Leveraging Ancillary Benefits to Support Financial Well-Being

Financial stress can affect people in multiple ways. And in today’s economy, it’s hitting harder than ever.

According to PwC’s 2023 Employee Financial Wellness Survey, 60% of full-time employees are stressed about their finances, a number that’s even higher than it was during the height of the pandemic. What’s more alarming: 47% of workers earning over $100,000 say they’re financially stressed. It’s a clear sign that income alone isn’t enough to offset the emotional and physical toll of economic uncertainty.

And financial pressure isn’t easing anytime soon. In the same PwC report, three out of four CEOs predicted slowing growth in the year ahead. Meanwhile, over 80% of CHROs and human capital leaders voiced concern about wage increases failing to keep up with inflation and shrinking consumer buying power.

Employees are feeling that squeeze directly. Forty-four percent of full-time workers report that inflation has had a major or severe impact on their financial well-being in the past year. Rising costs, eroding savings, limited access to care, and increased reliance on credit have all contributed to long-term financial instability.

For employers, this stress means reduced productivity, lower engagement, absenteeism, and burnout. Employees dealing with money worries are more likely to report poor mental health, sleep disruptions, and lower self-esteem. And while some companies have begun to prioritize support services, too many are still overlooking a critical solution hiding in plain sight: ancillary benefits.

That’s where FIMC can help.

Ancillary Benefits: A Strategic Advantage for Today’s Workforce

At FIMC, we believe ancillary benefits should do more than fill gaps in traditional coverage. They should act as tools for financial resilience, supporting employees holistically across health, security, and everyday life.

Our plans include features like:

• Telemedicine access for affordable, 24/7 care without the time or cost of in-person visits.
• Prescription and medical equipment discounts, to help offset ongoing healthcare expenses.
• Mental health support, through digital counseling resources and access to specialists.
• Financial coaching, including budgeting help and debt guidance for real-world financial decisions.
• Identity theft protection and legal services, which safeguard against unexpected financial setbacks.
• Lifestyle perks, like monthly Restaurant.com gift cards and retail discounts, to stretch every dollar further.

These aren’t just “extras”—they’re lifelines. When employers provide these, it contributes to a workplace environment that extends beyond just financial compensation.

A Win-Win for Employers and Employees

In a landscape where talent is harder to attract and retain, benefits that ease financial strain can be a powerful differentiator. They show employees that their employer understands the full picture of well-being, especially outside the office. Like when the bills are due, or a child or parent needs care.

When workers feel supported in their financial lives, they’re more focused, loyal, and bettor parent need to thrive. Ancillary benefits like those offered by FIMC are low-lift for companies, but high-impact for the people they serve.

Looking Ahead: Building a Resilient Workforce

Financial stress isn’t going away. But with the right tools, employers can help reduce its grip and create workplaces that support people not just in their careers, but in their lives.

Now is the time to rethink what employee support really looks like. By leveraging ancillary benefits to strengthen financial well-being, organizations can meet their teams where they are and prepare them for whatever comes next.