Employee financial health isn’t just about individual wellbeing—it’s directly tied to productivity, retention, healthcare costs, and workplace safety. Despite the rise in employee financial benefit options, many HR leaders struggle to determine if their efforts to improve employee financial health are working.
Here are nine metrics HR leaders can monitor to gauge whether financial wellbeing programs are truly supporting employees’ financial needs and delivering ROI, along with some of the results employers who offer Brightside Financial Care see.
1. Lower employee financial stress
Financial stress contributes to serious physical and mental health issues, including anxiety, depression, high blood pressure, and insomnia—all of which drive up healthcare costs. If employees report feeling less financially stressed after using a financial benefit—measured through internal surveys or anonymized benefit provider data—it’s a strong indicator of success.
Real Impact: When Amazon introduced Brightside Financial Care to a pilot group, 90% of employees who engaged with Brightside reported lower stress levels, proving the need for broader access to the benefit.
2. More employees building savings
Employees who don’t have an emergency savings fund lack financial stability, but with 70% of employees considered not financially healthy, many don’t know how they can even afford to save when they’re struggling to keep up with housing costs, basic living expenses, debt, and unexpected expenses. With a benefit that helps them actively address these challenges, they can find the financial stability to start saving consistently – an important marker of improved financial health.
Real Impact: 50% of employees who work with Brightside start auto-saving from their paycheck, helping them build financial resilience.
3. Fewer employees with subprime credit scores
When employees have low credit scores, they often have debt, limited assets, and no choice but to turn to high-interest loans, earned wage access, and predatory financial products when they need access to cash – all of which can worsen their financial situation.
Real Impact: Brightside helped reduce the number of employees with subprime credit scores by 34%, helping them expand their options for future financial needs and goals.
4. Meaningful engagement that solves problems
HR leaders should look beyond basic engagement numbers when seeking indications of improved employee financial health. Not only do some financial benefits define engagement based on surface-level behaviors (ie, downloading an app), high usage of some benefits such as Earned Wage Access can actually signal worsening financial health. Instead, focus on whether employees are solving financial problems and engaging with multiple aspects of the program to address their financial needs.
Real Impact: Employees working with Brightside typically work with Financial Assistants on about three different financial needs or goals at a time, indicating a holistic approach to reducing financial struggles to improve their financial health.
5. Reduced turnover among benefit users
Financial stress is one of the top reasons employees leave their jobs, particularly among lower-income and frontline workers who may be willing to change employers for a nominal pay increase or change in benefits. A financial health benefit that addresses both immediate financial needs and the root causes of financial challenges has a lasting impact on employees’ financial wellbeing and job satisfaction.
Real Impact: Employers offering Brightside see a 41% reduction in turnover on average among employees who use the benefit.
6. Increased productivity
Employees in poor financial health are more likely to miss work due to money emergencies, health issues, or transportation problems. High financial stress employees have 2x the average unplanned absences compared to financially stable employees. When employees feel financially secure, they’re more engaged and productive at work.
Real Impact: Employees who use Brightside work 36+ more hours per year compared to those who don’t.
7. Fewer workplace safety incidents
Financially stressed employees are distracted and may suffer from sleep deprivation, increasing the risk of workplace accidents, especially among frontline workers who operate heavy machinery or perform similar tasks requiring high awareness and focus that could otherwise impact colleagues and customers.
Real Impact: Employers who offer Brightside see a 10% decrease in workplace safety incidents.
8. Lower healthcare costs
Money (or lack thereof) is a primary social determinant of health, and physical and mental health conditions can arise or worsen due to high financial stress. In addition, employees often delay preventive care or medication due to financial concerns, potentially leading to more severe health issues, and more costs.
Real Impact: When employees improve their financial health, they’re more likely to seek preventive care, manage stress-related conditions, and follow prescribed treatments—helping employers save $1,100 per employee per year in healthcare costs.
9. Reduction in 401(k) hardship withdrawals and increased contributions
A record number of employees are tapping into their 401(k)for emergencies, leading to penalties, taxes, and long-term financial instability. When employees have support to find the best options for dealing with money emergencies, they’re empowered to handle the situation with a more appropriate solution that also protects their financial health.
If employees also get support addressing the root causes of their financial strain, they can take steps toward being able to manage their current financial demands, build an emergency savings fund, and also contribute to their financial future – which are all key markers of financial health.
Real Impact: One Fortune 10 employer saw a 5% reduction in hardship withdrawals after introducing Brightside—outperforming their initial goal of 2-3%.
If your company’s financial wellbeing program isn’t producing measurable improvements in employee financial health and business outcomes, you and your employees deserve a better benefit.
Click here to learn more about Brightside Financial Care, the only solution designed to improve the financial health of working families while delivering employer ROI.
