How Financial Wellness Benefits Can Give Small Businesses a Competitive Edge

When it comes to attracting and retaining talent, small businesses often find themselves outmatched by larger companies. But offering financial wellness tools — an often overlooked benefit — is one area where small businesses can truly stand out.

In a 2025 study by Morgan Stanley, two-thirds of workers reported financial stress affects both their work and personal lives, and one-third reported money worries have negatively impacted their work performance.

“When employees are worried about money, they’re generally less focused in the workplace, less able to provide strategic value to the organization, and more likely to need time away from work,” says Ben Joergens, director of financial empowerment at Old National. “By helping employees take control of their financial well-being, you’re not only helping them navigate their personal lives, you’re helping them show up at their best in the workplace.”

Fortunately, it doesn’t take big-business budgets or expansive benefits offerings to help employees feel more financially secure. Here’s how financial wellness benefits can foster greater well-being across your workforce — sometimes at no cost to the organization — and how you can begin offering them today. 

What are financial wellness benefits?

Financial wellness benefits are resources that help employees manage their money, so they can avoid or reduce financial stress. These benefits help employees reach their financial goals: Whether that's to build their first budget when they're just starting out, pay off their loans and credit cards to live debt-free, optimize their investment strategy for retirement, or anything in between.

Financial wellness benefits encompass a number of resources that employees can use to make informed financial decisions and improve their overall financial health, including:

• Financial education workshops and seminars, in-person or online

• Access to one-on-one financial coaching

• Educational resources, like articles, as well as digital resources like budgeting apps and podcasts

How financial wellness benefits help employers

Financial wellness perks offer employees the resources they need to effectively manage their money. But they’re also an advantage for employers because they can help boost loyalty.

When employees feel supported in managing their finances, they are more likely to stay with the company. This sense of support and security can lead to higher job satisfaction and loyalty. Ben Joergens emphasizes that employees who are less stressed about their financial decisions are more likely to stay with the company longer and move up within the organization.

Additionally, including financial wellness tools in a broader range of benefits serves a competitive advantage for attracting talent. Seven in 10 U.S. workers say they’d switch jobs to secure better benefits, reports The Economist Group. 

Boosting workers’ financial health has indirect benefits as well. “There’s a significant link between financial health and mental health,” Joergens says. “By helping to take financial stress off the table, you can help your employees show up to the workplace feeling happy and productive, which enhances the overall workplace culture.”

Gain a competitive edge with financial wellness benefits

Here are three strategies to build a financial wellness benefit that engages both current and prospective employees.

Promote financial wellness benefits at key touchpoints

While simply offering financial wellness benefits conveys some competitive advantage, you'll need to encourage employees to use them. Find creative ways to let them know that these benefits are available—for example, by announcing workshops well in advance and issuing reminders, and promoting financial wellness benefits during open enrollment, when benefits are likely to be top of mind. 

But you should also consider reaching out to employees when they’re most likely to engage with financial wellness benefits. “We recommend bringing it up during onboarding: It shows that you’re looking to support your employees’ well-being from day one,” says Joergens. “You can also reach out to employees who mention they’re facing financial stress, or employees who just hit a new financial milestone, to ask if they’re interested in resources to help.”

Be flexible on how you deliver financial wellness benefits

Just as every employee has unique financial goals, each can differ significantly in how they prefer to access financial tools. It’s important to have a robust library of resources to reach employees with a range of communication preferences and learning styles.

“We’re seeing a big increase in ‘self-service,’ where employees want to pull up educational articles and infographics on their phones to retain their sense of privacy around their financial situation, as well as be able to learn at their own pace,” says Joergens. “And, as more employees return to the office, we’re seeing more listening to financial wellness podcasts during their commutes.”

Look for flexible solutions with easy implementation

Building your own library of financial wellness resources can be time-consuming and cost-prohibitive for a small business owner. The ideal external partner should come prepared with a library of communications, created by financial experts with employees' financial concerns top of mind. A robust library of self-guided financial education resources can help employees gain the insights they need to manage their financial lives, covering:

• Multiple topics: Retirement readiness, planning a wedding, saving for a child’s education

• Multiple communication channels: Email, in-person workshops, social media content

• Multiple languages: English- and Spanish-language communications

Look, too, for a turnkey solution that can be deployed quickly, advises Joergens. "A quick and easy onboarding process makes financial wellness benefits accessible for businesses of all sizes, including small businesses that may have limited resources."

Access a range of financial solutions to reach your talent management goals

People who work in small businesses expect their employers to support them with access to financial education and management tools. We can help you rise to the challenge, with solutions that can be deployed in as little as one week.

Old National has developed our own curriculum of financial wellness resources, called Real Life Finance, that targets real-life scenarios, with insights provided by licensed volunteers. We also offer a turnkey digital platform for self-paced learning, with gamification that keeps employees engaged in their financial health. 

Ready to learn more? Contact Old National to learn how we can help you support your employees' well-being with financial wellness benefits today.