplace needs customized solutions to best target the financial needs specific to its population. But some of the financial wellness benefits and initiatives prevailing and/or gaining ground in corporate settings today include:

• Financial wellbeing webinars
• Employer-sponsored savings programs funded directly from paychecks
• One-on-one financial counseling/coaching
• Financial apps
• Pay equity
• Tuition reimbursement/support for high school completion, GEDs, ESL proficiency certifications and college coursework
• Student loan assistance
• Stipends, discounts and on-site facilities for child and eldercare
• Help with family-planning expenses (e.g. fertility treatments, egg-freezing and adoption)
• College assistance (e.g. financial aid application advice, direct contributions to a 529 plan)
• Home-buying or rental assistance
• Legal assistance

Financial wellness requires mastery of concepts as basic as budgeting and saving along with those as complicated and, for some, seemingly obscure as risk tolerance and taxes. Employers who offer help with personal finances set both their people and their bottom lines up for success.

For more information on financial wellness programming that would result in optimal effectiveness and engagement, contact Aquila, a full-service health, fitness, wellness and lifestyle management company serving Fortune 1000 companies, real-estate firms, multi-use/developers, and federal and government agencies in the U.S. and beyond.