A Focus on Public Sector Financial Wellness Programs:

Employee Needs and Preferences

Center for State and Local Government ExcellenceApril 22, 2020

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Bonnie Wallace, Financial Health Philanthropy,Wells Fargo

Rivka Liss-Levinson, Ph.D., Director of Research, Center for State and Local Government Excellence

Webinar PresentersJoshua Franzel, Ph.D., President/CEO, Center for State and Local Government Excellence

Center for State and Local Government Excellence

Promote excellence in local and state governments so they can attract and

retain talented public servants.

• Workforce demographics and development

• Public sector retirement benefits• Health and wellness benefits

Center for State and Local Government Excellence

Bonnie WallaceFinancial Health Philanthropy

Wells Fargo

©2019 Wells Fargo Bank, N.A. All rights reserved.

Survey Results• Sample demographics• Worry about finances• Prevalence and

participation• Topics, communication

and administration• Program tailoring• Satisfaction, strengths,

and weaknesses• Financial profile

slge.org/assets/uploads/2020/04/financial-wellness-report-2020.pdf

WORRY ABOUT FINANCES

PROGRAM PREVALENCE AND PARTICIPATION

Major Reasons Likely to Participate (n=359) %Would like to be more knowledgeable re finances 67Would like to know more about financial topics beyond those related to job

51

Rewards or financial incentives offered by employer 45Like to take advantage of all employee benefits made available

41

Offered in a convenient time/way or given time off during work to participate

36

There are no specific financial issues that need help with

36

Major Reasons Not Likely to Participate (n=359) %Not being offered in a convenient time/way or not given time off during work to participate

29

Feel confident with the resources already have 26Already feel confident in knowledge of finances 24Don’t make enough or have enough money to feel like a financial literacy program would be applicable

19

There is no meaningful reward or incentive for participating

19

Would not be comfortable discussing issues related to finance at work

19

TOPICS, COMMUNICATION, AND ADMINISTRATION

PROGRAM TAILORING

PROGRAM SATISFACTION, STRENGTHS, AND WEAKNESSES

Related SLGE Resources

slge.org/assets/uploads/2019/10/financial-literacy-infographic.pdf

slge.org/assets/uploads/2019/01/financial-literacy.pdf

Email: info@slge.orgTwitter: @4GovtExcellence

Twitter chat: please include “#govfinancialwellness”